Bill
Bill > S00899
NY S00899
NY S00899Establishes the teachers' fossil fuel divestment act; requires the New York state teachers' retirement system to divest the retirement system of any stocks, securities, equities, assets, or other obligations of corporations or companies included on an exclusion list of coal producers and oil and gas producers.
summary
Introduced
01/09/2023
01/09/2023
In Committee
01/03/2024
01/03/2024
Crossed Over
Passed
Dead
12/31/2024
12/31/2024
Introduced Session
2023-2024 General Assembly
Bill Summary
AN ACT to amend the education law, in relation to requiring the New York state teachers' retirement system to divest the retirement system of any investments in corporations or companies included on an exclusion list of coal producers and oil and gas producers
AI Summary
This bill, known as the "teachers' fossil fuel divestment act", requires the New York State Teachers' Retirement System (NYSTRS) to divest from stocks, securities, equities, assets, or other obligations of corporations or companies that are considered coal producers or oil and gas producers, as defined in the bill. The bill sets timelines for the divestment process, and allows NYSTRS to invest in index funds that have limited exposure to these industries. The bill also requires NYSTRS to create an exclusion list of companies meeting the criteria, update it periodically, and report annually on its divestment actions.
Committee Categories
Labor and Employment
Sponsors (26)
Jabari Brisport (D)*,
Joe Addabbo (D),
Jamaal Bailey (D),
Samra Brouk (D),
Cordell Cleare (D),
Leroy Comrie (D),
Jeremy Cooney (D),
Nathalia Ferna´ndez (D),
Michael Gianaris (D),
Kristen Gonzalez (D),
Pete Harckham (D),
Michelle Hinchey (D),
Brad Hoylman (D),
Robert Jackson (D),
Liz Krueger (D),
Rachel May (D),
Shelley Mayer (D),
Zellnor Myrie (D),
Kevin Parker (D),
Jessica Ramos (D),
Gustavo Rivera (D),
Julia Salazar (D),
James Sanders (D),
Luis Sepúlveda (D),
Jose Serrano (D),
James Skoufis (D),
Last Action
REFERRED TO CIVIL SERVICE AND PENSIONS (on 01/03/2024)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.nysenate.gov/legislation/bills/2023/S899 |
| BillText | https://assembly.state.ny.us/leg/?default_fld=&bn=S00899&term=2023&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y#S00899 |
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