Directs the department of financial services to conduct a comprehensive study on how the department of financial services may create a compensation system commensurate with the compensation systems of similar federal financial regulators and to issue a report of its findings.
STATE OF NEW YORK
________________________________________________________________________
7576
2023-2024 Regular Sessions
IN ASSEMBLY
May 25, 2023
___________
Introduced by M. of A. JOYNER -- read once and referred to the Committee
on Labor
AN ACT directing the department of financial services, in consultation
with the office of employee relations and the department of civil
service, to conduct a comprehensive study on how the department of
financial services may create a compensation system commensurate with
the compensation system of similar federal financial regulators
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. The department of financial services, in consultation with
2 the office of employee relations and the department of civil service, is
3 hereby authorized and directed to conduct a comprehensive study on how
4 the department of financial services may create a compensation system
5 commensurate with the systems of similar federal financial regulators,
6 taking into consideration the General Schedule (GS) payscale utilized by
7 the federal government to determine the salaries of federal civilian
8 employees. The purpose of this compensation system shall be to ensure
9 pay parity between state and federal financial regulators within similar
10 roles in order to increase recruitment and retention of said state
11 employees.
12 § 2. Within one year of the effective date of this act, the super-
13 intendent of financial services, the office of employee relations and
14 the department of civil service shall issue a report to the governor;
15 the temporary president of the senate; the speaker of the assembly; the
16 minority leader of the senate; and the minority leader of the assembly.
17 Such study and report shall, at a minimum:
18 (a) identify positions within federal financial regulators including,
19 but not limited to, the Securities and Exchange Commission (SEC), the
20 federal deposit insurance corporation, the federal reserve bank of New
21 York, the consumer financial protection bureau and the Department of
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD11493-01-3
A. 7576 2
1 Treasury, that have similar roles or functions as positions within the
2 New York state department of financial services;
3 (b) formulate a proposed compensation system, or pay scale, that would
4 foster pay parity between positions within the department of financial
5 services and those positions within federal financial regulators that
6 have been identified as similar;
7 (c) identify possible alternatives to achieve pay parity between state
8 and federal financial regulators in similar roles;
9 (d) list possible alternatives to promote retention of individuals
10 employed by the department of financial services; and
11 (e) consider potential impact of increased retention and training
12 savings associated with increased retention.
13 § 2. This act shall take effect immediately.
