New York S 8020: Relates to equitable investment practices

Bill Text

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S08020 Summary:

BILL NOS08020A

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SAME ASSAME AS A05471-B

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SPONSORCOMRIE

&nbsp

COSPNSRMYRIE, PARKER, SEPULVEDA

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MLTSPNSR

&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 S08020 Actions:

BILL NOS08020A

&nbsp

05/15/2025REFERRED TO CIVIL SERVICE AND PENSIONS

01/07/2026REFERRED TO CIVIL SERVICE AND PENSIONS

01/08/2026AMEND (T) AND RECOMMIT TO CIVIL SERVICE AND PENSIONS

01/08/2026PRINT NUMBER 8020A

Go to topS08020 Committee&nbspVotes:

Go to topS08020 Floor&nbspVotes:

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

Go to topS08020 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 8020--A

 2025-2026 Regular Sessions

 IN SENATE

 May 15, 2025
 ___________

 Introduced by Sens. COMRIE, MYRIE, SEPULVEDA -- read twice and ordered
 printed, and when printed to be committed to the Committee on Civil
 Service and Pensions -- recommitted to the Committee on Civil Service
 and Pensions in accordance with Senate Rule 6, sec. 8 -- committee
 discharged, bill amended, 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

 12 Section 1. Short title. This act shall be known and may be cited as
 13 the "New York state agency BIPOC asset management and financial institu-
 14 tion strategy act".

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD05066-06-5

 S. 8020--A 2

 1 § 2. The retirement and social security law is amended by adding a new
 2 section 423-d to read as follows:
 3 § 423-d. BIPOC-owned investment management firms; state of New York.
 4 1. For the purposes of this section, the following terms shall have the
 5 following meanings:
 6 (a) "Best practices" shall mean industry-recognized standards and
 7 guidelines for diversity, equity, and inclusion.
 8 (b) "BIPOC" shall mean black, indigenous, and people of color.
 9 (c) "BIPOC-owned firms" shall mean business enterprises owned by indi-
 10 viduals from black, indigenous, and people of color communities.
 11 (d) "Designated entities" shall mean entities governed by this
 12 section, including but not limited to, the common retirement fund, the
 13 New York state teachers' retirement system,