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Senate Bill S7328

2023-2024 Legislative Session

Prohibits the investment of certain public funds with the Trump organization

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Archive: Last Bill Status - In Senate Committee Civil Service And Pensions Committee

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2023-S7328 (ACTIVE) - Details

Current Committee:
Senate Civil Service And Pensions
Law Section:
Retirement and Social Security Law
Laws Affected:
Add §423-d, R & SS L
Versions Introduced in Other Legislative Sessions:
2021-2022: S1664
2025-2026: S6063

2023-S7328 (ACTIVE) - Summary

Prohibits the investment of certain public funds with the Trump organization; directs the comptroller to take appropriate action to sell, redeem, divest or withdraw any investment held in such organization.

2023-S7328 (ACTIVE) - Sponsor Memo

2023-S7328 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7328
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                               May 19, 2023
                                ___________
 
 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.
                                                            LBD03279-01-3

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