Asm. Michael Cashman

Maddy summaryThis bill prohibits pharmacy benefit managers (PBMs) - companies that manage prescription drug coverage for insurers - from owning, operating, or controlling pharmacies directly or indirectly. It applies to all entities (including corporations and associations) currently violating this rule, requiring them to sell their pharmacy holdings within three years. The law defines "pharmacy benefit manager" using an existing public health law definition. This creates a clear separation between PBMs and pharmacies, aiming to prevent conflicts of interest in drug pricing and patient care.

Establishes the savings bank, savings and loan association or credit union municipal deposit program; defines terms; provides that a credit union accepting deposits of public money is subject to certain limitations and shall pledge assets or furnish other security satisfactory in form and amount to the depositor, for the repayment of monies held in the name of such depositor, when required to be secured by applicable law, decree, or regulation.