Assembly Actions - Lowercase Senate Actions - UPPERCASE |
|
---|---|
May 16, 2023 | reported referred to ways and means |
Feb 01, 2023 | referred to judiciary |
Current Bill Status - In Assembly Committee
- Introduced
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
Your Voice
Actions
Co-Sponsors
Anna Kelles
Phara Souffrant Forrest
Tony Simone
Michaelle C. Solages
Multi-Sponsors
Phil Steck
A2970 (ACTIVE) - Details
A2970 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 2970 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 THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: 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. LBD04458-01-3 A. 2970 2