Wednesday, March 6, 2024

Governor Hochul and Code For America Announce March 12 Launch of Free Program to Help New Yorkers File Tax Returns Online

FileYourStateTaxes, Available to All Eligible New Yorkers Starting Next Week, Will Provide Seamless State Tax Filing Integrated with IRS Direct File

Attorney General James Leads Bipartisan Coalition Calling on Meta to Protect Users’ Accounts From Scammers

 

Coalition of 41 Attorneys General Ask for Data Security Review Following Major Increases in Scammers Taking Over Facebook and Instagram Accounts

New York Attorney General Letitia James led a bipartisan coalition of 41 attorneys general in sending a letter to Meta Platforms, Inc. (Meta) addressing the recent rise of Facebook and Instagram account takeovers by scammers and frauds. Account takeovers are when bad actors break into a user’s account and change passwords, effectively hijacking the account and blocking out the rightful owner. Attorney General James and the bipartisan coalition are calling on Meta to thoroughly review data security practices for protecting its users’ accounts from being unfairly locked out or taken over by scammers. 

“Having your social media account taken over by a scammer can feel like having someone sneak into your home and change all of the locks,” said Attorney General James. “Social media is how millions of Americans connect with family, friends, and people throughout their communities and the world. To have Meta fail to properly protect users from scammers trying to hijack accounts and lock rightful owners out is unacceptable. I thank my fellow attorneys general for joining me to call on Meta to take commonsense user protection measures and dedicate more of their resources to respond to this threat.”

Once scammers hijack a Facebook or Instagram user’s account and change the password, they can steal personal information, read private messages, pose as the user to scam contacts, and even post publicly as the rightful user. All these actions cause undue harm and stress to account owners and their connections. While account takeovers are not a new phenomenon, there has been a dramatic increase in these schemes over the past year. As users have struggled to receive help from Meta, they have turned to their attorneys general seeking assistance and support. Between 2019 and 2023, there has been a 1,000 percent increase in reported account takeover complaints made to the Office of the Attorney General (OAG). In January 2024 alone, 128 complaints were made to OAG about this growing problem. 

To address the account takeover crisis and provide better quality services to the millions of users who rely on Meta platforms daily, the letter from Attorney General James and the bipartisan coalition outlines a series of commonsense steps Meta should take. These include increasing staffing to respond to account takeover complaints and greater investment in account takeover mitigation tactics. The attorneys general also call on Meta to adopt new procedures for users to protect themselves from account takeovers. Additionally, Attorney General James and the bipartisan coalition urge Meta to take this issue more seriously and take stronger enforcement actions against scammers.

Users who experience an account takeover from a scammer or bad actors are encouraged to raise this concern to Meta immediately. Users unable to get in touch with Meta or have the issue resolved can refer to Facebook's help center on how to address an account takeover situation. 

Chinese National Residing in California Arrested for Theft of Artificial Intelligence-Related Trade Secrets from Google

 

Defendant Allegedly Pilfered Technology from Google While Secretly Working for Two PRC-Based Technology Companies

A federal grand jury indicted Linwei Ding, aka Leon Ding, charging him with four counts of theft of trade secrets in connection with an alleged plan to steal from Google LLC (Google) proprietary information related to artificial intelligence (AI) technology. The announcement was made by Attorney General Merrick B. Garland while participating in a “Fireside Chat” at the American Bar Association’s 39th National Institute on White Collar Crime in San Francisco.

According to the indictment, returned on March 5 and unsealed earlier today, Ding, 38, a national of the People’s Republic of China and resident of Newark, California, transferred sensitive Google trade secrets and other confidential information from Google’s network to his personal account while secretly affiliating himself with PRC-based companies in the AI industry. Ding was arrested earlier this morning in Newark.

“The Justice Department will not tolerate the theft of artificial intelligence and other advanced technologies that could put our national security at risk,” said Attorney General Garland. “In this case, we allege the defendant stole artificial intelligence-related trade secrets from Google while secretly working for two companies based in China. We will fiercely protect sensitive technologies developed in America from falling into the hands of those who should not have them.”  

