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NY A08987
Bill
Status
1/31/2024
Primary Sponsor
Harry Bronson
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AI Summary
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Directs the Department of Financial Services, in consultation with the Office of Employee Relations and Department of Civil Service, to conduct a comprehensive study on creating a compensation system matching federal financial regulators.
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Study must consider the federal General Schedule (GS) payscale and aim to ensure pay parity between state and federal financial regulators in similar roles to improve recruitment and retention.
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Requires identification of comparable positions at the SEC, Federal Deposit Insurance Corporation, Federal Reserve Bank of New York, Consumer Financial Protection Bureau, and Department of Treasury.
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Directs the Superintendent of Financial Services to issue a report within one year to the governor and legislative leaders that includes proposed pay scales, alternatives to achieve parity, retention strategies, and potential savings from improved retention.
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Takes effect immediately upon enactment.
Legislative Description
Directs the department of financial services to conduct a comprehensive study on how the department of financial services may create a compensation system commensurate with the compensation systems of similar federal financial regulators and to issue a report of its findings.
Last Action
referred to governmental employees
1/31/2024