New York S 2566: Relates to the use of MWBE investments for New York state funds

Bill Text

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S02566 Summary:

BILL NOS02566 

&nbsp

SAME ASNo Same As

&nbsp

SPONSORCOMRIE

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COSPNSRFERNANDEZ, JACKSON, PARKER, WEBB

&nbsp

MLTSPNSR

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Add §§177-b, 177-e & 177-f, amd §423-c, R & SS L; amd §§8 & 5, St Fin L; amd §508-a, Ed L; amd §87-i, Work
Comp L

&nbsp

Relates to the use of MWBE investments for and aspirational goal of at least twenty percent of each New York state fund, to the greatest extent feasible within the bounds of financial and fiduciary prudence.

Go to top S02566 Actions:

BILL NOS02566 

&nbsp

01/21/2025REFERRED TO CIVIL SERVICE AND PENSIONS

01/07/2026REFERRED TO CIVIL SERVICE AND PENSIONS

Go to topS02566 Committee&nbspVotes:

Go to topS02566 Floor&nbspVotes:

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

Go to topS02566 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 2566

 2025-2026 Regular Sessions

 IN SENATE

 January 21, 2025
 ___________

 Introduced by Sens. COMRIE, FERNANDEZ, JACKSON, PARKER, WEBB -- read
 twice and ordered printed, and when printed to be committed to the
 Committee on Civil Service and Pensions

 AN ACT to amend the retirement and social security law, the state
 finance law, the education law, and the workers' compensation law, in
 relation to the use of MWBE investments for New York state funds

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

 1 Section 1. The retirement and social security law is amended by adding
 2 a new section 177-b to read as follows:
 3 § 177-b. Use of MWBE asset management and financial institutions. 1.
 4 In addition to the powers contained in any other provision of law,
 5 including the provisions of the administrative code of the city of New
 6 York, it shall be the goal of public officials with investment making
 7 discretion and duties, including, but not limited to elected officials
 8 such as the state comptroller and the comptroller of the city of New
 9 York, appointed officials, the trustee or trustees of a fund, and state
 10 authority officials that, to the greatest extent feasible within the
 11 bounds of financial and fiduciary prudence, such public officials, trus-
 12 tee or trustees shall aspire to utilize MWBE asset managers, MWBE finan-
 13 cial institutions, and MWBE financial or professional service firms for
 14 the investment of no less than twenty percent of the total dollar amount
 15 of such fund under management, which shall include, but not be limited
 16 to, the following:
 17 (a) investing assets of such fund with MWBE asset managers;
 18 (b) subject to best execution: (i) conducting trades of public equity
 19 securities with MWBE financial institutions; and (ii) conducting trades
 20 of fixed-income securities through MWBE institutions;
 21 (c) allocating investments of assets of such fund either through: (i)
 22 direct investments in the equities and debt securities of MWBEs; or (ii)
 23 indirectly through special programs involving MWBE asset managers; or

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD04904-01-5

 S. 2566 2

 1 (d) awarding contracts for accounting, banking, financial advisory,
 2 insurance, legal, research, valuation, and other financial and profes-
 3 sional services to MWBE financial institutions and other MWBE profes-
 4 sional service firms.
 5 2. The trustee or trustees of a fund shall be authorized to establish
 6 additional aspirational goals to the goals directed by subdivision one
 7 of this section.
 8 3. Within sixty days of the end of each fiscal year following the
 9 effective date of this section, the trustee or trustees of a fund shall
 10 report to the governor, legislature, and chief diversity officer of the
 11 state of New York on the participation of MWBE asset managers, MWBE
 12 financial institutions, and MWBE professional service providers in
 13 investment and brokerage transactions with or as providers of services
 14 for such fund, including a comparative analysis of such activity rela-
 15 tive to such activity with all asset managers, financial institutions,
 16 and professional service providers for the relevant period, and on the
 17 progress and success of the efforts undertak