A05334 Summary:

BILL NOA05334A
 
SAME ASSAME AS S02878-B
 
SPONSOROrtiz
 
COSPNSRSimon, Carroll, D'Urso, Reyes, Gottfried, Hyndman, Barron, Jaffee, Blake, Magnarelli, Mosley, Sayegh, Williams, Cruz, Steck, Joyner, Cook, Fall, Fernandez, Raynor
 
MLTSPNSR
 
 
Establishes a green new deal for New York task force; requires such task force to develop a detailed statewide, industrial, economic mobilization plan for the transition of the New York economy to become greenhouse gas emissions neutral by 2030 and to significantly draw down greenhouse gases from the atmosphere and oceans and to promote economic and environmental justice and equality.
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A05334 Actions:

BILL NOA05334A
 
02/08/2019referred to environmental conservation
03/21/2019amend (t) and recommit to environmental conservation
03/21/2019print number 5334a
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A05334 Committee Votes:

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A05334 Floor Votes:

There are no votes for this bill in this legislative session.
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A05334 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                         5334--A
 
                               2019-2020 Regular Sessions
 
                   IN ASSEMBLY
 
                                    February 8, 2019
                                       ___________
 
        Introduced  by M. of A. ORTIZ, SIMON, CARROLL, D'URSO, REYES, GOTTFRIED,
          HYNDMAN -- read once and referred to the  Committee  on  Environmental
          Conservation  -- committee discharged, bill amended, ordered reprinted
          as amended and recommitted to said committee
 
        AN ACT to establish a Green New  Deal  for  New  York  task  force;  and
          providing for the repeal of such provisions upon expiration thereof
 
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
 
     1    Section 1. Legislative findings and intent. 1. The legislature  recog-
     2  nizes  the  duty  of the New York state government to create a Green New
     3  Deal for New York. An October 2018 report entitled  "Special  Report  on
     4  Global  Warming  of  1.5°C"  by  the  Intergovernmental Panel on Climate
     5  Change and the November 2018 Fourth National Climate  Assessment  report
     6  found that:
     7    (a)  human  activity  is the dominant cause of observed climate change
     8  over the past century;
     9    (b) a changing climate is causing sea levels to rise and  an  increase
    10  in  wildfires, severe storms, droughts, and other extreme weather events
    11  that threaten human life, healthy communities, and critical  infrastruc-
    12  ture;
    13    (c) global warming at or above 2 degrees Celsius beyond preindustrial-
    14  ized levels will cause:
    15    (i) mass migration from the regions most affected by climate change;
    16    (ii)  more than $500,000,000,000 in lost annual economic output in the
    17  United States by the year 2100;
    18    (iii) wildfires that, by 2050, will annually burn at  least  twice  as
    19  much  forest area in the western United States than was typically burned
    20  by wildfires in the years preceding 2019;
    21    (iv) a loss of more than 99 percent of all coral reefs on earth;
    22    (v) more than 350,000,000 more people to be exposed globally to deadly
    23  heat stress by 2050; and
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD07108-05-9

