New York S 2029: Establishes the New York state independent budget office

Bill Text

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S02029 Summary:

BILL NOS02029 

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SAME ASSAME AS A03614

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SPONSORGOUNARDES

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COSPNSR

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MLTSPNSR

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Add Art 7-A §§112 - 112-e, Pub Off L

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Enacts the "New York Stock Act"; prohibits public officers and employees from using nonpublic information derived from their official positions for personal benefit.

Go to top S02029 Actions:

BILL NOS02029 

&nbsp

01/15/2025REFERRED TO ETHICS AND INTERNAL GOVERNANCE

01/07/2026REFERRED TO ETHICS AND INTERNAL GOVERNANCE

Go to topS02029 Committee&nbspVotes:

Go to topS02029 Floor&nbspVotes:

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

Go to topS02029 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 2029

 2025-2026 Regular Sessions

 IN SENATE

 January 15, 2025
 ___________

 Introduced by Sen. GOUNARDES -- read twice and ordered printed, and when
 printed to be committed to the Committee on Ethics and Internal Gover-
 nance

 AN ACT to amend the public officers law, in relation to prohibiting
 public officers and employees from using nonpublic information derived
 from their official positions for personal benefit

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

 1 Section 1. Short title. This act shall be known and may be cited as
 2 the "New York Stock Act".
 3 § 2. The public officers law is amended by adding a new article 7-A to
 4 read as follows:
 5 ARTICLE 7-A
 6 USE OF NON-PUBLIC INFORMATION FOR
 7 PERSONAL BENEFIT PROHIBITED
 8 Section 112. Definitions.
 9 112-a. Prohibition of the use of nonpublic information for
 10 private profit.
 11 112-b. Prohibition of insider trading.
 12 112-c. Other state officials.
 13 112-d. Participation in initial public offerings.
 14 112-e. Rule of construction.
 15 § 112. Definitions. For purposes of this article, the following terms
 16 shall have the following meanings:
 17 1. "member of the legislature" means a member of the New York state
 18 senate or New York state assembly.
 19 2. "employee of the legislature" means any officer or employee of the
 20 legislature but it shall not include members of the legislature.
 21 3. "executive branch employee" means:
 22 a. any person employed in the civil service of this state;
 23 b. the governor;

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD05609-01-5

 S. 2029 2

 1 c. the lieutenant governor;
 2 d. the comptroller; and
 3 e. the attorney general.
 4 4. "judicial officer" means any judge or other judicial officer of
 5 this state.
 6 5. "judicial employee" means any officer or employee of the judiciary
 7 but it shall not include judicial officers.
 8 § 112-a. Prohibition of the use of nonpublic information for private
 9 profit. The legislative ethics commission shall issue interpretive guid-
 10 ance of the relevant rules of each chamber, including rules on conflicts
 11 of interest and gifts, clarifying that a member of the legislature and
 12 an employee of the legislature may not use nonpublic information derived
 13 from such person's position as a member of the legislature or employee
 14 of the legislature or gained from the performance of such person's offi-
 15 cial responsibilities as a means for making a private profit.
 16 § 112-b. Prohibition of insider trading. Subject to the rule of
 17 construction under section one hundred twelve-e of this article and
 18 solely for the purposes of insider trading prohibitions arising under
 19 the Securities Exchange Act of 1934, each member of the legislature or
 20 employee of the legislature owes a duty arising from a relationship of
 21 trust and confidence to the legislature, the state, and the citizens of
 22 this state with respect to material, nonpublic information derived from
 23 such person's position as a member of the legislature or employee of the
 24 legislature or gained from the performance of such person's official
 25 responsibilities.
 26 § 112-c. Other state officials. 1. a. The commission on ethics and
 27 lobbying in government shall issue such interpretive guidance of the
 28 relevant state ethics statutes and regulations, including the standards
 29 of ethical conduct for executive branch employees, related to use of
 30 nonpu