New York S 3847: 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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S03847 Summary:

BILL NOS03847 

&nbsp

SAME ASNo Same As

&nbsp

SPONSORHOYLMAN-SIGAL

&nbsp

COSPNSRKRUEGER, SERRANO

&nbsp

MLTSPNSR

&nbsp

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 S03847 Actions:

BILL NOS03847 

&nbsp

01/30/2025REFERRED TO HIGHER EDUCATION

Go to topS03847 Committee&nbspVotes:

Go to topS03847 Floor&nbspVotes:

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

Go to topS03847 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 3847

 2025-2026 Regular Sessions

 IN SENATE

 January 30, 2025
 ___________

 Introduced by Sens. HOYLMAN-SIGAL, KRUEGER, SERRANO -- 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) On or after July first,
 4 two thousand twenty-six, the board of trustees shall not invest any
 5 monies in any stocks, debt or other securities of any corporation or
 6 company, or any subsidiary, affiliate or parent of any corporation or
 7 company, among the two hundred largest publicly traded fossil fuel
 8 companies, as established by carbon content in the companies' proven
 9 oil, gas and coal reserves.
 10 (b) On or before January first, two thousand thirty, the board of
 11 trustees shall divest from any stocks, debt or other securities of any
 12 corporation or company, or any subsidiary, affiliate or parent of any
 13 corporation or company, among the two hundred largest publicly traded
 14 fossil fuel companies, as established by carbon content in the compa-
 15 nies' proven oil, gas and coal reserves, except that divestment from
 16 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

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD07173-01-5

 S. 3847 2

 1 clear and convincing evidence showing that as a direct result of such
 2 divestment, the total and aggregate value of all assets under management
 3 by, or on behalf of, the board of trustees becomes or shall become: (i)
 4 equal to or less than ninety-nine and one-half percent; or (ii) one
 5 hundred percent less fifty basis points of the hypothetical value of all
 6 assets under management by, or on behalf of, the board of trustees
 7 assuming no divestment from any company had occurred under said para-
 8 graph (a) of this subdivision. Cessation of divestment, reinvestment or
 9 any subsequent ongoing investment authorized by this section shall be
 10 strictly limited to the minimum steps necessary to avoid the contingency
 11 set forth in the preceding sentence. For any cessation of divestment,
 12 and in advance of such cessation, authorized by this subdivision, the
 13 board of trustees shall provide a written report to the attorney general
 14 and the senate and assembly standing committees on higher education,
 15 updated semi-annually thereafter as applicable, setting forth the
 16 reasons and justification, supported by clear and convincing evidence,
 17 for its decisions to cease divestment, to reinvest or to remain invested
 18 in fossil fuel companies.
 19 2. (a) On or after July first, two thousand twenty-six, an affiliated
 20 nonprofit organization or foundatio