|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jan 14, 2021||referred to civil service and pensions|
senate Bill S1664
Current Bill Status - In Senate Committee Civil Service And Pensions Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S1664 (ACTIVE) - Details
- Current Committee:
- Senate Civil Service And Pensions
- Law Section:
- Retirement and Social Security Law
- Laws Affected:
- Add §423-d, R & SS L
S1664 (ACTIVE) - Sponsor Memo
BILL NUMBER: S1664 SPONSOR: PARKER TITLE OF BILL: An act to amend the retirement and social security law, in relation to prohibiting the investment of certain public funds with the Trump organ- ization PURPOSE OR GENERAL IDEA OF BILL: To prohibit New York State from investing with the Trump organization and affiliated entities. SUMMARY OF SPECIFIC PROVISIONS: Section I. Adds a new section 423-d to the retirement and social securi- ty law that prohibits monies or assets of the common retirement fund from being invested in stocks, securities, or other organization doing business with the Trump organization; including banks and financial institutions.
S1664 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 1664 2021-2022 Regular Sessions I N S E N A T E January 14, 2021 ___________ Introduced by Sen. PARKER -- read twice and ordered printed, and when printed to be committed to the Committee on Civil Service and Pensions AN ACT to amend the retirement and social security law, in relation to prohibiting the investment of certain public funds with the Trump organization THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. The retirement and social security law is amended by adding a new section 423-d to read as follows: § 423-D. PROHIBITION ON INVESTMENT OF CERTAIN PUBLIC FUNDS WITH THE TRUMP ORGANIZATION. 1. ON AND AFTER THE EFFECTIVE DATE OF THIS SECTION, NO MONIES OR ASSETS OF THE COMMON RETIREMENT FUND SHALL BE INVESTED IN THE STOCKS, SECURITIES OR OTHER OBLIGATIONS OF ANY INSTITUTION OR COMPA- NY DOING BUSINESS WITH THE TRUMP ORGANIZATION OR ANY PARTLY-OWNED OR WHOLLY-OWNED SUBSIDIARY THEREOF, OR WITH AGENCIES OR INSTRUMENTALITIES THEREOF. NOTWITHSTANDING ANY PROVISIONS OF LAW TO THE CONTRARY, NO ASSETS OF ANY PENSION OR ANNUITY FUND UNDER THE JURISDICTION OF THE COMPTROLLER SHALL BE INVESTED IN ANY BANK OR FINANCIAL INSTITUTION WHICH DIRECTLY OR THROUGH A SUBSIDIARY HAS FINANCIAL ACTIVITIES WITH THE TRUMP ORGANIZATION OR ANY PARTLY-OWNED OR WHOLLY-OWNED SUBSIDIARY THEREOF, AND NO SUCH ASSETS SHALL BE INVESTED IN THE STOCKS, SECURITIES OR OTHER OBLIGATIONS OF THE TRUMP ORGANIZATION. 2. THE COMPTROLLER SHALL TAKE APPROPRIATE ACTION TO SELL, REDEEM, DIVEST OR WITHDRAW ANY INVESTMENT HELD IN VIOLATION OF THE PROVISIONS OF THIS SECTION. THIS SECTION SHALL NOT BE CONSTRUED TO REQUIRE THE PREMA- TURE OR OTHERWISE IMPRUDENT SALE, REDEMPTION, DIVESTMENT OR WITHDRAWAL OF AN INVESTMENT, BUT SUCH SALE, REDEMPTION, DIVESTMENT OR WITHDRAWAL SHALL BE COMPLETED NOT LATER THAN THREE YEARS FOLLOWING THE EFFECTIVE DATE OF THIS SECTION. 3. WITHIN SIXTY DAYS OF THE EFFECTIVE DATE OF THIS SECTION, THE COMP- TROLLER SHALL FILE WITH THE LEGISLATURE A REPORT OF ALL INVESTMENTS HELD EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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