“While we work to responsibly harness the benefits of AI, the Justice Department is on high alert to its risks, including global threats to our national security,” said Deputy Attorney General Lisa Monaco. “As alleged in these charges, the defendant stole from Google over 500 confidential files containing AI trade secrets, while covertly working for China-based companies seeking an edge in the AI technology race. The Justice Department will relentlessly pursue and hold accountable those who would siphon disruptive technologies – especially AI – for unlawful export.”

“These charges are the latest illustration of the lengths affiliates of companies based in the People’s Republic of China are willing to go to steal American innovation,” said FBI Director Christopher Wray. “The theft of innovative technology and trade secrets from American companies can cost jobs and have devastating economic and national security consequences. The FBI will continue its efforts to vigorously pursue those responsible for stealing U.S. companies’ intellectual property and most closely guarded secrets.”  

“Mr. Ding allegedly schemed to siphon off cutting-edge AI technology from Google while secretly trying to go into business with Chinese competitors,” said Assistant Attorney General Matthew G. Olsen of the Justice Department’s National Security Division. “Through the Disruptive Technology Strike Force, we will work relentlessly to find and hold accountable those who would steal advanced American technology and jeopardize our national security and economic prosperity.”

“While Linwei Ding was employed as a software engineer at Google, he was secretly working to enrich himself and two companies based in the People’s Republic of China,” said U.S. Attorney Ismail Ramsey. “By stealing Google’s trade secrets about its artificial intelligence supercomputing systems, Ding gave himself and the companies that he affiliated with in the PRC an unfair competitive advantage.  This office is committed to protecting the innovation of our Silicon Valley companies. To that end, we will aggressively investigate and prosecute the theft of sensitive trade secrets by insiders like Ding, including criminal efforts to jump start illegitimate competition.”

“In the one year since its inception, the Disruptive Technology Strike Force has been relentless in protecting advanced U.S. technologies, like artificial intelligence, from malign actors,” said Assistant Secretary Matthew S. Axelrod of the Commerce Department’s Office for Export Enforcement. “Let today’s announcement serve as further warning – those who would steal sensitive U.S. technology risk finding themselves on the wrong end of a criminal indictment.”

According to court documents, the technology Ding allegedly stole involves the building blocks of Google’s advanced supercomputing data centers, which are designed to support machine learning workloads used to train and host large AI models. According to the indictment, large AI models are AI applications capable of understanding nuanced language and generating intelligent responses to prompts, tasks, or queries. The indictment describes how Google developed both proprietary hardware and software to facilitate the machine learning process powered by its supercomputing data centers. With respect to hardware, Google uses advanced computer chips with the extraordinary processing power required to facilitate machine learning and run AI applications. With respect to software, Google deploys several layers of software, referred to in the indictment as the “software platform,” to orchestrate machine learning workloads efficiently. For example, one component of the software platform is the Cluster Management System (CMS), which functions as the “brain” of Google’s supercomputing data centers. The CMS organizes, prioritizes, and assigns tasks to the hardware infrastructure, allowing the advanced chips to function efficiently when executing machine learning workloads or hosting AI applications.

According to the indictment, Google hired Ding as a software engineer in 2019. Ding’s responsibilities included developing the software deployed in Google’s supercomputing data centers. In connection with his employment, Ding was granted access to Goggle’s confidential information related to the hardware infrastructure, the software platform, and the AI models and applications they supported. The indictment alleges that on May 21, 2022, Ding began secretly uploading trade secrets that were stored in Google’s network by copying the information into a personal Google Cloud account. According to the indictment, Ding continued periodic uploads until May 2, 2023, by which time Ding allegedly uploaded more than 500 unique files containing confidential information.

