S 8020 New York Senate · 2025 Regular Session

Relates to equitable investment practices

Summary

Enacts the "New York state agency BIPOC asset management and financial institution strategy act" to ensure the promotion of equity, diversity, and inclusion within the state pension system and the New York city pension system's investments by mandating a minimum allocation of assets to BIPOC asset managers, BIPOC financial institutions, and BIPOC financial or professional service firms; addresses disparities in investment opportunities and fosters economic growth within BIPOC communities, aligning with best practices in investment management and bolstering the financial well-being of New York City and state and residents thereof (Part A); relates to fair investment practices by investment advisers within the state of New York (Part B).

Bill status in committee 1 of 4 stages cleared

Introduction

May 2025

Committee Review

Floor Vote

Governor

Introduced May 15, 2025 Last action Jan 8, 2026

Maddy AI version diff · 1 comparison

What changed between versions

S8020 → S8020A · 5 edits

MODERATE

The bill was amended to add two new sponsors (Senators Myrie and Sepulveda) and significantly expanded the legislative process by adding a committee recommitment step. The bill's scope was reduced by removing Part B (venture capital program study) and Part C (executive law amendments), leaving only Part A focused on BIPOC investment management firms. The amendment also added more detailed implementation requirements for public pension funds.

Scope change

The bill's scope was narrowed from three parts to one part. Part B (venture capital program study) and Part C (fair investment practices amendments) were removed, while Part A was retained and expanded with additional implementation details.

SCOPE

Added two new co-sponsors (Senators Myrie and Sepulveda) to the bill introduction.

Removed Part B which directed a study on venture capital programs and tax credits for diverse businesses.

Removed Part C which amended executive law regarding fair investment practices by investment advisers.

REQUIREMENT

Added requirement for public pension funds to develop a comprehensive implementation plan detailing strategies, procedures, and timelines for compliance with the investment manager diversity policy.

TECHNICAL

Changed the bill title from 'S 8020' to 'S 8020--A' to indicate it is an amended version.

Floor votes

How they voted

No floor votes recorded yet.

Full legislative history

Actions timeline

Total actions

Key actions

Committee

Amendments

Jan 8, 2026

Upper · Passed

PRINT NUMBER 8020A

upper

Jan 8, 2026

Upper · Passed

AMEND (T) AND RECOMMIT TO CIVIL SERVICE AND PENSIONS

upper

Jan 7, 2026

Committee

REFERRED TO CIVIL SERVICE AND PENSIONS

upper

May 15, 2025

Committee

REFERRED TO CIVIL SERVICE AND PENSIONS

upper

1 primary · 3 co-sponsors