        A. 5334--A                          2
 
     1    (vi) a risk of damage to $1,000,000,000,000 of  public  infrastructure
     2  and coastal real estate in the United States; and
     3    (d)  global  temperatures must be kept below 1.5 degrees Celsius above
     4  preindustrialized levels to avoid the most severe impacts of a  changing
     5  climate, which will require:
     6    (i)  global  reductions in greenhouse gas emissions from human sources
     7  of 40 to 60 percent from 2010 levels by 2030; and
     8    (ii) net-zero global emissions by 2050.
     9    2. As the United States, including New  York,  has  historically  been
    10  responsible  for  a disproportionate amount of greenhouse gas emissions,
    11  having emitted 20 percent of global  greenhouse  gas  emissions  through
    12  2014,  and  has a high technological capacity, the United States and New
    13  York must take a leading role in  reducing  emissions  through  economic
    14  transformation.
    15    3. The United States is currently experiencing several related crises,
    16  with:
    17    (a)  life  expectancy  declining while basic needs, such as clean air,
    18  clean water, healthy food, and adequate health care, housing,  transpor-
    19  tation,  and education, are inaccessible to a significant portion of the
    20  United States population;
    21    (b) a 4-decade trend  of  wage  stagnation,  deindustrialization,  and
    22  antilabor policies that has led to:
    23    (i) hourly wages overall stagnating since the 1970's despite increased
    24  worker productivity;
    25    (ii)  the third-worst level of socioeconomic mobility in the developed
    26  world before the Great Recession;
    27    (iii) the erosion of the earning and bargaining power  of  workers  in
    28  the United States; and
    29    (iv)  inadequate  resources  for public sector workers to confront the
    30  challenges of climate change at local, state, and federal levels; and
    31    (c) the greatest income inequality since the 1920's, with:
    32    (i) the top 1 percent of earners accruing 91 percent of gains  in  the
    33  first few years of economic recovery after the Great Recession;
    34    (ii)  a  large  racial  wealth  divide amounting to a difference of 20
    35  times more wealth between the average white family and the average black
    36  family; and
    37    (iii) a gender earnings gap that results in women earning approximate-
    38  ly 80 percent as much as men, at the median.
    39    4. Climate  change,  pollution,  and  environmental  destruction  have
    40  exacerbated   systemic  racial,  regional,  social,  environmental,  and
    41  economic injustices (hereinafter referred to as  "systemic  injustices")
    42  by  disproportionately  affecting  indigenous  peoples,  communities  of
    43  color, migrant communities,  deindustrialized  communities,  depopulated
    44  rural communities, the poor, low-income workers, women, the elderly, the
    45  unhoused,  people  with disabilities, and youth (hereinafter referred to
    46  as "frontline and vulnerable communities").
    47    5. Climate change constitutes a direct threat to the national security
    48  of the United States:
    49    (a) by impacting the economic, environmental, and social stability  of
    50  countries and communities around the world; and
    51    (b) by acting as a threat multiplier.
    52    6.  The  federal  government-led mobilizations during World War II and
    53  the New Deal created the greatest middle class that  the  United  States
    54  has  ever seen, but many members of frontline and vulnerable communities
    55  were excluded from many of the economic and societal benefits  of  those
    56  mobilizations.

        A. 5334--A                          3
 
     1    7.  The  New  York  state  government  recognizes that a new national,
     2  social, industrial, and economic mobilization on a scale not seen  since
     3  World War II and the New Deal era is a historic opportunity:
     4    (a) to create millions of good, high-wage jobs in New York state;
     5    (b) to provide unprecedented levels of prosperity and economic securi-
     6  ty for all people of New York state; and
     7    (c) to counteract systemic injustices.
     8    8. Now, therefore, be it resolved that it is the sense of the New York
     9  state legislature that:
    10    (a)  it is the duty of the New York state government to create a Green
    11  New Deal:
    12    (i) to achieve net-zero greenhouse gas emissions through  a  fair  and
    13  just transition for all communities and workers;
    14    (ii)  to create millions of good, high-wage jobs and ensure prosperity
    15  and economic security for all people of New York state;
    16    (iii) to invest in the infrastructure and industry of New  York  state
    17  to sustainably meet the challenges of the twenty-first century;
    18    (iv)  to  secure  for  all people of New York state for generations to
    19  come:
    20    (A) clean air and water;
    21    (B) climate and community resiliency;
    22    (C) healthy food;
    23    (D) access to nature; and
    24    (E) a sustainable environment; and
    25    (v) to promote justice and  equity  by  stopping  current,  preventing
    26  future,  and  repairing  historic oppression of frontline and vulnerable
    27  communities;
    28    (b) the goals described in clauses (A)  through  (E)  of  subparagraph
    29  (iv)  of  paragraph  (a) of this subdivision (hereinafter referred to as
    30  "Green New Deal for New York goals") should be  accomplished  through  a
    31  10-year  national  mobilization  (hereinafter  referred to as "Green New
    32  Deal mobilization") that will require the following goals and projects:
    33    (i) building resiliency against climate change-related disasters, such
    34  as extreme  weather,  including  by  leveraging  funding  and  providing
    35  investments for community-defined projects and strategies;
    36    (ii)  repairing  and  upgrading  the infrastructure in New York state,
    37  including:
    38    (A) by eliminating pollution and greenhouse gas emissions as  much  as
    39  technologically feasible;
    40    (B) by guaranteeing universal access to clean water;
    41    (C) by reducing the risks posed by climate impacts; and
    42    (D)  by  ensuring  that any infrastructure bill considered by New York
    43  state government addresses climate change;
    44    (iii) meeting 100 percent of  the  power  demand  in  New  York  state
    45  through clean, renewable, and zero-emission energy sources, including:
    46    (A)  by  dramatically expanding and upgrading renewable power sources;
    47  and
    48    (B) by deploying new capacity;
    49    (iv) building  or  upgrading  to  energy-efficient,  distributed,  and
    50  "smart" power grids, and ensuring affordable access to electricity;
    51    (v)  upgrading  all  existing buildings in New York state and building
    52  new buildings to achieve maximum energy  efficiency,  water  efficiency,
    53  safety,  affordability, comfort, and durability, including through elec-
    54  trification;
    55    (vi) spurring massive growth in clean manufacturing in New York  state
    56  and  removing  pollution and greenhouse gas emissions from manufacturing

