Bill Text: NY S07500 | 2023-2024 | General Assembly | Introduced

---

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: (Engrossed) 2024-05-28 - referred to labor [S07500 Detail]

Download: New_York-2023-S07500-Introduced.html

---

                STATE OF NEW YORK
        ________________________________________________________________________

                                          7500

                               2023-2024 Regular Sessions

                    IN SENATE

                                      June 1, 2023
                                       ___________

        Introduced  by  Sen. BRESLIN -- read twice and ordered printed, and when
          printed to be committed to the Committee on Finance

        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
        S. 7500                             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.