In addition, the indictment alleges that Ding secretly affiliated himself with two PRC-based technology companies. According to the indictment, on or about June 13, 2022, Ding received several emails from the CEO of an early-stage technology company based in the PRC indicating Ding had been offered the position of Chief Technology Officer for the company. Ding allegedly traveled to the PRC on Oct. 29, 2022, and remained there until March 25, 2023, during which time he participated in investor meetings to raise capital for the new company. The indictment alleges potential investors were told Ding was the new company’s Chief Technology Officer and that Ding owned 20% of the company’s stock.

According to the indictment, unbeknownst to Google, by no later than May 30, 2023, Ding had founded his own technology company in the AI and machine learning industry and was acting as the company’s CEO. Ding’s company touted the development of a software platform designed to accelerate machine learning workloads, including training large AI models. As alleged in the indictment, Ding applied to a PRC-based startup incubation program and traveled to Beijing, to present his company at an investor conference on Nov. 24, 2023. As set forth in the indictment, a document related to Ding’s startup company stated, “we have experience with Google's ten-thousand-card computational power platform; we just need to replicate and upgrade it - and then further develop a computational power platform suited to China's national conditions.” 

The indictment alleges Ding’s conduct violated his employment agreement as well as a separate code of conduct that Ding signed when he became a Google employee. Further, the indictment describes measures that Ding allegedly took to conceal his theft of the trade secrets. For example, he allegedly copied data from Google source files into the Apple Notes application on his Google-issued MacBook laptop. By then converting the Apple Notes into PDF files and uploading them from the Google network into as separate account, Ding allegedly evaded detection by Google’s data loss prevention systems. Likewise, the indictment describes how in December 2023 Ding allegedly permitted another Google employee to use his Google-issued access badge to scan into the entrance of a Google building – making it appear he was working from his U.S. Google office when, in fact, he was in the PRC.

Ding is charged with four counts of theft of trade secrets. If convicted, Ding faces a maximum penalty of 10 years in prison and up to a $250,000 fine for each count. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

The FBI and Commerce Department are investigating the case.

The U.S. Attorney’s Office for the Northern District of California and Justice Department National Security Division’s Counterintelligence and Export Control Section are prosecuting the case.

Today’s action was coordinated through the Justice and Commerce Departments’ Disruptive Technology Strike Force. The Disruptive Technology Strike Force is an interagency law enforcement strike force co-led by the Departments of Justice and Commerce designed to target illicit actors, protect supply chains, and prevent critical technology from being acquired by authoritarian regimes and hostile nation-states.

An indictment is merely an allegation. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

Three Defendants Arrested For Gunpoint Robberies Of Sex Workers In The Bronx

 

Damian Williams, the United States Attorney for the Southern District of New York; Tommy Kalogiros, Assistant Special Agent in Charge of the New York Field Division of the Bureau of Alcohol, Tobacco, Firearms and Explosives (“ATF”); and Edward A. Caban, the Commissioner of the New York City Police Department (“NYPD”), announced the unsealing of a Complaint charging RAMEL DECKARD, DASHAWN HAMPTON, and TALIEK PAYNE in connection with three armed robberies of women engaged in sex work at hotels in the Bronx.  DECKARD, HAMPTON, and PAYNE were arrested and presented in Manhattan federal court before U.S. Magistrate Judge Ona T. Wang. 

U.S. Attorney Damian Williams said: “These defendants, motivated by greed, allegedly targeted individuals engaged in sex work in the BronxUnder the pretext of setting up appointments with the victims for sexual services, the defendants allegedly met the victims at hotel rooms and proceeded to rob them at gunpointMy Office is committed to doing everything possible to protect the people in this District from violent crime.” 

ATF Assistant Special Agent in Charge Tommy Kalogiros said: “These arrests should send a strong message to those targeting the most vulnerable in our communities.  The ATF/NYPD Strategic Pattern Armed Robbery Technical Apprehension Group will continue working tirelessly to detect, disrupt, and prosecute the most violent offenders.  We hope that these arrests demonstrate to the victims of violent crime that ATF, along with our partners, remain steadfast in our resolve to deliver justice.  Thank you to the New York City Police Department and to the Southern District of New York, two of ATF’s most valued partners.”

