NY State Senate Bill 2025-S2408

Current Bill Status - In Senate Committee Finance Committee

Introduced
- In Committee Assembly
- In Committee Senate
- On Floor Calendar Assembly
- On Floor Calendar Senate
- Passed Assembly
- Passed Senate
Delivered to Governor
Signed By Governor

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Date of Action	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jan 17, 2025	referred to finance

2025-S2408 (ACTIVE) - Details

Current Committee:: Senate Finance
Law Section:: State Finance Law
Laws Affected:: Add §96-a, St Fin L
Versions Introduced in Other Legislative Sessions:: 2017-2018: S8948
2019-2020: S7959
2021-2022: S2219
2023-2024: S742

2025-S2408 (ACTIVE) - Summary

Relates to creating the Puerto Rican relief account which shall consist of all recovery and relief funds provided by the federal government to the Commonwealth of Puerto Rico under the Bipartisan Budget Act of 2018.

2025-S2408 (ACTIVE) - Sponsor Memo

                                 
BILL NUMBER: S2408

SPONSOR: SEPULVEDA
 
TITLE OF BILL:

An act to amend the state finance law, in relation to creating the Puer-
to Rican relief account; and providing for the repeal of such provisions
upon expiration thereof

 
PURPOSE:

This bill would establish a New York State Puerto Rico Relief Account.

 
SUMMARY OF PROVISIONS:

Authorizes the Office of the NYS Comptroller to set up an account to
manage any recovery and relief funds provided by the federal government
to the government of Puerto Rico under the Bipartisan Budget Act of
2018. The account would be set up at the request of the Puerto Rican
Government. The funds in the account shall be managed as all other state
"pension funds are managed with return on investments being delivered to
the government of Puerto Rico. The NYS Comptroller is authorized to

deduct an administration fee for the management of such funds. The
government of Puerto Rico shall notify the OSC of their intentions to
end this arrangement no later than 180 days from when all funds should
be returned to Puerto Rico. The OSC should use all its technical and
financial expertise to assist the investment and growth of funds
provided to Puerto Rico under the federal Bipartisan Budget Act of 2018.
The authority of this act shall expire within five years and can be
renewed by act of legislature. This act shall take effect immediately.

 
JUSTIFICATION:

The Initiative unveiled by the Latino Caucus authorizes the Office of
the New York State Comptroller to lend its financial investment exper-
tise to the government of Puerto Rico by setting up a Puerto Rico Relief
Account.

Earlier this year, Congress authorized, and the President signed into
law, the Bipartisan Budget Act of 2018, which provides Puerto Rico with
$38 Billion for recovery and relief efforts needed due to the devas-
tation by Hurricane Maria. We need to continue to push for policies that
will help Puerto Ricans rebuild their lives and their homes in the short
and long term. This measure will help Puerto Ricans, whether they are
still on the island or whether they have relocated to New York, by
providing those displaced with the assistance they need to move from
transitional to permanent housing and by giving Puerto Rico access to
tools, information, and resources to improve their financial situations.

The NYS Comptroller's office manages the third largest pension system in
the United States and had a return on investment of 11.35 percent last
year for a total worth of over $206.9 billion. The financial and invest-
ment experts working at OSC can help Puerto Rico by providing their
incredible talents to the island's government by helping Puerto Rico
invest and manage the recovery money during its pending expenditure on
rebuilding and relief efforts. OSC can help stretch these federal
dollars in a manner no other entity can and with no risk to the State's
pension system or New York. New York must step in and assist the Puerto
Rican people in this tremendous time and need. We cannot stand by while
2,300 families risk losing the emergency housing they so desperately
need.

 
LEGISLATIVE HISTORY:

S.742 S.2219 of 2023-2024; Referred to Finance;

2021-22: Referred to Finance;

S.7959 of 2020: Referred to Finance;

A.2329 of 2019: Referred to Ways and Means;

S.8948 of 2018: Referred to Rules

 
FISCAL IMPLICATIONS:

None to state.

