Assembly Bill A9066

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   9066
 
                        2025-2026 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             September 5, 2025
                                ___________
 
 Introduced  by  M.  of  A.  ROSENTHAL  --  read once and referred to the
   Committee on Governmental Employees
 
 AN ACT to amend the retirement and social security law, in  relation  to
   prohibiting  the  investment  of  certain  public funds with companies
   owned by elected officials

   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 ORGAN-
 IZATIONS  OWNED  BY PUBLIC OFFICIALS. 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  COMPANY  OF  WHICH  THE MAJORITY SHARES ARE OWNED BY AN
 ELECTED OFFICIAL OF ANY LOCAL OR STATE GOVERNMENT OR THE FEDERAL GOVERN-
 MENT, OR BY MULTIPLE LOCAL, STATE, OR FEDERAL  ELECTED  OFFICIALS  WHOSE
 TOTAL SHARES MAKE UP A MAJORITY STAKE IN SUCH INSTITUTION OR COMPANY, OR
 ANY  INSTITUTION  OR  COMPANY DOING BUSINESS THEREWITH OR ANY SUBSIDIARY
 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 ANY  SUCH
 INSTITUTION  OR  COMPANY  OR ANY PARTLY-OWNED OR WHOLLY-OWNED SUBSIDIARY
 THEREOF, AND NO SUCH ASSETS SHALL BE INVESTED IN THE STOCKS, SECURITIES,
 OR OTHER OBLIGATIONS OF ANY SUCH INSTITUTION OR COMPANY.
   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
 PREMATURE  OR OTHERWISE IMPRUDENT SALE, REDEMPTION, DIVESTMENT, OR WITH-
 DRAWAL OF AN INVESTMENT, BUT SUCH SALE, REDEMPTION, DIVESTMENT, OR WITH-
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD13600-02-5
 A. 9066                             2
              

 
 DRAWAL SHALL BE COMPLETED NOT LATER THAN ONE YEAR FOLLOWING  THE  EFFEC-
 TIVE 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
 AS OF THE EFFECTIVE DATE OF THIS SECTION WHICH ARE IN VIOLATION  OF  THE
 PROVISIONS OF THIS SECTION. EVERY YEAR THEREAFTER, THE COMPTROLLER SHALL
 REPORT  ON  ALL  INVESTMENTS  SOLD,  REDEEMED, DIVESTED, OR WITHDRAWN IN
 COMPLIANCE WITH THIS SECTION. EVERY SUCH 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.
   § 2. This act shall take effect immediately.