S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6391
 
                        2025-2026 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               March 4, 2025
                                ___________
 
 Introduced by M. of A. PALMESANO, ANGELINO, BENDETT, BLANKENBUSH, DeSTE-
   FANO,  GALLAHAN, JENSEN, McDONOUGH, TAGUE -- read once and referred to
   the Committee on Governmental Employees
 
 AN ACT to amend the retirement and social security law, in  relation  to
   enacting the "cobalt and lithium mining and production divestment act"

   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Short title. This act shall be known and may  be  cited  as
 the "cobalt and lithium mining and production divestment act".
   § 2. The retirement and social security law is amended by adding a new
 section 423-d to read as follows:
   §  423-D.  INVESTMENT OF CERTAIN PUBLIC FUNDS IN COMPANIES INVOLVED IN
 COBALT AND LITHIUM MINING AND PRODUCTION. 1. FOR THE  PURPOSES  OF  THIS
 SECTION,  "COBALT AND LITHIUM MINING AND PRODUCTION" SHALL MEAN EXPLORA-
 TION, EXTRACTION, DRILLING, PRODUCTION, REFINING, PROCESSING OR DISTRIB-
 UTION ACTIVITIES RELATED TO COBALT AND LITHIUM, FOR THE  MANUFACTURE  OF
 BATTERIES  USED  IN  LARGE-SCALE  BATTERY STORAGE POWER STATIONS AND THE
 PRIMARY PROPULSION SYSTEMS FOR ELECTRIC  VEHICLES,  INCLUDING,  BUT  NOT
 LIMITED TO, CARS, TRUCKS AND BOATS.
   2.  (A)  NOTWITHSTANDING  ANY  PROVISION OF LAW TO THE CONTRARY, ON OR
 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 COMPANY ENGAGING IN  COBALT  AND
 LITHIUM  MINING  OR  PRODUCTION FOR THE MANUFACTURE OF BATTERIES USED IN
 LARGE-SCALE BATTERY STORAGE POWER STATIONS AND  THE  PRIMARY  PROPULSION
 SYSTEMS  FOR ELECTRIC VEHICLES, IF SUCH COMPANY CANNOT ESTABLISH THROUGH
 APPROVED INDEPENDENT MONITORING THAT THEIR MINING OPERATION DOES NOT USE
 CHILD LABOR AND THAT ADULT MINERS AND OTHER WORKERS ARE  EMPLOYED  UNDER
 CONDITIONS  THAT  MEET  ACCEPTED  CRITERIA UNDER INTERNATIONAL STANDARDS
 SUCH AS THE CONVENTIONS OF THE INTERNATIONAL LABOR ORGANIZATION.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD03335-01-5
 A. 6391                             2
              

 
   (B) NOTWITHSTANDING ANY PROVISION 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 OUTSTANDING LOANS TO, OR FINANCIAL ACTIVITIES
 ASSOCIATED  WITH,  THE MINING OR PRODUCTION OF COBALT OR LITHIUM, AND NO
 SUCH ASSETS SHALL BE INVESTED IN THE STOCKS, SECURITIES OR  OTHER  OBLI-
 GATIONS OF ANY COMPANY WHICH DIRECTLY OR THROUGH A SUBSIDIARY IS ENGAGED
 IN  BUSINESS IN OR WITH COBALT OR LITHIUM MINING AND PRODUCTION, IF SUCH
 BANK OR FINANCIAL INSTITUTION CANNOT ESTABLISH  THROUGH  APPROVED  INDE-
 PENDENT  MONITORING THAT THEIR MINING OPERATION DOES NOT USE CHILD LABOR
 AND THAT ADULT MINERS AND OTHER WORKERS ARE  EMPLOYED  UNDER  CONDITIONS
 THAT  MEET  ACCEPTED  CRITERIA UNDER INTERNATIONAL STANDARDS SUCH AS THE
 CONVENTIONS OF THE INTERNATIONAL LABOR ORGANIZATION.
   3. (A) WITHIN SIX MONTHS OF THE EFFECTIVE DATE OF  THIS  SECTION,  THE
 COMPTROLLER  SHALL CREATE AN EXCLUSION LIST CONSISTING OF ALL COBALT AND
 LITHIUM PRODUCERS IN WHICH STOCKS, SECURITIES, EQUITIES, ASSETS OR OTHER
 OBLIGATIONS THE COMMON RETIREMENT FUND HAS ANY MONIES OR ASSETS DIRECTLY
 INVESTED.
   (B) UPON COMPLETION, SUCH EXCLUSION LIST SHALL BE MADE PUBLICLY AVAIL-
 ABLE AND A COPY SHALL BE SENT TO THE TEMPORARY PRESIDENT OF  THE  SENATE
 AND THE SPEAKER OF THE ASSEMBLY.
   (C)  WITHIN SIXTY DAYS AFTER THE COMPLETION OF THE EXCLUSION LIST, THE
 COMPTROLLER SHALL FILE WITH THE LEGISLATURE A REPORT OF ALL  INVESTMENTS
 HELD,  AS  OF THE EFFECTIVE DATE OF THIS SECTION, WHICH ARE IN VIOLATION
 OF THE PROVISIONS OF THIS SECTION.   EVERY YEAR  THEREAFTER,  THE  COMP-
 TROLLER  SHALL  REPORT  ON  ALL  INVESTMENTS SOLD, REDEEMED, DIVESTED OR
 WITHDRAWN IN COMPLIANCE WITH THIS SECTION. EACH REPORT AFTER THE INITIAL
 REPORT SHALL PROVIDE A DESCRIPTION OF THE PROGRESS WHICH THE COMPTROLLER
 HAS MADE SINCE THE PREVIOUS REPORT AND SINCE THE EFFECTIVE DATE OF  THIS
 SECTION.
   (D)  THE COMPTROLLER SHALL, IN ACCORDANCE WITH SOUND INVESTMENT CRITE-
 RIA AND CONSISTENT WITH SUCH COMPTROLLER'S FIDUCIARY  OBLIGATIONS,  TAKE
 APPROPRIATE  ACTION  TO  SELL, REDEEM, DIVEST OR WITHDRAW ANY INVESTMENT
 HELD IN VIOLATION OF THE PROVISIONS OF THIS SECTION. SUCH SALE,  REDEMP-
 TION,  DIVESTMENT  OR WITHDRAWAL SHALL BE COMPLETED NOT LATER THAN THREE
 YEARS AFTER THE EFFECTIVE DATE OF THIS SECTION.
   (E) THIS SECTION SHALL NOT BE CONSTRUED TO REQUIRE  THE  PREMATURE  OR
 OTHERWISE  IMPRUDENT  SALE,  REDEMPTION,  DIVESTMENT OR WITHDRAWAL OF AN
 INVESTMENT.
   § 3. This act shall take effect immediately.