        A. 5334--A                          4

     1  and industry as  much  as  is  technologically  feasible,  including  by
     2  expanding renewable energy manufacturing and investing in existing manu-
     3  facturing and industry;
     4    (vii)  working  collaboratively  with farmers and ranchers in New York
     5  state to remove pollution and greenhouse gas emissions from the agricul-
     6  tural sector as much as is technologically feasible, including:
     7    (A) by supporting family farming;
     8    (B) by investing in sustainable farming and land  use  practices  that
     9  increase soil health; and
    10    (C)  by building a more sustainable food system that ensures universal
    11  access to healthy food;
    12    (viii) overhauling transportation systems in New York state to  remove
    13  pollution and greenhouse gas emissions from the transportation sector as
    14  much as is technologically feasible, including through investment in:
    15    (A) zero-emission vehicle infrastructure and manufacturing;
    16    (B) clean, affordable, and accessible public transit; and
    17    (C) high-speed rail;
    18    (ix)  mitigating  and managing the long-term adverse health, economic,
    19  and other effects of pollution and climate change, including by  provid-
    20  ing funding for community-defined projects and strategies;
    21    (x)  removing  greenhouse  gases  from  the  atmosphere  and  reducing
    22  pollution  by  restoring  natural  ecosystems  through  proven  low-tech
    23  solutions  that  increase soil carbon storage, such as land preservation
    24  and afforestation;
    25    (xi) restoring and  protecting  threatened,  endangered,  and  fragile
    26  ecosystems  through  locally appropriate and science-based projects that
    27  enhance biodiversity and support climate resiliency;
    28    (xii) cleaning up existing hazardous waste and abandoned sites, ensur-
    29  ing economic development and sustainability on those sites;
    30    (xiii) identifying other emission and pollution sources  and  creating
    31  solutions to remove them; and
    32    (xiv)  promoting  the international exchange of technology, expertise,
    33  products, funding, and services, with the aim of making New  York  state
    34  the  international leader on climate action, and to help other countries
    35  achieve a Green New Deal;
    36    (c) a Green New Deal for New York must be developed through  transpar-
    37  ent  and  inclusive  consultation,  collaboration,  and partnership with
    38  frontline and vulnerable communities, labor unions, worker cooperatives,
    39  civil society groups, academia, and businesses; and
    40    (d) to achieve the Green New Deal for New York goals and mobilization,
    41  a Green New Deal for New York  will  require  the  following  goals  and
    42  projects:
    43    (i)  providing  and  leveraging, in a way that ensures that the public
    44  receives  appropriate  ownership  stakes  and  returns  on   investment,
    45  adequate  capital, including through community grants, public banks, and
    46  other public financing, technical expertise,  supporting  policies,  and
    47  other forms of assistance to communities, organizations, federal, state,
    48  and  local  government agencies, and businesses working on the Green New
    49  Deal for New York mobilization;
    50    (ii) ensuring that New York state government takes  into  account  the
    51  complete  environmental  and  social  costs  and  impacts  of  emissions
    52  through:
    53    (A) existing laws;
    54    (B) new policies and programs; and
    55    (C) ensuring that frontline and vulnerable communities  shall  not  be
    56  adversely affected;

