New York A 5471: Requires a surety bond for contractors and subcontractors where no public fund has been established for the financing of a public improvement

Bill Text

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A05471 Summary:

BILL NOA05471B

&nbsp

SAME ASSAME AS S08020-A

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SPONSORAlvarez

&nbsp

COSPNSRDais, Hyndman, Reyes, Bichotte Hermelyn, Tapia, De Los Santos, Jackson, Wright, Taylor, Cruz, Raga,
 Burroughs, Meeks, Lee

&nbsp

MLTSPNSRDavila

&nbsp

Add 423-d & 423-e, R & SS L; add Art 15-D 328-b - 328-d, Exec L

&nbsp

Enacts the "New York state agency BIPOC asset management and financial institution strategy act" to ensure the promotion of equity, diversity, and inclusion within the state pension system and the New York city pension system's investments by mandating a minimum allocation of assets to BIPOC asset managers, BIPOC financial institutions, and BIPOC financial or professional service firms; addresses disparities in investment opportunities and fosters economic growth within BIPOC communities, aligning with best practices in investment management and bolstering the financial well-being of New York City and state and residents thereof (Part A); relates to fair investment practices by investment advisers within the state of New York (Part B).

Go to top A05471 Actions:

BILL NOA05471B

&nbsp

02/14/2025referred to governmental employees

04/22/2025amend and recommit to governmental employees

04/22/2025print number 5471a

11/19/2025amend and recommit to governmental employees

11/19/2025print number 5471b

01/07/2026referred to governmental employees

Go to topA05471 Committee&nbspVotes:

Go to topA05471 Floor&nbspVotes:

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

Go to topA05471 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 5471--B

 2025-2026 Regular Sessions

 IN ASSEMBLY

 February 14, 2025
 ___________

 Introduced by M. of A. ALVAREZ, O'PHARROW, DAIS, HYNDMAN, REYES,
 BICHOTTE HERMELYN, TAPIA, DE LOS SANTOS, JACKSON, WRIGHT, TAYLOR,
 CRUZ, RAGA -- Multi-Sponsored by -- M. of A. DAVILA -- read once and
 referred to the Committee on Governmental Employees -- committee
 discharged, bill amended, ordered reprinted as amended and recommitted
 to said committee -- again reported from said committee with amend-
 ments, ordered reprinted as amended and recommitted to said committee

 AN ACT to amend the retirement and social security law, in relation to
 diversity and inclusion in the management of public pension funds,
 ensure equitable access to investment opportunities, and foster the
 growth of emerging BIPOC (black, indigenous, and people of color)
 owned investment management firms within the state of New York (Part
 A); and to amend the executive law, in relation to fair investment
 practices by investment advisers within the state of New York (Part B)

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

 1 Section 1. This act enacts into law provisions relating to equitable
 2 investments. Each component is wholly contained within a Part identified
 3 as Parts A and B. The effective date for each particular provision
 4 contained within such Part is set forth in the last section of such
 5 Part. Any provision in any section contained within a Part, including
 6 the effective date of the Part, which makes a reference to a section "of
 7 this act", when used in connection with that particular component, shall
 8 be deemed to mean and refer to the corresponding section of the Part in
 9 which it is found. Section three of this act sets forth the general
 10 effective date of this act.

 11 PART A

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD05066-05-5

 A. 5471--B 2

 1 Section 1. Short title. This act shall be known and may be cited as
 2 the "New York state agency BIPOC asset management and financial institu-
 3 tion strategy act".
 4 § 2. The retirement and social security law is amended by adding a new
 5 section 423-d to read as follows:
 6 § 423-d. BIPOC-owned investment management firms; state of New York.
 7 1. For the purposes of this section, the following terms shall have the
 8 following meanings:
 9 (a) "Best practices" shall mean industry-recognized standards and
 10 guidelines for diversity, equity, and inclusion.
 11 (b) "BIPOC" shall mean black, indigenous, and people of color.
 12 (c) "BIPOC-owned firms" shall mean business enterprises owned