Bill
Bill > S08020
NY S08020
NY S08020Enacts the "New York state agency BIPOC asset management and financial institution strategy act" to ensure the promotion of equity, diversity, and inclusion within the state pension system and the New York city pension system's investments by mandating a minimum allocation of assets to BIPOC asset managers, BIPOC financial institutions, and BIPOC financial or professional service firms; addresses disparities in investment opportunities and fosters economic growth within BIPOC communities, aligni
summary
Introduced
05/15/2025
05/15/2025
In Committee
05/15/2025
05/15/2025
Crossed Over
Passed
Dead
Introduced Session
2025-2026 General Assembly
Bill Summary
AN ACT to amend the retirement and social security law, in relation to diversity and inclusion in the management of public pension funds, ensure equitable access to investment opportunities, and foster the growth of emerging BIPOC (black, indigenous, and people of color) owned investment management firms within the state of New York (Part A); directing the comptroller and the commissioner of taxation and finance to undertake a study on the feasibility of establishing a venture capital program within the common retirement fund and a venture capital tax credit to ensure equitable access to investment opportunities, and foster the growth of emerging diverse founding member businesses (Part B); and to amend the executive law, in relation to fair investment practices by investment advisers within the state of New York (Part C)
AI Summary
This bill enacts the "New York state agency BIPOC asset management and financial institution strategy act," which aims to promote diversity, equity, and inclusion within state and New York City pension systems. The bill has three main parts: Part A mandates that public pension funds allocate a significant portion of their assets to BIPOC (Black, Indigenous, and People of Color) asset managers, financial institutions, and professional service firms. Specifically, funds must invest 20% of total assets and 25% of active assets with BIPOC managers, with detailed breakdowns for equity (30%), fixed income (15%), and alternative assets (15%). Part B directs the comptroller and tax commissioner to study the feasibility of creating a venture capital program within the common retirement fund and a venture capital tax credit to support emerging diverse businesses. Part C, known as the "New York state investment transparency act," requires covered venture capital entities to report annually on the demographic composition of founding teams in businesses they invest in, including details on gender, race, ethnicity, disability status, veteran status, and LGBTQIA+ identity. The bill includes mechanisms for reporting, compliance, and potential penalties for non-compliance, with the overall goal of increasing economic opportunities and representation for BIPOC entrepreneurs and investment professionals.
Committee Categories
Labor and Employment
Sponsors (3)
Last Action
REFERRED TO CIVIL SERVICE AND PENSIONS (on 05/15/2025)
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/2025/S8020 |
| BillText | https://assembly.state.ny.us/leg/?default_fld=&bn=S08020&term=2025&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y#S08020 |
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