        A. 5334--A                          5

     1    (iii)  providing  resources,  training,  and  high-quality  education,
     2  including higher education, to all people of  New  York  state,  with  a
     3  focus on frontline and vulnerable communities, so that all people of New
     4  York  state may be full and equal participants in the Green New Deal for
     5  New York mobilization;
     6    (iv)  making public investments in the research and development of new
     7  clean and renewable energy technologies and industries;
     8    (v) directing investments to spur  economic  development,  deepen  and
     9  diversify  industry  and  business  in local and regional economies, and
    10  build wealth and community ownership,  while  prioritizing  high-quality
    11  job  creation and economic, social, and environmental benefits in front-
    12  line and vulnerable communities, and deindustrialized communities,  that
    13  may  otherwise  struggle  with  the  transition away from greenhouse gas
    14  intensive industries;
    15    (vi) ensuring the use of democratic and participatory  processes  that
    16  are  inclusive  of  and  led by frontline and vulnerable communities and
    17  workers to plan, implement, and administer the Green New  Deal  for  New
    18  York mobilization at the local level;
    19    (vii)  ensuring  that  the  Green  New  Deal for New York mobilization
    20  creates high-quality union jobs that pay prevailing wages,  hires  local
    21  workers,  offers  training and advancement opportunities, and guarantees
    22  wage and benefit parity for workers affected by the transition;
    23    (viii) guaranteeing a job  with  a  family-sustaining  wage,  adequate
    24  family and medical leave, paid vacations, and retirement security to all
    25  people of New York state;
    26    (ix)  strengthening  and protecting the right of all workers to organ-
    27  ize, unionize, and collectively bargain free of coercion,  intimidation,
    28  and harassment;
    29    (x)  strengthening  and  enforcing labor, workplace health and safety,
    30  antidiscrimination, and wage and hour standards  across  all  employers,
    31  industries, and sectors;
    32    (xi)  enacting  and  enforcing trade rules, procurement standards, and
    33  border adjustments with strong labor and environmental protections:
    34    (A) to stop the transfer of jobs and pollution overseas; and
    35    (B) to grow domestic manufacturing in New York state;
    36    (xii) ensuring that public lands, waters, and oceans are protected and
    37  that eminent domain is not abused;
    38    (xiii) obtaining the free, prior, and informed consent  of  indigenous
    39  peoples  for  all  decisions  that  affect  indigenous peoples and their
    40  traditional territories,  honoring  all  treaties  and  agreements  with
    41  indigenous  peoples,  and  protecting  and enforcing the sovereignty and
    42  land rights of indigenous peoples;
    43    (xiv) ensuring a commercial environment where every businessperson  is
    44  free from unfair competition and domination by domestic or international
    45  monopolies; and
    46    (xv) providing all people of New York state with:
    47    (A) high-quality health care;
    48    (B) affordable, safe, and adequate housing;
    49    (C) economic security; and
    50    (D) clean water, clean air, healthy and affordable food, and access to
    51  nature.
    52    §  2. Green New Deal for New York task force. 1. There shall be a task
    53  force for a Green New Deal for New  York  which  shall  consist  of  the
    54  following  nineteen  voting  members:    three  members appointed by the
    55  governor, one of which shall serve as the chair of the task force; pres-
    56  ident of the New York state energy research and  development  authority,

        A. 5334--A                          6
 
     1  or  his  or her designee; the chair of the public service commission, or
     2  his or her designee; the commissioner of environmental conservation;  or
     3  his or her designee; president of empire state development or his or her
     4  designee;  the  commissioner  of transportation, or his or her designee;
     5  the commissioner of health, or his or her designee; and the commissioner
     6  of agriculture and markets, or his or her designee; the president of the
     7  New York state AFL-CIO  or  his  or  her  designee;  the  three  members
     8  appointed by the temporary president of the senate, one of whom shall be
     9  a representative from the private sector; three members appointed by the
    10  speaker  of the assembly, one of whom shall be a representative from the
    11  private sector; one member appointed  by  the  minority  leader  of  the
    12  senate; and one member appointed by the minority leader of the assembly;
    13  and  in  consultation  with the following and other relevant state agen-
    14  cies, public authorities, local governments, the federal government  and
    15  non-governmental organizations: the department of health, the department
    16  of labor, the department of state, the division of homeland security and
    17  emergency  services,  the  power authority of the state of New York, the
    18  Long Island power authority, the department of taxation and finance, the
    19  metropolitan transportation authority, the state university of New York,
    20  the city university of New York, the New York independent system  opera-
    21  tor, and others.
    22    2.  No member of the task force shall be disqualified from holding any
    23  public office or employment, nor shall he or she forfeit any such office
    24  of employment by virtue of his  or  her  appointment  pursuant  to  this
    25  section.
    26    3.  Members  of the task force shall receive no compensation for their
    27  services, but shall be  allowed  their  actual  and  necessary  expenses
    28  incurred in the performance of their functions pursuant to this section.
    29    4.  The  task  force shall hold at least five public hearings.  To the
    30  extent practicable, such hearings shall be held in different regions  of
    31  the  state.  During  the  public hearings, the task force shall hear the
    32  testimony of voluntary witnesses.
    33    5. The task force shall  develop  a  detailed  statewide,  industrial,
    34  economic  mobilization  plan (hereinafter referred to as the "plan for a
    35  Green New Deal for New York" or the "plan") for the  transition  of  the
    36  New  York economy to become greenhouse gas emissions neutral by 2030, or
    37  as soon as feasible, by eliminating pollution and greenhouse  gas  emis-
    38  sions  as  much as technologically feasible, by transitioning rapidly to
    39  clean renewable energy  technologies  and  to  significantly  draw  down
    40  greenhouse  gases from the atmosphere and oceans and to promote economic
    41  and environmental justice and equality. In furtherance of the foregoing,
    42  the plan shall:
    43    (a) be prepared in consultation with experts and  leaders  from  busi-
    44  ness,  labor,  state and local governments, tribal nations, academia and
    45  broadly representative civil society groups and communities;
    46    (b) be driven by the state government, in  collaboration,  co-creation
    47  and partnership with business, labor, local governments, tribal nations,
    48  research  institutions and civil society groups and communities, and the
    49  federal government;
    50    (c) be executed in no longer than 10 years from the start of execution
    51  of such plan;
    52    (d) provide opportunities for high income work,  entrepreneurship  and
    53  cooperative and public ownership; and
    54    (e)  additionally, be responsive to, and in accordance with, the goals
    55  and guidelines  relating  to  social,  economic,  racial,  regional  and
    56  gender-based justice and equality.

