NY S08426

Establishes requirements for New York state agencies and authorities to develop asset management and financial institution strategies that set reasonable goals for utilizing minority and women-owned business enterprises (MWBEs) as asset managers, financial institutions, and professional service providers.

Applies to state agencies engaging third parties to manage over $100 million in cash or investment securities, provide broker-dealer services resulting in over $2.5 million in annual commissions, or provide financial/professional services costing $2.5 million annually or $250,000 per transaction.

Requires state agencies to invest with MWBE asset managers, conduct securities trades through MWBE financial institutions, and increase expenditures on accounting, banking, legal, and other professional services from MWBEs to the greatest extent feasible through the fifth full fiscal year after enactment.

Mandates agencies develop implementation plans including outreach methodology to MWBE firms, annual public reporting on MWBE utilization percentages within 60 days of fiscal year-end, and coordination with the Division of Minority and Women-Owned Business Development to identify qualified MWBE firms.

Permits agencies to seek waivers from compliance if they determine they are unlikely to have recurring needs for covered services; requires all actions comply with fiduciary duties and sound industry practices.