Bill Text: NY A07576 | 2023-2024 | General Assembly | Introduced

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Bill Title: Directs the department of financial services to conduct a comprehensive study on how the department of financial services may create a compensation system commensurate with the compensation systems of similar federal financial regulators and to issue a report of its findings.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced) 2024-01-10 - enacting clause stricken [A07576 Detail]

Download: New_York-2023-A07576-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          7576

                               2023-2024 Regular Sessions

                   IN ASSEMBLY

                                      May 25, 2023
                                       ___________

        Introduced by M. of A. JOYNER -- read once and referred to the Committee
          on Labor

        AN  ACT  directing the department of financial services, in consultation
          with the office of employee relations  and  the  department  of  civil
          service,  to  conduct  a  comprehensive study on how the department of
          financial services may create a compensation system commensurate  with
          the compensation system of similar federal financial regulators

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

     1    Section 1. The department of financial services, in consultation  with
     2  the office of employee relations and the department of civil service, is
     3  hereby  authorized  and directed to conduct a comprehensive study on how
     4  the department of financial services may create  a  compensation  system
     5  commensurate  with  the systems of similar federal financial regulators,
     6  taking into consideration the General Schedule (GS) payscale utilized by
     7  the federal government to determine the  salaries  of  federal  civilian
     8  employees.  The  purpose  of this compensation system shall be to ensure
     9  pay parity between state and federal financial regulators within similar
    10  roles in order to increase  recruitment  and  retention  of  said  state
    11  employees.
    12    §  2.  Within  one  year of the effective date of this act, the super-
    13  intendent of financial services, the office of  employee  relations  and
    14  the  department  of  civil service shall issue a report to the governor;
    15  the temporary president of the senate; the speaker of the assembly;  the
    16  minority  leader of the senate; and the minority leader of the assembly.
    17  Such study and report shall, at a minimum:
    18    (a) identify positions within federal financial regulators  including,
    19  but  not  limited  to, the Securities and Exchange Commission (SEC), the
    20  federal deposit insurance corporation, the federal reserve bank  of  New
    21  York,  the  consumer  financial  protection bureau and the Department of

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD11493-01-3
        A. 7576                             2

     1  Treasury, that have similar roles or functions as positions  within  the
     2  New York state department of financial services;
     3    (b) formulate a proposed compensation system, or pay scale, that would
     4  foster  pay  parity between positions within the department of financial
     5  services and those positions within federal  financial  regulators  that
     6  have been identified as similar;
     7    (c) identify possible alternatives to achieve pay parity between state
     8  and federal financial regulators in similar roles;
     9    (d)  list  possible  alternatives  to promote retention of individuals
    10  employed by the department of financial services; and
    11    (e) consider potential impact  of  increased  retention  and  training
    12  savings associated with increased retention.
    13    § 2. This act shall take effect immediately.