Bill Text: NY S01664 | 2021-2022 | General Assembly | Introduced
Bill Title: Prohibits the investment of certain public funds with the Trump organization; directs the comptroller to take appropriate action to sell, redeem, divest or withdraw any investment held in such organization.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2022-01-05 - REFERRED TO CIVIL SERVICE AND PENSIONS [S01664 Detail]
Download: New_York-2021-S01664-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 1664 2021-2022 Regular Sessions IN SENATE January 14, 2021 ___________ Introduced by Sen. PARKER -- 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, in relation to prohibiting the investment of certain public funds with the Trump organization 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 423-d to read as follows: 3 § 423-d. Prohibition on investment of certain public funds with the 4 Trump organization. 1. On and after the effective date of this section, 5 no monies or assets of the common retirement fund shall be invested in 6 the stocks, securities or other obligations of any institution or compa- 7 ny doing business with the Trump organization or any partly-owned or 8 wholly-owned subsidiary thereof, or with agencies or instrumentalities 9 thereof. Notwithstanding any provisions of law to the contrary, no 10 assets of any pension or annuity fund under the jurisdiction of the 11 comptroller shall be invested in any bank or financial institution which 12 directly or through a subsidiary has financial activities with the Trump 13 organization or any partly-owned or wholly-owned subsidiary thereof, and 14 no such assets shall be invested in the stocks, securities or other 15 obligations of the Trump organization. 16 2. The comptroller shall take appropriate action to sell, redeem, 17 divest or withdraw any investment held in violation of the provisions of 18 this section. This section shall not be construed to require the prema- 19 ture or otherwise imprudent sale, redemption, divestment or withdrawal 20 of an investment, but such sale, redemption, divestment or withdrawal 21 shall be completed not later than three years following the effective 22 date of this section. 23 3. Within sixty days of the effective date of this section, the comp- 24 troller shall file with the legislature a report of all investments held EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD08474-01-1S. 1664 2 1 as of the effective date of this section which are in violation of the 2 provisions of this section. Every year thereafter, the comptroller shall 3 report on all investments sold, redeemed, divested or withdrawn in 4 compliance with this section. Every such report after the initial report 5 shall provide a description of the progress which the comptroller has 6 made since the previous report and since the effective date of this 7 section. 8 § 2. This act shall take effect immediately.