        A. 5334--A                          7
 
     1    6.  In  addition  to  preparing the plan, the task force shall prepare
     2  draft legislation for the enactment of the plan in accordance with  this
     3  section.  Such  draft  legislation may be prepared concurrently with the
     4  development of the plan, or as the task force may otherwise deem  appro-
     5  priate,   provided  that  such  finalized  draft  legislation  shall  be
     6  completed in accordance with the timing set forth in  subparagraph  (ii)
     7  of paragraph (b) of subdivision 9 of this section.
     8    7. The task force shall have the authority to investigate, study, make
     9  findings,  convene  experts  and  leaders from industry, academia, local
    10  communities, labor, finance, environmental justice, technology  and  any
    11  other industry or group that the select committee deems to be a relevant
    12  resource.  The  task force may, at its discretion and as its members may
    13  deem appropriate, hold public hearings in connection with any aspect  of
    14  its investigative functions.
    15    8. To enable the task force to carry out the purposes of this article,
    16  the  task  force  will use existing staff and resources from appropriate
    17  agencies.
    18    9. (a) The task force shall submit a preliminary report on the plan to
    19  the governor, senate and assembly and online for the public by September
    20  1, 2019 and as it deems appropriate from time to time the results of its
    21  investigations and studies, together with  such  detailed  findings  and
    22  interim  recommendations  or  proposed  plan  or  draft  legislation, or
    23  portion thereof, as it may deem advisable.
    24    (b)(i) The task force shall complete the plan for a Green New Deal for
    25  New York and issue a report to the governor, the temporary president  of
    26  the  senate,  and  the  speaker  of the assembly by a date no later than
    27  January 1, 2020.
    28    (ii) The task force shall complete the finalized draft legislation and
    29  submit it to the governor, the temporary president of  the  senate,  and
    30  the  speaker of the assembly by a date no later than the date that is 90
    31  calendar days after the task force has completed the plan  and,  in  any
    32  event, no later than March 1, 2020.
    33    (iii)  The  task force shall ensure that the plan and the draft legis-
    34  lation prepared in accordance with this section shall,  upon  completion
    35  be  made  available  to  the general public in widely accessible formats
    36  including, but not limited to, via at least one dedicated website and  a
    37  print  publication,  by  a date no later than 30 calendar days following
    38  the respective dates for completion.
    39    10. (a) The plan for a Green New Deal and the draft legislation  shall
    40  be developed with the objective of reaching the following outcomes with-
    41  in  the  target  window  of  10 years from the start of execution of the
    42  plan:
    43    (i) dramatically expand existing renewable power  sources  and  deploy
    44  new production capacity with the goal of meeting 100 percent of New York
    45  state power demand through clean renewable sources;
    46    (ii) building a statewide, energy-efficient, "smart" grid;
    47    (iii)  upgrading  every residential and industrial building for state-
    48  of-the-art energy efficiency, comfort and safety;
    49    (iv) eliminating greenhouse  gas  emissions  from  the  manufacturing,
    50  agricultural and other industries, including by investing in local-scale
    51  agriculture in communities across the state;
    52    (v) eliminating greenhouse gas emissions from, repairing and improving
    53  transportation and other infrastructure, and upgrading water infrastruc-
    54  ture to ensure universal access to clean water;
    55    (vi) funding massive investment in the drawdown of greenhouse gases;

