A09241 Summary:
BILL NO | A09241A |
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SAME AS | No Same As |
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SPONSOR | Palmesano |
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COSPNSR | Tague, Gallahan, Salka, Byrnes, McDonough, Giglio JM, Blankenbush, Jensen, DeStefano |
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MLTSPNSR | Angelino |
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Add §423-d, R & SS L | |
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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. |
A09241 Text:
Go to top 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. LBD13032-02-2A. 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.