Assembly Actions - Lowercase Senate Actions - UPPERCASE |
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Feb 28, 2022 | print number 7458a |
Feb 28, 2022 | amend and recommit to election law |
Jan 05, 2022 | referred to election law |
May 10, 2021 | referred to election law |
Archive: Last Bill Status - In Assembly Committee
- Introduced
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
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Bill Amendments
Co-Sponsors
Jo Anne Simon
A7458 - Details
A7458 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 7458 2021-2022 Regular Sessions I N A S S E M B L Y May 10, 2021 ___________ Introduced by M. of A. WALKER -- read once and referred to the Committee on Election Law AN ACT to amend the election law, in relation to enacting the "democracy preservation act"; and in relation to prohibiting contributions by foreign-influenced business entities and requiring certification THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. This act shall be known and may be cited as the "democracy preservation act". § 2. Legislative Findings. The legislature hereby finds and declares that New York state welcomes immigrants, visitors, and investors from around the world. However, its elections should be decided by the people of New York and not by foreign investors or the business entities over which they exert influence. Corporations with partial foreign ownership have been spending money to influence state and local elections in New York and around the country. The public has a compelling interest in limiting the participation of foreign entities in activities of American democratic self-government, which include spending money to influence voters and finance campaigns, in the interest of preventing foreign influence over the United States political process. Investors are the ultimate beneficiaries of corporate interests. Where part of the shareholders' equity is attributable to foreign investors, spending corporate treasury funds on New York elections means spending the equity of foreign entities on New York elections. Business corporations and similar entities have a fiduciary duty to their shareholders, including investors around the world, and generally prioritize the interests of such shareholders, which may diverge substantially from the interests of the people of New York and of citi- zens of the United States. In addition, both formal procedures of corpo- rate democracy and informal mechanisms of influence can provide foreign investors with substantial influence even with only a minority of EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
Co-Sponsors
Jo Anne Simon
Philip Ramos
Rodneyse Bichotte Hermelyn
Fred Thiele
A7458A (ACTIVE) - Details
A7458A (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 7458--A 2021-2022 Regular Sessions I N A S S E M B L Y May 10, 2021 ___________ Introduced by M. of A. WALKER, SIMON -- read once and referred to the Committee on Election Law -- recommitted to the Committee on Election Law in accordance with Assembly Rule 3, sec. 2 -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee AN ACT to amend the election law, in relation to enacting the "democracy preservation act"; and in relation to prohibiting contributions by foreign-influenced business entities and requiring certification THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. This act shall be known and may be cited as the "democracy preservation act". § 2. Legislative Findings. The legislature hereby finds and declares that New York state welcomes immigrants, visitors, and investors from around the world. However, its elections should be decided by the people of New York and not by foreign investors or the business entities over which they exert influence. Corporations with partial foreign ownership have been spending money to influence state and local elections in New York and around the country. The public has a compelling interest in limiting the participation of foreign entities in activities of American democratic self-government, which include spending money to influence voters and finance campaigns, in the interest of preventing foreign influence over the United States political process. Investors are the ultimate beneficiaries of corporate interests. Where part of the shareholders' equity is attributable to foreign investors, spending corporate treasury funds on New York elections means spending the equity of foreign entities on New York elections. Business corporations and similar entities have a fiduciary duty to their shareholders, including investors around the world, and generally prioritize the interests of such shareholders, which may diverge substantially from the interests of the people of New York and of citi- EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD03229-06-1