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NY A11626
Bill
AI Summary
- Establishes a strategy requiring state agencies and authorities to set goals for utilizing minority and women-owned business enterprises (MWBEs) as asset managers, broker-dealers, and financial/professional service providers
- Applies to agencies conducting transactions exceeding specified thresholds: $100 million in managed assets, $2.5 million in broker commissions, or $2.5 million in annual financial/professional service fees
- Requires covered agencies to develop implementation plans within one year including outreach methodologies, annual public reporting on MWBE utilization percentages, and coordination with the Division of Minority and Women-Owned Business Development
- Defines MWBE as a business with at least 51% ownership by minority group members or women with relevant financial services experience, certified by the Department of Economic Development or State Comptroller
- Permits agencies to seek waivers if they determine no recurring need for covered services; takes effect 90 days after enactment
Legislative Description
Enacts the New York state agency MWBE asset management and financial institution strategy.
Last Action
referred to governmental operations
7/6/2010
Committee Referrals
Governmental Operations7/6/2010
Full Bill Text
No bill text available