Assembly Bill A6546

2021-2022 Legislative Session

Establishes the reputational insight and oversight transparency act

download bill text pdf

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Archive: Last Bill Status - In Assembly Committee

  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2021-A6546 (ACTIVE) - Details

Current Committee:
Assembly Governmental Employees
Law Section:
Retirement and Social Security Law
Laws Affected:
Add §177-f, R & SS L
Versions Introduced in 2023-2024 Legislative Session:
A1831

2021-A6546 (ACTIVE) - Summary

Establishes the reputational insight and oversight transparency act; restricts investments by certain firms that receive investments from any public retirement system or pension funds.

2021-A6546 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6546
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              March 19, 2021
                                ___________
 
 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:
 
   Section 1. This act shall be known and may be cited  as  the  "reputa-
 tional insight and oversight transparency act" or "RIOT act".
   § 2. Legislative findings. The legislature finds, (a) in the aftermath
 of  the  January  6th storming of the United States Capitol, that groups
 who had supported lawmakers in  overturning  the  presidential  election
 results  had  financial backing from private equity firms and big corpo-
 rations, and (b) that public pension investments through  the  New  York
 State  Common  Retirement  Fund  and analogous pension funds in New York
 state municipalities must account for reputational risk for the  welfare
 of New York state public employees.
   § 3. The retirement and social security law is amended by adding a new
 section 177-f to read as follows:
   §  177-F.  RESTRICTION  OF  CERTAIN INVESTMENTS IN FIRMS. 1.  FIRMS IN
 WHICH THE FUND INVESTS SHALL NOT PLEDGE ANY  DIRECT  CORPORATE  CONTRIB-
 UTIONS  TO  INDEPENDENT  EXPENDITURE-ONLY  POLITICAL  ACTION  COMMITTEES
 (SUPER PACS), TAX-EXEMPT POLITICAL ORGANIZATIONS DEFINED  UNDER  SECTION
 527  OF  THE  INTERNAL  REVENUE CODE OR TAX-EXEMPT ORGANIZATIONS DEFINED
 UNDER § 501(C)(4) OF THE INTERNAL REVENUE CODE.
   2. SENIOR EXECUTIVES AT SUCH FIRMS ARE PROHIBITED FROM MAKING INDIVID-
 UAL CONTRIBUTIONS IN EXCESS OF TEN  THOUSAND  DOLLARS  TO  THE  ENTITIES
 LISTED IN SUBDIVISION ONE OF THIS SECTION.
   3.  SENIOR  EXECUTIVES AT SUCH FIRMS WHO MAKE INDIVIDUAL CONTRIBUTIONS
 TO THE ENTITIES LISTED IN SUBDIVISION ONE OF THIS SECTION  AT  OR  BELOW
 TEN  THOUSAND  DOLLARS  SHALL  DISCLOSE SUCH CONTRIBUTIONS TO EITHER THE
 DEPARTMENT OF AUDIT AND CONTROL, THE OFFICE OF THE NEW YORK STATE  COMP-
 TROLLER  OR  THE  OFFICE  OF  THE  NEW  YORK CITY COMPTROLLER, WHICHEVER
 DEPARTMENT OR OFFICE OVERSEES THE FUND.
   § 4. This act shall take effect immediately.

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