STATE OF NEW YORK
        ________________________________________________________________________

                                          1831

                               2023-2024 Regular Sessions

                   IN ASSEMBLY

                                    January 23, 2023
                                       ___________

        Introduced  by  M.  of  A. KIM, MAMDANI -- read once and referred to the
          Committee on Governmental Employees

        AN ACT to amend the retirement and social security law, in  relation  to
          establishing the reputational insight and oversight transparency act

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

     1    Section 1. This act shall be known and may be cited  as  the  "reputa-
     2  tional insight and oversight transparency act" or "RIOT act".
     3    § 2. Legislative findings. The legislature finds, (a) in the aftermath
     4  of  the  January  6th storming of the United States Capitol, that groups
     5  who had supported lawmakers in  overturning  the  presidential  election
     6  results  had  financial backing from private equity firms and big corpo-
     7  rations, and (b) that public pension investments through  the  New  York
     8  State  Common  Retirement  Fund  and analogous pension funds in New York
     9  state municipalities must account for reputational risk for the  welfare
    10  of New York state public employees.
    11    § 3. The retirement and social security law is amended by adding a new
    12  section 177-f to read as follows:
    13    §  177-f.  Restriction  of  certain investments in firms. 1.  Firms in
    14  which the fund invests shall not pledge any  direct  corporate  contrib-
    15  utions  to  independent  expenditure-only  political  action  committees
    16  (super PACs), tax-exempt political organizations defined  under  section
    17  527  of  the  Internal  Revenue Code or tax-exempt organizations defined
    18  under § 501(c)(4) of the Internal Revenue Code.
    19    2. Senior executives at such firms are prohibited from making individ-
    20  ual contributions in excess of ten  thousand  dollars  to  the  entities
    21  listed in subdivision one of this section.
    22    3.  Senior  executives at such firms who make individual contributions
    23  to the entities listed in subdivision one of this section  at  or  below
    24  ten  thousand  dollars  shall  disclose such contributions to either the
    25  department of audit and control, the office of the New York state  comp-
    26  troller  or  the  office  of  the  New  York city comptroller, whichever
    27  department or office oversees the fund.
    28    § 4. This act shall take effect immediately.

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD06058-01-3