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Bill > A02970

NY A02970

NY A02970
Provides for restructuring unsustainable sovereign and subnational debt; provides a voluntary petition for relief may be filed with the state.

summary

Introduced
02/01/2023
In Committee
01/03/2024
Crossed Over
Passed
Dead
12/31/2024

Introduced Session

2023-2024 General Assembly

Bill Summary

AN ACT to amend the debtor and creditor law, in relation to restructuring unsustainable sovereign and subnational debt

AI Summary

This bill amends the debtor and creditor law to provide for the restructuring of unsustainable sovereign and subnational debt. It allows a debtor state to voluntarily petition for relief and outlines the process for debt reconciliation, submission and voting on a restructuring plan, financing the restructuring, and prioritizing repayment. The bill also establishes an independent monitor to facilitate the process and sets standards for the recoverability of certain claims. The provisions of the bill are intended to reduce the social and economic costs of sovereign debt crises, strengthen New York's role as a hub for sovereign debt, and enable debtor states to choose an appropriate debt restructuring option.

Committee Categories

Budget and Finance, Justice

Sponsors (43)

Patricia Fahy (D)*,  Phil Steck (D)*,  Harry Bronson (D),  Kenny Burgos (D),  Sarah Clark (D),  William Colton (D),  Brian Cunningham (D),  Manny De Los Santos (D),  Joe DeStefano (R),  Inez Dickens (D),  Harvey Epstein (D),  Eddie Gibbs (D),  Jessica González-Rojas (D),  Alicia Hyndman (D),  Chantel Jackson (D),  Anna Kelles (D),  Dana Levenberg (D),  Nikki Lucas (D),  Jen Lunsford (D),  Donna Lupardo (D),  Zohran Mamdani (D),  John McDonald (D),  Demond Meeks (D),  Marcela Mitaynes (D),  Danny O'Donnell (D),  Gary Pretlow (D),  Steven Raga (D),  Phil Ramos (D),  Karines Reyes (D),  Jonathan Rivera (D),  Linda Rosenthal (D),  Amanda Septimo (D),  Maryjane Shimsky (D),  Jo Anne Simon (D),  Tony Simone (D),  Michaelle Solages (D),  Phara Souffrant Forrest (D),  Al Stirpe (D),  Yudelka Tapia (D),  Fred Thiele (D),  Latrice Walker (D),  David Weprin (D),  Stefani Zinerman (D), 

Last Action

print number 2970a (on 03/06/2024)
(1 Companion Bills)

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