S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7576
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               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:
 
   Section 1. The department of financial services, in consultation  with
 the office of employee relations and the department of civil service, is
 hereby  authorized  and directed to conduct a comprehensive study on how
 the department of financial services may create  a  compensation  system
 commensurate  with  the systems of similar federal financial regulators,
 taking into consideration the General Schedule (GS) payscale utilized by
 the federal government to determine the  salaries  of  federal  civilian
 employees.  The  purpose  of this compensation system shall be to ensure
 pay parity between state and federal financial regulators within similar
 roles in order to increase  recruitment  and  retention  of  said  state
 employees.
   §  2.  Within  one  year of the effective date of this act, the super-
 intendent of financial services, the office of  employee  relations  and
 the  department  of  civil service shall issue a report to the governor;
 the temporary president of the senate; the speaker of the assembly;  the
 minority  leader of the senate; and the minority leader of the assembly.
 Such study and report shall, at a minimum:
   (a) identify positions within federal financial regulators  including,
 but  not  limited  to, the Securities and Exchange Commission (SEC), the
 federal deposit insurance corporation, the federal reserve bank  of  New
 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
              

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