        A. 5334--A                          8
 
     1    (vii)  making  "green"  technology,  industry, expertise, products and
     2  services a major export of New York state, with the aim of becoming  the
     3  undisputed  international  leader  in helping other states and countries
     4  transition to completely greenhouse gas neutral economies  and  bringing
     5  about a global Green New Deal; and
     6    (viii) explain how these actions will be financed and what the econom-
     7  ic  impact  will be if we take these actions and if we do not take these
     8  actions.
     9    (b) The plan for a Green New Deal  and  the  draft  legislation  shall
    10  recognize  that a state, industrial, economic mobilization of this scope
    11  and scale is a historic opportunity to virtually  eliminate  poverty  in
    12  New  York  state  and  to  make prosperity, wealth and economic security
    13  available to everyone participating in the transformation.  In  further-
    14  ance of the foregoing, the plan and the draft legislation shall:
    15    (i)  provide  all  members  of our society, across all regions and all
    16  communities, the opportunity, training and education to be  a  full  and
    17  equal  participant  in the transition, including through a job guarantee
    18  program to assure a living wage job to every person who wants one;
    19    (ii) diversify local and regional economies, with a  particular  focus
    20  on  communities where the fossil fuel industry holds significant control
    21  over the labor market, to  ensure  workers  have  the  necessary  tools,
    22  opportunities,  and  economic  assistance  to  succeed during the energy
    23  transition;
    24    (iii) require strong enforcement of labor, workplace safety, and  wage
    25  standards  that recognize the rights of workers to organize and unionize
    26  free of coercion, intimidation, and harassment, and creation of meaning-
    27  ful, quality, career employment;
    28    (iv) ensure a 'just transition' for all workers,  low-income  communi-
    29  ties,  communities  of  color,  indigenous  communities, rural and urban
    30  communities and the front-line  communities  most  affected  by  climate
    31  change,  pollution  and  other  environmental harm including by ensuring
    32  that local implementation of the transition is led  from  the  community
    33  level  and  by prioritizing solutions that end the harms faced by front-
    34  line communities from climate change and environmental pollution;
    35    (v) protect and enforce sovereign rights and  land  rights  of  tribal
    36  nations;
    37    (vi)  mitigate  deeply  entrenched  racial,  regional and gender-based
    38  inequalities in income and wealth including, but not limited to,  ensur-
    39  ing  that  state  and  other investment will be equitably distributed to
    40  historically impoverished, low income, deindustrialized or other  margi-
    41  nalized  communities  in  such a way that builds wealth and ownership at
    42  the community level;
    43    (vii) include additional  measures  such  as  basic  income  programs,
    44  universal health care programs and any others as the task force may deem
    45  appropriate  to  promote economic security, labor market flexibility and
    46  entrepreneurism;
    47    (viii) deeply involve state and local labor unions to take  a  leader-
    48  ship role in the process of job training and worker deployment; and
    49    (ix)  explain how these actions will be financed and what the economic
    50  impact will be if these actions are taken and if these actions  are  not
    51  taken.
    52    (c)  The  plan  for  a  Green New Deal and the draft legislation shall
    53  recognize that innovative public and other financing  structures  are  a
    54  crucial  component  in achieving and furthering the goals and guidelines
    55  relating to social, economic, racial, regional and gender-based  justice
    56  and  equality  and  cooperative  and  public ownership. The plan and the

        A. 5334--A                          9
 
     1  draft legislation  shall,  accordingly,  ensure  that  the  majority  of
     2  financing  of  the  plan  shall be accomplished by the state government,
     3  using a combination of a new public bank or a  system  of  regional  and
     4  specialized  public  banks, public venture funds and such other vehicles
     5  or structures that the task force deems appropriate, in order to  ensure
     6  that interest and other investment returns generated from public invest-
     7  ments  made  in  connection with the plan will be returned to the state,
     8  reduce taxpayer burden and allow for more investment.
     9    § 3. This act shall take effect immediately and shall  expire  and  be
    10  deemed repealed April 1, 2020.
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