Bill Text: NY S02951 | 2009-2010 | General Assembly | Introduced

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Bill Title: Prohibits the investment of public pension funds in entities doing business in Sudan.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2010-01-06 - REFERRED TO CIVIL SERVICE AND PENSIONS [S02951 Detail]

Download: New_York-2009-S02951-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         2951
                              2009-2010 Regular Sessions
                                   I N  S E N A T E
                                     March 6, 2009
                                      ___________
       Introduced  by  Sen.  ADAMS  -- 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 public pension funds in any entity doing
         business in Sudan
         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  and  declares
    2  that:
    3    a.  It  is  deeply  concerned  over the poor human rights situation in
    4  Sudan, calls for stepped-up international efforts to end the  crisis  in
    5  Sudan's  Darfur  region  and concurs with United States policy which has
    6  officially declared that genocide is ongoing in Sudan;
    7    b. Despite significant pressure from the United States government, the
    8  government of Sudan has not taken all the necessary actions to  disasso-
    9  ciate itself fully from its ties to terrorism;
   10    c.  The government of Sudan places severe limitations on the political
   11  and religious freedoms  of  the  Sudanese  people  despite  promises  of
   12  improvement and pledges to end the 20-year civil war between the govern-
   13  ment and the Sudan People's Liberation Movement/Army;
   14    d.  The  government of Sudan violates the rules of war by deliberately
   15  attacking civilians and, since 1983, the war and famine-related  effects
   16  have  led  to  more than two million deaths and over four million people
   17  displaced;
   18    e. The government of Sudan continues to engage  in  arbitrary  arrest,
   19  prolonged  detention,  extra-judicial  killings, torture and rape of the
   20  Sudanese people and apostasy from Islam is punishable by death;
   21    f. Severe restrictions are placed on the freedoms of assembly, associ-
   22  ation, movement, and speech and  the  government  actively  censors  the
   23  press;
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD06284-01-9
       S. 2951                             2
    1    g.  The most sobering violation of human rights in Sudan is the exist-
    2  ence of slavery or slavery-like indenture and the pro-government militia
    3  continues to engage in abduction and slavery with impunity;
    4    h.  The  2002 Machakos Protocol, signed by both sides in the civil war
    5  in Sudan, has recognized that "Sudan is a multi-cultural,  multi-racial,
    6  multi-ethnic,  multi-religious,  and  multi-lingual  country,"  and that
    7  there "shall be freedom of belief, worship and conscience for  followers
    8  of all religions or beliefs or customs and no one shall be discriminated
    9  against on such grounds" once a peace agreement is signed; and
   10    i.  It is in the best interest of this state that a statutory prohibi-
   11  tion be enacted to prohibit the investment of public  pension  funds  in
   12  companies  doing business in Sudan given the poor human rights situation
   13  in Sudan and the lack of signs of improvement.
   14    S 2. The retirement and social security law is amended by adding a new
   15  section 177-e to read as follows:
   16    S 177-E. INVESTMENT BARRED IN SUDAN. 1. THE TRUSTEE OR TRUSTEES  OF  A
   17  FUND  SHALL  NOT  MAKE ANY INVESTMENT IN ANY SECURITY, OBLIGATION, MORT-
   18  GAGE, BOND OR NOTE OF ANY BANK, FINANCIAL INSTITUTION OR  OTHER  ENTITY,
   19  OR  OF  ANY  SUBSIDIARY THEREOF, WHICH IS ENGAGED IN BUSINESS IN OR WITH
   20  SUDAN OR ITS INSTRUMENTALITIES.
   21    2. EVERY SUCH TRUSTEE OR TRUSTEES SHALL,  WITHIN  SIXTY  DAYS  OF  THE
   22  EFFECTIVE DATE OF THIS SECTION, TAKE APPROPRIATE ACTION TO SELL, REDEEM,
   23  DIVEST  OR  WITHDRAW  ANY INVESTMENT MADE PRIOR TO THE EFFECTIVE DATE OF
   24  THIS SECTION WHICH IS IN VIOLATION OF SUBDIVISION ONE OF THIS SECTION.
   25    S 3. This act shall take effect immediately.