 
EFFECTIVE DATE:
Immediately and shall expire and be deemed repealed 5 years after such
date.

2025-S2408 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2408
 
                        2025-2026 Regular Sessions
 
                             I N  S E N A T E
 
                             January 17, 2025
                                ___________
 
 Introduced by Sen. SEPULVEDA -- read twice and ordered printed, and when
   printed to be committed to the Committee on Finance
 
 AN ACT to amend the state finance law, in relation to creating the Puer-
   to  Rican  relief  account;  and  providing  for  the  repeal  of such
   provisions upon expiration thereof

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  The  state finance law is amended by adding a new section
 96-a to read as follows:
   § 96-A. PUERTO RICAN RELIEF ACCOUNT. 1.  THERE IS  HEREBY  ESTABLISHED
 AT  THE REQUEST OF THE COMMONWEALTH OF PUERTO RICO AND IN THE CUSTODY OF
 THE COMPTROLLER A SPECIAL ACCOUNT TO  BE  KNOWN  AS  THE  "PUERTO  RICAN
 RELIEF ACCOUNT".
   2. THE SOURCES OF FUNDS SHALL CONSIST OF ALL RECOVERY AND RELIEF FUNDS
 PROVIDED  BY  THE  FEDERAL GOVERNMENT TO THE COMMONWEALTH OF PUERTO RICO
 UNDER THE BIPARTISAN BUDGET ACT OF 2018.
   3. (A) THE COMPTROLLER SHALL INVEST SUCH FUNDS IN SECURITIES IN  WHICH
 SUCH  COMPTROLLER IS AUTHORIZED BY LAW TO INVEST THE FUNDS OF THE STATE,
 EXCEPT THAT SUCH COMPTROLLER MAY INVEST  IN  OBLIGATIONS  CONSISTING  OF
 NOTES,  BONDS,  DEBENTURES, OR EQUIPMENT TRUST CERTIFICATES ISSUED UNDER
 AN INDENTURE, WHICH ARE THE DIRECT OBLIGATIONS OF, OR  IN  THE  CASE  OF
 EQUIPMENT  TRUST  CERTIFICATES  ARE  SECURED BY DIRECT OBLIGATIONS OF, A
 RAILROAD OR INDUSTRIAL CORPORATION, OR A  CORPORATION  ENGAGED  DIRECTLY
 AND  PRIMARILY  IN THE PRODUCTION, TRANSPORTATION, DISTRIBUTION, OR SALE
 OF ELECTRICITY OR GAS,  OR  THE  OPERATION  OF  TELEPHONE  OR  TELEGRAPH
 SYSTEMS  OR  WATERWORKS,  OR  IN  SOME COMBINATION OF THEM; PROVIDED THE
 OBLIGOR CORPORATION IS ONE WHICH IS INCORPORATED UNDER THE LAWS  OF  THE
 UNITED STATES, OR ANY STATE THEREOF, OR OF THE DISTRICT OF COLUMBIA, AND
 SAID OBLIGATIONS SHALL BE RATED AT THE TIME OF PURCHASE WITHIN THE THREE
 HIGHEST  CLASSIFICATIONS  ESTABLISHED  BY  AT  LEAST TWO STANDARD RATING
 SERVICES. THE MAXIMUM AMOUNT THAT THE COMPTROLLER  MAY  INVEST  IN  SUCH
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD06390-01-5

