Assembly Bill A8987

2023-2024 Legislative Session

Directs the department of financial services to conduct a comprehensive study on how the department of financial services may create a compensation system commensurate with the federal compensation system

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Current Bill Status - In Assembly Committee

  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2023-A8987 (ACTIVE) - Details

Current Committee:
Assembly Governmental Employees
Law Section:
Financial Services

2023-A8987 (ACTIVE) - Summary

Directs the department of financial services to conduct a comprehensive study on how the department of financial services may create a compensation system commensurate with the compensation systems of similar federal financial regulators and to issue a report of its findings.

2023-A8987 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8987
 
                           I N  A S S E M B L Y
 
                             January 31, 2024
                                ___________
 
 Introduced  by M. of A. BRONSON -- read once and referred to the Commit-
   tee on Governmental Employees
 
 AN ACT directing the department of financial services,  in  consultation
   with  the  office  of  employee  relations and the department of civil
   service, to conduct a comprehensive study on  how  the  department  of
   financial  services may create a compensation system commensurate with
   the compensation system of similar federal financial regulators
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1. The department of financial services, in consultation with
 the office of employee relations and the department of civil service, is
 hereby authorized and directed to conduct a comprehensive study  on  how
 the  department  of  financial services may create a compensation system
 commensurate with the systems of similar federal  financial  regulators,
 taking into consideration the General Schedule (GS) payscale utilized by
 the  federal  government  to  determine the salaries of federal civilian
 employees. The purpose of this compensation system shall  be  to  ensure
 pay parity between state and federal financial regulators within similar
 roles  in  order  to  increase  recruitment  and retention of said state
 employees.
   § 2. Within one year of the effective date of  this  act,  the  super-
 intendent  of  financial  services, the office of employee relations and
 the department of civil service shall issue a report  to  the  governor;
 the  temporary president of the senate; the speaker of the assembly; the
 minority leader of the senate; and the minority leader of the  assembly.
 Such study and report shall, at a minimum:
   (a)  identify positions within federal financial regulators including,
 but not limited to, the Securities and Exchange  Commission  (SEC),  the
 federal  deposit  insurance corporation, the federal reserve bank of New
 York, the consumer financial protection bureau  and  the  Department  of
 Treasury,  that  have similar roles or functions as positions within the
 New York state department of financial services;
   (b) formulate a proposed compensation system, or pay scale, that would
 foster pay parity between positions within the department  of  financial
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

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