Bill Text: NY A07576 | 2023-2024 | General Assembly | Introduced
Bill Title: 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.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced) 2024-01-10 - enacting clause stricken [A07576 Detail]
Download: New_York-2023-A07576-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 7576 2023-2024 Regular Sessions IN ASSEMBLY May 25, 2023 ___________ Introduced by M. of A. JOYNER -- read once and referred to the Committee on Labor AN ACT directing the department of financial services, in consultation with the office of employee relations and the department of civil service, to conduct a comprehensive study on how the department of financial services may create a compensation system commensurate with the compensation system of similar federal financial regulators The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. The department of financial services, in consultation with 2 the office of employee relations and the department of civil service, is 3 hereby authorized and directed to conduct a comprehensive study on how 4 the department of financial services may create a compensation system 5 commensurate with the systems of similar federal financial regulators, 6 taking into consideration the General Schedule (GS) payscale utilized by 7 the federal government to determine the salaries of federal civilian 8 employees. The purpose of this compensation system shall be to ensure 9 pay parity between state and federal financial regulators within similar 10 roles in order to increase recruitment and retention of said state 11 employees. 12 § 2. Within one year of the effective date of this act, the super- 13 intendent of financial services, the office of employee relations and 14 the department of civil service shall issue a report to the governor; 15 the temporary president of the senate; the speaker of the assembly; the 16 minority leader of the senate; and the minority leader of the assembly. 17 Such study and report shall, at a minimum: 18 (a) identify positions within federal financial regulators including, 19 but not limited to, the Securities and Exchange Commission (SEC), the 20 federal deposit insurance corporation, the federal reserve bank of New 21 York, the consumer financial protection bureau and the Department of EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD11493-01-3A. 7576 2 1 Treasury, that have similar roles or functions as positions within the 2 New York state department of financial services; 3 (b) formulate a proposed compensation system, or pay scale, that would 4 foster pay parity between positions within the department of financial 5 services and those positions within federal financial regulators that 6 have been identified as similar; 7 (c) identify possible alternatives to achieve pay parity between state 8 and federal financial regulators in similar roles; 9 (d) list possible alternatives to promote retention of individuals 10 employed by the department of financial services; and 11 (e) consider potential impact of increased retention and training 12 savings associated with increased retention. 13 § 2. This act shall take effect immediately.
