New York S 954: Expands the Doctors Across New York program to include dentists

Bill Text

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S00954 Summary:

BILL NOS00954 

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SAME ASSAME AS A01580

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SPONSORBRISPORT

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COSPNSRADDABBO, BAILEY, BROUK, CLEARE, COMRIE, COONEY, FAHY, FERNANDEZ, GIANARIS, GONZALEZ, HARCKHAM,
 HINCHEY, HOYLMAN-SIGAL, JACKSON, KRUEGER, MAY, MAYER, MYRIE, PARKER, RAMOS, RIVERA, SALAZAR,
 SANDERS, SEPULVEDA, SERRANO, SKOUFIS

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MLTSPNSR

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Add §508-b, Ed L

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Establishes the teachers' fossil fuel divestment act; requires the New York state teachers' retirement system to divest the retirement system of any stocks, securities, equities, assets, or other obligations of corporations or companies included on an exclusion list of coal producers and oil and gas producers.

Go to top S00954 Actions:

BILL NOS00954 

&nbsp

01/08/2025REFERRED TO CIVIL SERVICE AND PENSIONS

01/07/2026REFERRED TO CIVIL SERVICE AND PENSIONS

Go to topS00954 Committee&nbspVotes:

Go to topS00954 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topS00954 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 954

 2025-2026 Regular Sessions

 IN SENATE

 (Prefiled)

 January 8, 2025
 ___________

 Introduced by Sens. BRISPORT, ADDABBO, BAILEY, BROUK, CLEARE, COMRIE,
 COONEY, FERNANDEZ, GIANARIS, GONZALEZ, HARCKHAM, HINCHEY, HOYLMAN-SI-
 GAL, JACKSON, KRUEGER, MAY, MAYER, MYRIE, PARKER, RAMOS, RIVERA, SALA-
 ZAR, SANDERS, SEPULVEDA, SERRANO, SKOUFIS -- read twice and ordered
 printed, and when printed to be committed to the Committee on Civil
 Service and Pensions

 AN ACT to amend the education law, in relation to requiring the New York
 state teachers' retirement system to divest the retirement system of
 any investments in corporations or companies included on an exclusion
 list of coal producers and oil and gas producers

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. This act shall be known and may be cited as the "teachers'
 2 fossil fuel divestment act".
 3 § 2. Legislative findings. 1. a. Climate change is a real and serious
 4 threat to the health, welfare, and prosperity of all New Yorkers, now
 5 and in the future. Maintaining the status quo of fossil fuel energy
 6 production will lead to catastrophic results.
 7 b. In July 2019, New York state passed the climate leadership and
 8 community protection act and committed to reducing statewide greenhouse
 9 gas emissions by eighty-five percent by 2050 and net zero emissions in
 10 all sectors of the economy. Other cities and states have chosen to
 11 pursue similar paths to reduce greenhouse gas emissions.
 12 c. The threat of climate change, and the transformation of the global
 13 energy system that will be necessary to mitigate it, will have a serious
 14 negative impact on investors whose assets are not aligned with the goal
 15 of keeping the global average temperature increase below 1.5 degrees
 16 Celsius, as determined by the United Nations Intergovernmental Panel on
 17 Climate Change.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD01506-01-5

 S. 954 2

 1 d. There are no existing legal or fiduciary duties that require New
 2 York state's pension funds to invest in energy sources that are harmful
 3 to the environment, or in contradiction to the goals of the climate
 4 leadership and community protection act. Rather, there are alternative
 5 investments that are available to our pension funds that do not present
 6 such harms.
 7 e. Many cities and states have recognized the harmful effects of
 8 pension and investment funds investing in fossil fuels and have commit-
 9 ted to divesting those funds. Over 1,100 institutional investors repres-
 10 enting more than $11 trillion in holdings have chosen to pursue full or
 11 partial divestment from fossil fuel producers, including the New York
 12 city employees retirement system, the endowment and pension funds of the
 13 University of California system, and the sovereign wealth funds of
 14 Norway and Ireland.
 15 2. a. Continued investment in fossil fuel producers poses unacceptable
 16 risks to the people of the state of New York, as well as the long-term
 17 sustainability of the New York state teachers' retirement system.
 18 b. Investment in