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A09241 Summary:

BILL NOA09241A
 
SAME ASNo Same As
 
SPONSORPalmesano
 
COSPNSRTague, Gallahan, Salka, Byrnes, McDonough, Giglio JM, Blankenbush, Jensen, DeStefano
 
MLTSPNSRAngelino
 
Add §423-d, R & SS L
 
Enacts the "cobalt and lithium mining and production divestment act" to prevent monies or assets of the common retirement fund from being invested in the stocks, securities or other obligations of any institution or company engaging in cobalt and lithium mining or production for the manufacture of batteries used in large-scale battery storage power stations and the primary propulsion systems for electric vehicles, if such company cannot establish through approved independent monitoring that their mining operation does not use child labor and that adult miners and other workers are employed under conditions that meet accepted criteria.
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A09241 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                         9241--A
 
                   IN ASSEMBLY
 
                                    February 9, 2022
                                       ___________
 
        Introduced  by M. of A. PALMESANO, TAGUE, GALLAHAN, SALKA, BYRNES, McDO-
          NOUGH, J. M. GIGLIO, BLANKENBUSH -- Multi-Sponsored by  --  M.  of  A.
          ANGELINO  --  read  once and referred to the Committee on Governmental
          Employees -- committee discharged, bill amended, ordered reprinted  as
          amended and recommitted to said committee
 
        AN  ACT  to amend the retirement and social security law, in relation to
          enacting the "cobalt and lithium mining and production divestment act"
 
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
 
     1    Section  1.  Short  title. This act shall be known and may be cited as
     2  the "cobalt and lithium mining and production divestment act".
     3    § 2. The retirement and social security law is amended by adding a new
     4  section 423-d to read as follows:
     5    § 423-d. Investment of certain public funds in companies  involved  in
     6  cobalt  and  lithium  mining and production. 1. For the purposes of this
     7  section, "cobalt and lithium mining and production" shall mean  explora-
     8  tion, extraction, drilling, production, refining, processing or distrib-
     9  ution  activities  related to cobalt and lithium, for the manufacture of
    10  batteries used in large-scale battery storage  power  stations  and  the
    11  primary  propulsion  systems  for  electric vehicles, including, but not
    12  limited to, cars, trucks and boats.
    13    2. (a) Notwithstanding any provision of law to  the  contrary,  on  or
    14  after  the  effective  date  of this section, no monies or assets of the
    15  common retirement fund shall be invested in the  stocks,  securities  or
    16  other  obligations  of any institution or company engaging in cobalt and
    17  lithium mining or production for the manufacture of  batteries  used  in
    18  large-scale  battery  storage  power stations and the primary propulsion
    19  systems for electric vehicles, if such company cannot establish  through
    20  approved independent monitoring that their mining operation does not use
    21  child  labor  and that adult miners and other workers are employed under
    22  conditions that meet accepted  criteria  under  international  standards
    23  such as the Conventions of the International Labor Organization.
    24    (b) Notwithstanding any provision of law to the contrary, no assets of
    25  any  pension  or  annuity fund under the jurisdiction of the comptroller
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD13032-02-2

        A. 9241--A                          2
 
     1  shall be invested in any bank or financial institution which directly or
     2  through a subsidiary has outstanding loans to, or  financial  activities
     3  associated  with,  the mining or production of cobalt or lithium, and no
     4  such  assets  shall be invested in the stocks, securities or other obli-
     5  gations of any company which directly or through a subsidiary is engaged
     6  in business in or with cobalt or lithium mining and production, if  such
     7  bank  or  financial  institution cannot establish through approved inde-
     8  pendent monitoring that their mining operation does not use child  labor
     9  and  that  adult  miners and other workers are employed under conditions
    10  that meet accepted criteria under international standards  such  as  the
    11  Conventions of the International Labor Organization.
    12    3.  (a)  Within  six months of the effective date of this section, the
    13  comptroller shall create an exclusion list consisting of all cobalt  and
    14  lithium producers in which stocks, securities, equities, assets or other
    15  obligations the common retirement fund has any monies or assets directly
    16  invested.
    17    (b) Upon completion, such exclusion list shall be made publicly avail-
    18  able  and  a copy shall be sent to the temporary president of the senate
    19  and the speaker of the assembly.
    20    (c) Within sixty days after the completion of the exclusion list,  the
    21  comptroller  shall file with the legislature a report of all investments
    22  held, as of the effective date of this section, which are  in  violation
    23  of  the  provisions  of this section.   Every year thereafter, the comp-
    24  troller shall report on all  investments  sold,  redeemed,  divested  or
    25  withdrawn in compliance with this section. Each report after the initial
    26  report shall provide a description of the progress which the comptroller
    27  has  made since the previous report and since the effective date of this
    28  section.
    29    (d) The comptroller shall, in accordance with sound investment  crite-
    30  ria and consistent with his or her fiduciary obligations, take appropri-
    31  ate  action  to  sell, redeem, divest or withdraw any investment held in
    32  violation of the provisions of  this  section.  Such  sale,  redemption,
    33  divestment  or  withdrawal shall be completed not later than three years
    34  after the effective date of this section.
    35    (e) This section shall not be construed to require  the  premature  or
    36  otherwise  imprudent  sale,  redemption,  divestment or withdrawal of an
    37  investment.
    38    § 3. This act shall take effect immediately.
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