assembly Bill A7458

2021-2022 Legislative Session

Enacts the democracy preservation act

download bill text pdf

Sponsored By

Current 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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Actions

view actions (1)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
May 10, 2021 referred to election law

Co-Sponsors

A7458 (ACTIVE) - Details

See Senate Version of this Bill:
S1126
Law Section:
Election Law
Laws Affected:
Add §14-116-a, amd §§14-100 & 14-116, El L
Versions Introduced in 2019-2020 Legislative Session:
S7578

A7458 (ACTIVE) - Summary

Enacts the democracy preservation act; prohibits contributions by foreign-influenced business entities and requires certification.

A7458 (ACTIVE) - 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.