NYPD Commissioner Edward A. Caban said: “As alleged, these arrests are another example of our laser-like focus on combating violent crime and holding accountable anyone who endangers people on our streets.  If you carry an illegal gun in New York City, and especially if you use that gun to terrorize our communities, you will be arrested and charged accordingly.  Thanks to the combined efforts of the NYPD and our partners at the ATF and the Office of the U.S. Attorney for the Southern District of New York, the defendants in this case now face the prospect of significant federal prison time.”

According to the allegations in the Complaint:[1]

On August 15, 2023, DECKARD met an individual who was engaged in sex work (“Victim-1”) at a hotel room in the Bronx for an appointment to exchange sexual services for payment.  DECKARD subsequently displayed a firearm, demanded that Victim-1 go into the bathroom and sit in the shower, and then proceeded to steal personal possessions and cash from Victim-1.  A still image of DECKARD at the hotel where he robbed Victim-1 is shown below:

Still image of Deckard at the hotel where he robbed Victim-1

On September 19, 2023, DECKARD and PAYNE committed another robbery of two individuals who were engaged in sex work (“Victim-2” and “Victim-3”) at a hotel room in the Bronx.  Victim-2 and Victim-3 were spending time at a hotel room, when Victim-2 was notified by an individual, who advertised Victim-2 and Victim-3’s services online, that someone would meet Victim-2 at the hotel room later that day.  DECKARD and PAYNE then went to the hotel room where Victim-2 and Victim-3 were located.  After entering the hotel room, DECKARD displayed a firearm, and DECKARD and PAYNE stole personal items as well as cash from Victim-2 and Victim-3.  During the robbery, DECKARD struck Victim-2 in the face with his elbow.  Still images of DECKARD (left) and PAYNE (right) at the hotel where they robbed Victim-2 and Victim-3 are shown below:

Still image of Deckard and Payne at the hotel where they robbed Victim-2 and Victim-3

On January 6, 2024, DECKARD and HAMPTON robbed Victim-1 at gunpoint a second time at a hotel room in the Bronx.  At approximately 1:30 pm on January 6, 2024, DECKARD and HAMPTON traveled to the Bronx hotel room where Victim-1 was staying for an appointment to exchange sexual services for payment.  After entering the hotel room, HAMPTON displayed a firearm, and HAMPTON and DECKARD proceeded to rob Victim-1 of her cellphone.  DECKARD also demanded that Victim-1 give him the passcode to her phone, and HAMPTON asked Victim-1, in substance and in part, whether she wanted “to die over a passcode.”  After Victim-1 gave them the passcode to her phone, HAMPTON used Victim-1’s cellphone to send $300 to his account using a payment application.  A still image of HAMPTON (left) and DECKARD (right) at the hotel where they robbed Victim-1 is shown below:

Still image of Hampton and Deckard at the hotel where they robbed Victim-1

The NYPD and ATF Strategic Patterned Armed Robbery Technical Apprehension (“SPARTA”) Task Force believes these defendants may be responsible for the robberies of other women in New York.  Anyone with information about this or any other incident is asked to call the NYPD’s Crime Stoppers hotline at 1-800-577-TIPS (8477) or, for Spanish, 1-888-57-PISTA (74782).  The public can also submit tips on the Crime Stoppers website at https://crimestoppers.nypdonline.org or by sending a direct message to @NYPDTips on X, formerly known as Twitter.  All tips are strictly confidential.

DECKARD, 34, of New York, New York, is charged with one count of conspiracy to commit Hobbs Act robbery and three counts of Hobbs Act robbery, each of which carries a maximum sentence of 20 years in prison, and three counts of using, carrying, and brandishing a firearm during, in relation to, and in furtherance of, a crime of violence, each of which carries a mandatory seven-year consecutive sentence.