 S. 2408                             2
 
 OBLIGATIONS  SHALL  NOT  EXCEED  THIRTY PER CENTUM OF THE ASSETS OF SUCH
 ACCOUNT; AND PROVIDED FURTHER THAT NOT MORE THAN TWO  AND  ONE-HALF  PER
 CENTUM  OF  THE  ASSETS  OF  SUCH ACCOUNT SHALL BE INVESTED IN THE OBLI-
 GATIONS OF ANY ONE CORPORATION OF THE HIGHEST CLASSIFICATION AND SUBSID-
 IARY  OR  SUBSIDIARIES THEREOF, THAT NOT MORE THAN TWO PER CENTUM OF THE
 ASSETS OF SUCH ACCOUNT SHALL BE INVESTED IN THE OBLIGATIONS OF  ANY  ONE
 CORPORATION  OF  THE  SECOND  HIGHEST  CLASSIFICATION  AND SUBSIDIARY OR
 SUBSIDIARIES THEREOF, THAT NOT MORE THAN ONE AND ONE-HALF PER CENTUM  OF
 SUCH ACCOUNT SHALL BE INVESTED IN THE OBLIGATIONS OF ANY ONE CORPORATION
 OF THE THIRD HIGHEST CLASSIFICATION AND SUBSIDIARY OR SUBSIDIARIES THER-
 EOF.  THE  COMPTROLLER  SHALL,  HOWEVER, BE SUBJECT TO ALL TERMS, CONDI-
 TIONS, LIMITATIONS AND RESTRICTIONS IMPOSED BY LAW UPON  THE  MAKING  OF
 SUCH INVESTMENTS. THE COMPTROLLER SHALL HAVE FULL POWER:
   (I) TO HOLD, PURCHASE, SELL, ASSIGN, TRANSFER OR DISPOSE OF ANY OF THE
 SECURITIES  OR INVESTMENTS, IN WHICH ANY ASSETS OF SUCH ACCOUNT SHALL BE
 INVESTED, INCLUDING THE PROCEEDS OF  SUCH  INVESTMENTS  AND  ANY  MONIES
 BELONGING TO SUCH ACCOUNT, AND
   (II)  IN  SUCH  COMPTROLLER'S  NAME AS TRUSTEE, TO FORECLOSE MORTGAGES
 UPON DEFAULT OR TO TAKE TITLE TO REAL PROPERTY IN  SUCH  PROCEEDINGS  IN
 LIEU THEREOF AND TO LEASE AND SELL REAL PROPERTY SO ACQUIRED.
   (B)  ALL  RETURNS  ON  ANY  INVESTMENTS MADE BY THE COMPTROLLER OF ANY
 FUNDS FROM SUCH ACCOUNT SHALL BE DEPOSITED WITHIN SUCH ACCOUNT  FOR  THE
 SOLE BENEFIT OF THE COMMONWEALTH OF PUERTO RICO.
   (C)  THE  COMPTROLLER  ANNUALLY  SHALL  CREDIT TO SUCH ACCOUNT REGULAR
 INTEREST ON THE MEAN AMOUNT THEREIN FOR THE PRECEDING YEAR.
   (D) THE COMPTROLLER IS AUTHORIZED TO  DEDUCT  ANY  NECESSARY  ADMINIS-
 TRATION FEES FOR THE MANAGEMENT OF SUCH ACCOUNT.
   4.  THE  COMMONWEALTH  OF  PUERTO RICO SHALL NOTIFY THE COMPTROLLER OF
 THEIR INTENTION TO TERMINATE SUCH ACCOUNT NO LATER THAN THE ONE  HUNDRED
 EIGHTIETH DAY PRIOR TO THE DATE SUCH COMMONWEALTH REQUIRES THE RETURN OF
 ALL FUNDS FROM SUCH ACCOUNT.
   §  2.  This  act shall take effect immediately and shall expire and be
 deemed repealed 5 years after such date.

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Senate Bill S2408

Sponsored By

Current Bill Status - In Senate Committee Finance Committee

Actions

2025-S2408 (ACTIVE) - Details

2025-S2408 (ACTIVE) - Summary

2025-S2408 (ACTIVE) - Sponsor Memo

2025-S2408 (ACTIVE) - Bill Text download pdf

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Sponsored By

Luis R. Sepúlveda

Current Bill Status - In Senate Committee Finance Committee

Actions

2025-S2408 (ACTIVE) - Details

2025-S2408 (ACTIVE) - Summary

2025-S2408 (ACTIVE) - Sponsor Memo

2025-S2408 (ACTIVE) - Bill Text download pdf

Comments