Senate Bill S5437

2023-2024 Legislative Session

Requires certain corporations to annually prepare a climate-related financial risk report for submission to the secretary of state and to make such report available to the public

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Banks 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-S5437 (ACTIVE) - Details

Current Committee:
Senate Banks
Law Section:
Financial Services Law
Laws Affected:
Add §312, Fin Serv L

2023-S5437 (ACTIVE) - Summary

Requires certain corporations authorized to operate in the state and subject to the supervision of the department of financial services that had annual gross revenues of at least five hundred million dollars ($500,000,000) in the prior calendar year to annually prepare a climate-related financial risk report for submission to the secretary of state and to make such report available to the public.

2023-S5437 (ACTIVE) - Sponsor Memo

2023-S5437 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5437
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                               March 3, 2023
                                ___________
 
 Introduced  by Sen. HARCKHAM -- read twice and ordered printed, and when
   printed to be committed to the Committee on Banks
 
 AN ACT to amend the financial services law,  in  relation  to  requiring
   certain  corporations  to annually prepare a climate-related financial
   risk report for submission to the secretary of state and to make  such
   report available to the public
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Legislative intent. The legislature finds and declares  all
 of the following:
   (a)  Climate  change is affecting New York's environment, communities,
 and economy with impacts including wildfires, sea  level  rise,  extreme
 weather  events,  extreme droughts, and associated impacts to the global
 economy.
   (b) These impacts are expected to accelerate in coming decades  unless
 aggressive  action  is taken both to reduce greenhouse gas emissions and
 to adapt New York's environments, communities and economy.
   (c) Global economic  and  climate  policy  leaders  have  conclusively
 established  that  the  long-term strength of global and local economies
 will depend on their ability to  withstand  the  climate  change-related
 risks  including  physical impacts, economic transitions, and policy and
 legal responses.
   (d) Failure of economic actors to adequately plan  for  and  adapt  to
 climate change-related risks to their businesses and to the economy will
 result  in  significant harm to New York and to individual residents and
 investors, in particular to financially vulnerable  New  York  residents
 who  are employed by, live in communities reliant on or have invested in
 or obtained financing from these institutions.
   (e) New York is a global leader in addressing  climate  change  causes
 and impacts. In recent years, the state has enacted multiple legislative
 measures,  including  enacting  The  Climate  Leadership  and  Community
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD09976-01-3
              

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