senate Bill S5542

2023-2024 Legislative Session

Provides for restructuring unsustainable sovereign and subnational debt

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Banks Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Mar 08, 2023 referred to banks

Co-Sponsors

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S5542 (ACTIVE) - Details

See Assembly Version of this Bill:
A2102
Current Committee:
Senate Banks
Law Section:
Banking Law
Laws Affected:
Add Art 7 §§300 - 309, Bank L
Versions Introduced in 2021-2022 Legislative Session:
S6627, A7562

S5542 (ACTIVE) - Summary

Provides for restructuring unsustainable sovereign and subnational debt; provides a voluntary petition for relief may be filed with the state.

S5542 (ACTIVE) - Sponsor Memo

S5542 (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5542
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                               March 8, 2023
                                ___________
 
 Introduced  by  Sens.  RIVERA, BRISPORT, CLEARE, GIANARIS, MYRIE, RAMOS,
   SALAZAR, SANDERS -- read twice and ordered printed, and  when  printed
   to be committed to the Committee on Banks
 
 AN ACT to amend the banking law, in relation to restructuring unsustain-
   able sovereign and subnational debt

   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. The banking law is amended by adding a  new  article  7  to
 read as follows:
                                 ARTICLE 7
                      SOVEREIGN AND SUBNATIONAL DEBT
 SECTION 300. LEGISLATIVE INTENT.
         301. DEFINITIONS.
         302. PETITION FOR RELIEF; RECOGNITION.
         303. NOTIFICATION OF CREDITORS.
         304. DEBT RECONCILIATION.
         305. SUBMISSION, CONTENTS AND VOTING ON PLAN.
         306. FINANCING THE RESTRUCTURING.
         307. PRIORITY OF REPAYMENT.
         308. ADJUDICATION OF DISPUTES.
         309. APPLICATION; OPT IN.
   §  300.  LEGISLATIVE INTENT. THE PURPOSE OF THIS ARTICLE IS TO PROVIDE
 EFFECTIVE  MECHANISMS  FOR  RESTRUCTURING  UNSUSTAINABLE  SOVEREIGN  AND
 SUBNATIONAL DEBT SO AS TO:
   1. REDUCE THE SOCIAL COSTS OF SOVEREIGN AND SUBNATIONAL DEBT CRISES TO
 RESIDENTS OF THIS STATE;
   2.  REDUCE  SYSTEMIC  RISK  TO  THE FINANCIAL SYSTEM, A SYSTEM THAT IS
 CONCENTRATED IN THIS STATE;
   3. REDUCE CREDITOR UNCERTAINTY, INCLUDING TO THE NUMEROUS  HOLDERS  OF
 SOVEREIGN DEBT THAT ARE RESIDENTS IN THIS STATE;
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD02418-03-3
 S. 5542                             2

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