New York S 9873: Requires SUNY and CUNY trustees refrain from investing in and subsequently divest from stocks, debt or other securities of certain publicly traded fossil fuel companies

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S09873 Summary:

BILL NOS09873 

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SAME ASNo Same As

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SPONSORFAHY

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COSPNSR

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MLTSPNSR

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Add §§355-f & 6234-a, Ed L

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Requires SUNY and CUNY trustees to refrain from investing in and subsequently divest from stocks, debt or other securities of certain publicly traded fossil fuel companies.

Go to top S09873 Actions:

BILL NOS09873 

&nbsp

04/09/2026REFERRED TO HIGHER EDUCATION

Go to topS09873 Committee&nbspVotes:

Go to topS09873 Floor&nbspVotes:

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

Go to topS09873 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 9873

 IN SENATE

 April 9, 2026
 ___________

 Introduced by Sen. FAHY -- read twice and ordered printed, and when
 printed to be committed to the Committee on Higher Education

 AN ACT to amend the education law, in relation to requiring SUNY and
 CUNY trustees refrain from investing in and subsequently divest from
 stocks, debt or other securities of certain publicly traded fossil
 fuel companies

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

 1 Section 1. The education law is amended by adding a new section 355-f
 2 to read as follows:
 3 § 355-f. Divestment from fossil fuels. 1. (a) Beginning one year after
 4 the effective date of this section, the board of trustees shall not
 5 invest any monies in any stocks, debt or other securities of any corpo-
 6 ration or company, or any subsidiary, affiliate or parent of any corpo-
 7 ration or company, among the two hundred largest publicly traded fossil
 8 fuel companies, as established by carbon content in the companies' prov-
 9 en oil, gas and coal reserves.
 10 (b) No later than four years after the effective date of this section,
 11 the board of trustees shall divest from any stocks, debt or other secu-
 12 rities of any corporation or company, or any subsidiary, affiliate or
 13 parent of any corporation or company, among the two hundred largest
 14 publicly traded fossil fuel companies, as established by carbon content
 15 in the companies' proven oil, gas and coal reserves, except that divest-
 16 ment from stocks or other securities of companies engaged in the mining,
 17 extraction or production of coal shall be completed no later than one
 18 year after the effective date of this subdivision.
 19 (c) The board of trustees shall be permitted to cease divesting from
 20 companies under paragraph (a) of this subdivision, reinvest in companies
 21 from which it divested under paragraph (a) of this subdivision, or
 22 continue to invest in companies from which it has not yet divested upon
 23 clear and convincing evidence showing that as a direct result of such
 24 divestment, the total and aggregate value of all assets under management
 25 by, or on behalf of, the board of trustees becomes or shall become: (i)
 26 equal to or less than ninety-nine and one-half percent; or (ii) one

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD07173-02-6

 S. 9873 2

 1 hundred percent less fifty basis points of the hypothetical value of all
 2 assets under management by, or on behalf of, the board of trustees
 3 assuming no divestment from any company had occurred under said para-
 4 graph (a) of this subdivision. Cessation of divestment, reinvestment or
 5 any subsequent ongoing investment authorized by this section shall be
 6 strictly limited to the minimum steps necessary to avoid the contingency
 7 set forth in the preceding sentence. For any cessation of divestment,
 8 and in advance of such cessation, authorized by this subdivision, the
 9 board of trustees shall provide a written report to the attorney general
 10 and the senate and assembly standing committees on higher education,
 11 updated semi-annually thereafter as applicable, setting forth the
 12 reasons and justification, supported by clear and convincing evidence,
 13 for its decisions to cease divestment, to reinvest or to remain invested
 14 in fossil fuel companies.
 15 2. (a) Beginning one year after the effective date of this section, an
 16 affiliated nonprofit organization or foundation shall not invest any
 17 monies in any stocks, debt or other securities of any