New York A 3505: Relates to petitions for election to the party position of member of the county committee

Bill Text

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A03505 Summary:

BILL NOA03505 

&nbsp

SAME ASNo Same As

&nbsp

SPONSORFitzpatrick (MS)

&nbsp

COSPNSRDiPietro

&nbsp

MLTSPNSRManktelow

&nbsp

Add §423-d, R & SS L

&nbsp

Relates to the investment of public funds in companies doing business in Iran.

Go to top A03505 Actions:

BILL NOA03505 

&nbsp

01/28/2025referred to governmental employees

05/28/2025held for consideration in governmental employees

01/07/2026referred to governmental employees

Go to topA03505 Committee&nbspVotes:

Committee:GOVERNMENTAL EMPLOYEES Chair:Pheffer Amato 
DATE:05/28/2025AYE/NAY:8/6 Action: Held for Consideration Pheffer AmatoAyeDeStefanoNay

ColtonAyeReillyNay

SantabarbaraAyeGiglioNay

EichensteinNayTannousisNay

McDonaldAye

BurkeAye

GriffinAye

CarrollAye

RomeroAye

YegerNay

Go to topA03505 Floor&nbspVotes:

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

Go to topA03505 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 3505

 2025-2026 Regular Sessions

 IN ASSEMBLY

 January 28, 2025
 ___________

 Introduced by M. of A. FITZPATRICK, DiPIETRO -- Multi-Sponsored by -- M.
 of A. MANKTELOW -- read once and referred to the Committee on Govern-
 mental Employees

 AN ACT to amend the retirement and social security law, in relation to
 the investment of public pension funds in companies doing business in
 Iran and providing for the repeal of such provisions upon expiration
 thereof

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

 1 Section 1. Legislative findings. The legislature finds that: 1. the
 2 United Nations Security Council voted unanimously for an additional
 3 embargo on Iranian arms exports, and calls for nations and institutions
 4 to bar new grants or loans to Iran except for humanitarian and develop-
 5 mental purposes;
 6 2. publicly traded companies in the United States are substantially
 7 restricted from doing business in or with foreign states such as Iran
 8 that the United States Department of State has identified as sponsoring
 9 terrorism;
 10 3. all United States and foreign entities that have invested more than
 11 $20 million in Iran's energy sector since August 5, 1996, are subject to
 12 sanctions under United States law pursuant to the Iran and Libya Sanc-
 13 tions Act of 1996;
 14 4. the United States renewed the Iran and Libya Sanctions Act of 1996
 15 in 2001 and 2006;
 16 5. foreign entities have invested in Iran's petroleum-energy sector
 17 despite United States and United Nations sanctions against Iran;
 18 6. public retirement systems in the state currently invest on the
 19 behalf of the citizens of New York in publicly traded foreign companies
 20 that may be at risk due to business ties with foreign states such as
 21 Iran that sponsor terrorism and are involved in the proliferation of
 22 weapons of mass destruction;

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD04023-01-5

 A. 3505 2

 1 7. excluding companies with business activities in foreign states such
 2 as Iran that sponsor terrorism and divesting from public portfolios will
 3 help protect the public retirement systems in this state from investment
 4 losses related to these business activities and may improve the invest-
 5 ment performance of the public retirement systems; and
 6 8. it is unconscionable for this state to invest in foreign companies
 7 with business activities benefiting foreign states such as Iran that
 8 commit egregious violations of human rights and sponsor terrorism.
 9 § 2. The retirement and social security law is amended by adding a new
 10 section 423-d to read as follows:
 11 § 423-d. Investment of certain public funds in companies doing busi-
 12 ness in Iran. 1. On and after the effective date of this section, no
 13 moneys or assets of the common retirement fund shall be invested in the
 14 stocks, securities or other obligations of any institution or company
 15 doing business in or with Iran or with agencies or instrumentalities
 16 thereof. Notwithstanding any provisions of law to the contrary, no
 17 assets of any pension or annuity fund under the jurisdiction of the
 18 comptroller, shall be invested in any bank or financial institution
 19 which dir