Bill > A05471

This bill (the "New York state agency BIPOC asset management and financial institution strategy act") aims to promote diversity, equity, and inclusion within New York's public pension systems by mandating significant investments with Black, Indigenous, and People of Color (BIPOC) asset managers, financial institutions, and professional service firms. The bill has three main parts: Part A requires public pension funds in New York state and New York City to allocate specific percentages of their assets to BIPOC-owned investment management firms, including 20% of total assets, 25% of active assets, with further detailed allocations across equity, fixed income, and alternative asset classes. Part B directs the comptroller and tax commissioner to study the feasibility of creating a venture capital program within the common retirement fund and establishing a venture capital tax credit to support diverse founding member businesses. Part C introduces the New York State Investment Transparency Act, which requires venture capital companies to report detailed demographic information about the founding teams of businesses they invest in, including gender, race, ethnicity, disability status, veteran status, and LGBTQIA+ identity, with the goal of tracking and promoting investments in businesses led by diverse founders. The bill includes provisions for reporting, compliance, and potential penalties for non-compliance, with the overall aim of increasing economic opportunities for BIPOC-owned businesses and promoting diversity in investment management.

Labor and Employment

https://www.nysenate.gov/legislation/bills/2025/A5471