HAMPTON, 34, of New York, New York, is charged with one count of conspiracy to commit Hobbs Act robbery and one count of Hobbs Act robbery, each of which carries a maximum sentence of 20 years in prison, and one count of using, carrying, and brandishing a firearm during, in relation to, and in furtherance of, a crime of violence, which carries a mandatory seven-year consecutive sentence.

PAYNE, 34, of East Orange, New Jersey, is charged with one count of conspiracy to commit Hobbs Act robbery and one count of Hobbs Act robbery, each of which carries a maximum sentence of 20 years in prison, and one count of using, carrying, and brandishing a firearm during, in relation to, and in furtherance of, a crime of violence, which carries a mandatory seven-year consecutive sentence.

The mandatory minimum and maximum potential sentences are prescribed by Congress and are provided here for informational purposes only, as any sentencing of the defendants will be determined by a judge. 

Mr. Williams praised the outstanding investigative work of the ATF and NYPD, in particular, the SPARTA Task Force, which is composed of agents and officers of the ATF and the NYPD.

This case is being handled by the Office’s General Crimes Unit.  Assistant U.S. Attorneys Meredith C. Foster and Georgia V. Kostopoulos are in charge of the prosecution.

The charges contained in the Complaint are merely accusations, and the defendants are presumed innocent unless and until proven guilty.

[1] As the introductory phrase signifies, the entirety of the text of the Complaint and the description of the Complaint set forth below constitute only allegations, and every fact described should be treated as an allegation.

NYC Comptroller Bars Construction Company from Public Work Contracts, Secures nearly $70K in Stolen Wages & Benefits

 

Subcontractor falsified certified payroll reports and claimed to provide wages workers never received

The New York City Comptroller’s Office reached a settlement with Montis Construction, LLC, (Montis), a subcontractor, and its prime contractor BLH Construction, Inc. (BLH), for prevailing wage violations committed by Montis. The settlement relates to carpentry work that was performed under a contract with the New York City Transit Authority (NYCT), a subsidiary of the Metropolitan Transportation Authority (MTA). The settlement totals $69,138.05, including an underpayment of $48,193.41, a civil penalty of $9,018.01, and $11,926.63 in interest. The Comptroller’s Office also barred Montis from bidding for City contracts for five years after the subcontractor falsified payroll records.

“Our city’s construction workers work tirelessly behind the scenes to keep New York’s gears turning, yet this case once again shows there are businesses who try to exploit and under-pay their employees. This office will always fight to protect the prevailing wage, and we are glad these workers will finally receive the money they earned,” said Comptroller Brad Lander.

“The findings of our investigation highlight another example of the lengths businesses such as Montis will go to in order to take advantage of workers and shirk their legal obligations. I am pleased to see these workers finally receive the compensation they should have been paid from the beginning,” said Claudia Henriquez, Director of Workers’ Rights at the Comptroller’s Bureau of Labor Law.

The construction work cited took place at the Zerega Bus Depot Central Maintenance Facility in the Bronx where BLH hired Montis as a subcontractor to complete carpentry work. Despite Montis asserting a lack of responsive records, evidence obtained during the investigation conducted by the Comptroller’s Bureau of Labor Law indicated that the company misrepresented payments to its workers. The Bureau’s investigation uncovered that Montis had falsified certified payroll reports, claiming to pay workers $25.38 per hour while actually only paying them $15 per hour in cash. Additionally, the promised supplemental benefits were not provided to the workers, as Montis claimed.

Because this case involved the falsification of payroll records, Montis is now ineligible to bid on or be awarded any public work contract or subcontract within the state of New York or any municipal corporations or public body within the state for five years. State labor law requires the prime contractor—in this case BLH—to cover its subcontractor’s underpayments. Under the New York Labor Law, the New York City Comptroller sets and enforces prevailing wage laws for public works projects and City-owned properties in the City of New York.

If you have worked on a prevailing wage project and believe your employer has violated the law, you can file a complaint with the Comptroller’s Office here.

Governor Hochul Announces Five-Point Plan to Protect New Yorkers on the Subway

Governor Hochul announces safety plan.

