Relates to purchasing restrictions and investment of certain public funds in persons that contract to build a border wall; requires the commissioner to develop and publish, using credible information available to the public, a list of persons determined by the commissioner, that have contracted to build a border wall.
NEW YORK STATE ASSEMBLY MEMORANDUM IN SUPPORT OF LEGISLATION submitted in accordance with Assembly Rule III, Sec 1(f)
BILL NUMBER: A6595
TITLE OF BILL:
An act to amend the state finance law, in relation to purchasing
restrictions on persons that contract to build a border wall; to amend
the retirement and social security law, in relation to the investment of
certain public funds in persons that contract to build a border wall;
and providing for the repeal of such provisions upon expiration thereof
To bar companies working on the construction of the border wall from
contracting with any businesses or investing in any public funds or
assets within New York State.
SUMMARY OF PROVISIONS:
Section I of the bill amends state finance law by adding new section
165-b which defines purchasing restrictions and provides that a list of
persons contracting to build a border wall be compiled and made public.
Section II of the bill amends the retirement and social security law by
adding new section 423-d which provides that no assets of any pension or
annuity fund under the jurisdiction of the comptroller, shall further be
invested in any bank or financial institution which directly, or through
a parent or subsidiary contracts to build a border wall and no such
assets shall otherwise be invested in the stocks, securities or other
obligations of any person which directly, or through a parent or subsid-
iary entity, contracts to build a border wall.
Section III of the bill sets forth the effective date.
This bill is being introduced in response to the recent executive action
ordering the construction of a southern border wall between the United
States and Mexico which will cover about 1,000 miles at the expense of
taxpayers. In New York, we pride ourselves on diversity and this bill is
one of the many efforts on the local level to push back against divisive
actions that are a stark departure from New York's cores values. This
bill mirrors legislation introduced in Illinois and is similar to meas-
ures taken in New York State to divest from companies that do business
in or with Iran.
Passage of this bill would allow New York State to track any businesses
involved with the construction of the border wall and prohibit them from
obtaining in-state contracts and assets. Serving as a voice for immi-
grant communities and safeguarding their rights honors our history of
welcoming people and refugees seeking greater opportunities for their
families. This bill is a significant step in standing up against any
hateful, anti-immigrant rhetoric.
This is a new bill in the Assembly.
FISCAL IMPACT ON THE STATE:
To be determined.
This act shall take effect immediately and shall expire and be deemed
repealed January 20, 2021.