Assembly Bill A8285

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8285
 
                        2025-2026 Regular Sessions
 
                           I N  A S S E M B L Y
 
                                May 8, 2025
                                ___________
 
 Introduced  by M. of A. LUCAS -- read once and referred to the Committee
   on Governmental Operations
 
 AN ACT to amend the executive  law,  in  relation  to  establishing  the
   Freedman's asset recovery agency
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section 1. Legislative findings. In March 1865, Congress  incorporated
 the  Freedman's  Savings  and  Trust  Company,  known  as the Freedman's
 Savings Bank. The bank, run by  white  trustees,  promised  newly  freed
 African  Americans  a  safe  place  to  deposit  their  money. But after
 Congress relaxed its restrictions on  the  bank's  investment  policies,
 corrupt officials mismanaged the bank's funds, and it collapsed in 1874.
 Over  60,000  depositors  lost  nearly $3 million in savings. Many spent
 decades petitioning the  government  for  reimbursement.  Ultimately,  a
 little  more than half, $1.7 million, was repaid. Today this restitution
 is worth over $70 million in  bank  accounts,  insurance  policies,  and
 other material losses and the resolution of cases involved.
   § 2. The executive law is amended by adding a new article 19-E to read
 as follows:
                               ARTICLE 19-E
                     FREEDMAN'S ASSET RECOVERY AGENCY
 SECTION 460. DEFINITIONS.
         461. FREEDMAN'S ASSET RECOVERY AGENCY.
   § 460. DEFINITIONS. AS USED IN THIS ARTICLE, THE FOLLOWING TERMS SHALL
 HAVE THE FOLLOWING MEANINGS:
   1.  "AGENCY" MEANS THE FREEDMAN'S ASSET RECOVERY AGENCY ESTABLISHED BY
 THIS ARTICLE.
   2. "ASSET" MEANS ANY ASSET  INCLUDING,  BUT  NOT  LIMITED  TO,  MONEY,
 ARTWORK,  BANK ACCOUNTS, INSURANCE POLICY BENEFITS, AND ANYTHING ELSE OF
 VALUE LOST, STOLEN, OR SOLD UNDER DURESS BETWEEN EIGHTEEN SIXTY-FIVE AND
 EIGHTEEN SEVENTY-FOUR.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD11852-01-5
              

 A. 8285                             2
 
   3. "CLAIMANTS" MEANS TRANSATLANTIC SLAVE VICTIMS AND THEIR HEIRS SEEK-
 ING A JUST AND ORDERLY RETURN OF ASSETS TO THEIR ORIGINAL OWNERS OR SUCH
 ORIGINAL OWNER'S HEIRS. A "CLAIMANT" DOES NOT NEED  TO  HAVE  BEGUN  ANY
 LEGAL  PROCESSES OR HAVE TAKEN ANY ACTIONS TO RECOVER ANY ASSET ON THEIR
 OWN TO BE CONSIDERED A CLAIMANT.
   §  461.  FREEDMAN'S  ASSET  RECOVERY AGENCY. 1. THERE IS HEREBY ESTAB-
 LISHED, WITHIN THE EXECUTIVE DEPARTMENT, THE FREEDMAN'S  ASSET  RECOVERY
 AGENCY.  THE AGENCY SHALL:
   (A)  ADVOCATE  ON  BEHALF OF CLAIMANTS IN THE PROCESS OF ATTEMPTING TO
 RECOVER ASSETS.
   (B) SERVE AS A BRIDGE BETWEEN CLAIMANTS AND THE VARIOUS  INTERNATIONAL
 COMPENSATION ORGANIZATIONS AND/OR THE CURRENT HOLDERS OF THE ASSET.
   (C)  ADVOCATE  FOR  CLAIMANTS  BY  HELPING  TO  ALLEVIATE ANY COST AND
 BUREAUCRATIC HARDSHIPS THE CLAIMANTS MIGHT ENCOUNTER IN TRYING TO PURSUE
 CLAIMS ON THEIR OWN.
   (D) PROVIDE INSTITUTIONAL ASSISTANCE TO CLAIMANTS SEEKING  TO  RECOVER
 ASSETS.
   2.  THE  AGENCY  SHALL  COLLECT NO FEE FOR ITS SERVICES, NOR SHALL THE
 AGENCY TAKE A PERCENTAGE OF THE VALUE OF THE ASSETS RECOVERED.
   § 3. This act shall take effect immediately.