Assembly Actions -
Senate Actions - UPPERCASE
|Jan 17, 2023||
referred to higher education
Senate Bill S1953
2023-2024 Legislative Session
Current Bill Status - In Senate Committee Higher Education Committee
- In Committee Assembly
- On Floor Calendar Assembly
- Passed Assembly
- Delivered to Governor
- Signed By Governor
2023-S1953 (ACTIVE) - Details
2023-S1953 (ACTIVE) - Sponsor Memo
BILL NUMBER: S1953 SPONSOR: HOYLMAN-SIGAL TITLE OF BILL: An act to amend the education law, in relation to requiring SUNY and CUNY trustees refrain from investing in and subsequently divest from stocks, debt or other securities of certain publicly traded fossil fuel companies SUMMARY OF SPECIFIC PROVISIONS: Section 1 of the bill amends the education law by adding a new section 355-d. Section 355-d of the education law requires the SUNY Board of Trustees and SUNY affiliated nonprofit organizations or foundations to cease new investments in the 200 largest publicly traded fossil fuel companies by July 1, 2024, and to divest from any current investments im such companies by January 1, 2028. The Board of Trustees and affiliated nonprofit organizations or founda- tions would be permitted to cease divesting under limited circumstances upon clear and convincing evidence that such divestment has directly resulted in the total and aggregate value of all assets under management
2023-S1953 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 1953 2023-2024 Regular Sessions I N S E N A T E January 17, 2023 ___________ Introduced by Sens. HOYLMAN-SIGAL, KRUEGER, SERRANO -- read twice and ordered printed, and when printed to be committed to the Committee on Higher Education AN ACT to amend the education law, in relation to requiring SUNY and CUNY trustees refrain from investing in and subsequently divest from stocks, debt or other securities of certain publicly traded fossil fuel companies THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. The education law is amended by adding a new section 355-f to read as follows: § 355-F. DIVESTMENT FROM FOSSIL FUELS. 1. (A) ON OR AFTER JULY FIRST, TWO THOUSAND TWENTY-FOUR, THE BOARD OF TRUSTEES SHALL NOT INVEST ANY MONIES IN ANY STOCKS, DEBT OR OTHER SECURITIES OF ANY CORPORATION OR COMPANY, OR ANY SUBSIDIARY, AFFILIATE OR PARENT OF ANY CORPORATION OR COMPANY, AMONG THE TWO HUNDRED LARGEST PUBLICLY TRADED FOSSIL FUEL COMPANIES, AS ESTABLISHED BY CARBON CONTENT IN THE COMPANIES' PROVEN OIL, GAS AND COAL RESERVES. (B) ON OR BEFORE JANUARY FIRST, TWO THOUSAND TWENTY-EIGHT, THE BOARD OF TRUSTEES SHALL DIVEST FROM ANY STOCKS, DEBT OR OTHER SECURITIES OF ANY CORPORATION OR COMPANY, OR ANY SUBSIDIARY, AFFILIATE OR PARENT OF ANY CORPORATION OR COMPANY, AMONG THE TWO HUNDRED LARGEST PUBLICLY TRAD- ED FOSSIL FUEL COMPANIES, AS ESTABLISHED BY CARBON CONTENT IN THE COMPA- NIES' PROVEN OIL, GAS AND COAL RESERVES, EXCEPT THAT DIVESTMENT FROM STOCKS OR OTHER SECURITIES OF COMPANIES ENGAGED IN THE MINING, EXTRACTION OR PRODUCTION OF COAL SHALL BE COMPLETED NO LATER THAN ONE YEAR AFTER THE EFFECTIVE DATE OF THIS SUBDIVISION. (C) THE BOARD OF TRUSTEES SHALL BE PERMITTED TO CEASE DIVESTING FROM COMPANIES UNDER PARAGRAPH (A) OF THIS SUBDIVISION, REINVEST IN COMPANIES FROM WHICH IT DIVESTED UNDER PARAGRAPH (A) OF THIS SUBDIVISION, OR CONTINUE TO INVEST IN COMPANIES FROM WHICH IT HAS NOT YET DIVESTED UPON EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD06153-01-3
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