assembly Bill A2970

2023-2024 Legislative Session

Relates to recoverability of sovereign debt

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Sponsored By

Current Bill Status - In Assembly Committee

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

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view actions (2)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
May 16, 2023 reported referred to ways and means
Feb 01, 2023 referred to judiciary


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A2970 (ACTIVE) - Details

See Senate Version of this Bill:
Law Section:
Debtor and Creditor Law
Laws Affected:
Add Art 10-B §§287-a - 287-b, D & C L
Versions Introduced in 2021-2022 Legislative Session:

A2970 (ACTIVE) - Summary

Relates to New York state's support of international debt relief initiatives for certain developing countries.

A2970 (ACTIVE) - Bill Text download pdf

                     S T A T E   O F   N E W   Y O R K
                        2023-2024 Regular Sessions
                           I N  A S S E M B L Y
                             February 1, 2023
 Introduced  by  M.  of  A. FAHY, KELLES -- read once and referred to the
   Committee on Judiciary
 AN ACT to amend the debtor and creditor law, in relation to the recover-
   ability of sovereign debt

   Section 1. Legislative findings and intent. The legislature finds that
 it  is  a  longstanding policy of the United States and the state of New
 York, as the world's  leading  financial  center,  to  support  orderly,
 collaborative  and  effective  international  debt relief for developing
 countries with unsustainable levels of debt. Debt distress, debt crises,
 and disorderly default are associated with unacceptable human suffering,
 economic decline, and financial market and payment  systems  disruption.
 Moreover,  debt  restructuring  is  ineffective  and  does  not  lead to
 sustainable outcomes when it is not perceived as equitable or legitimate
 by stakeholders in borrowing and lending countries. Additionally, public
 creditors are unlikely to participate in debt restructuring  initiatives
 unless  there is fair burden sharing among all public and private credi-
 tors, which is essential to the legitimacy  and  effectiveness  of  debt
 relief  initiatives.  The  United  Kingdom  has successfully implemented
 legislation to promote such burden-sharing in support  of  international
 debt relief initiatives since 2010. Therefore, the legislature finds and
 declares that it shall be the policy of the state of New York to support
 international debt relief initiatives for developing countries in, or at
 high risk of, debt distress, to ensure that the cost of such debt relief
 is  allocated in a fair and equitable manner, and that such costs do not
 fall disproportionately on the residents and taxpayers of the  state  of
 New York, and for other purposes.
   §  2.  The  debtor and creditor law is amended by adding a new article
 10-B to read as follows:
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
 A. 2970                             2