 

1,000 New York State Police, MTAPD and the New York National Guard to Support NYPD Bag Checks

Governor Hochul Introduces Bill to Allow Judges to Ban Individuals Convicted of Assault Within the Transit System from Services

MTA to Accelerate Camera Installation Throughout the System, Adding New Cameras to Protect Conductor Cabins

Governor to Convene the New Subway Violence Strategic Partnership (SVSP) to Improve Coordination Between State, NYPD, and District Attorneys

State to Expand Subway Outreach Initiative, Program Will Operate in Addition to Safe Options Support Teams

Governor Kathy Hochul today announced a five-point plan to utilize state resources to protect New Yorkers on the subways. This includes surging State personnel to assist NYPD bag checks, a new program bill that would permit transit bans for individuals that assault other passengers, adding new cameras to protect conductor cabins, increasing coordination between District Attorneys and law enforcement, and increasing the number of Subway Co-Response Outreach (SCOUT) teams throughout the system – which will operate in addition to the existing Safe Options Support (SOS) teams. These actions build on the Governor’s unprecedented investment in safety on the subways, from standing up SOS teams to directing the MTA to install cameras in every subway car. Governor Hochul also called on judges to use their expanded discretion to set bail to keep repeat offenders off the streets.

“Since taking office, I have been laser-focused on driving down subway crime and protecting New Yorkers," Governor Hochul said. "My five-point plan will rid our subways of violent offenders and protect all commuters and transit workers. I am sending a message to all New Yorkers: I will not stop working to keep you safe and restore your peace of mind whenever you walk through those turnstiles."


Governor Hochul’s five-point plan includes:

Additional State Personnel to Assist NYPD

To supplement the NYPD’s enhanced baggage checks at heavily trafficked areas, Governor Hochul is deploying 1,000 members of State personnel to assist the NYPD’s mission to further this effort. This includes 250 members from the New York State Police and the MTA Police Department. In addition, Governor Hochul is directing the National Guard to make the 750 members currently deployed on Joint Task Force Empire Shield available to supplement this effort under the supervision of law enforcement. These checks will be targeted at heavily trafficked locations.

New Program Bill to Ban Assaulters of Commuters and Transit Workers

Governor Hochul today announced a new program bill that will allow judges to ban people convicted of an assault within the system from using MTA services as part of sentencing. There is currently a provision that allows a transit ban as a term of sentencing for individuals who assault transit workers, and under Governor Hochul’s plan, this same provision would be extended to include assaults of anyone within the system.

Improving Coordination Between Law Enforcement and District Attorneys

To improve coordination between law enforcement, transit personnel and district attorneys, Governor Hochul will initiate regular meetings between stakeholders to coordinate information sharing regarding holding dangerous, repeat offenders within the system accountable. This will assist district attorneys with their casework and support existing efforts to keep violent offenders off the streets and out of the subways. The first meeting will take place next week, and will be held regularly to ensure sustained coordination. To assist with this process, the MTA will also hire a new Criminal Justice Advocate to assist the victims of crime in the system, and MTAPD will develop a new early warning system to flag recidivist offenders for district attorney offices during booking processes.

New Cameras to Protect Conductors and Staff

Building on Governor Hochul’s announcement that MTA is accelerating the installation of cameras inside customer areas of trains, today Governor Hochul is announcing the installation of new cameras focused on conductor cabins to protect workers. These cameras will significantly assist law enforcement personnel as they search for assailants targeting transit workers. Governor Hochul is directing MTA to rapidly deploy these cameras throughout the system.

$20 Million to Expand the SCOUT Pilot in Addition to the SOS Program

Since January, MTA has deployed a SCOUT team pilot program in partnership with New York City, in addition to the successful SOS teams across the subway system, established and supported by Governor Hochul. SCOUT teams have the capacity to address the most severe cases of mental health crisis within the subway system, and assist New Yorkers in gaining access to mental health treatment and supportive housing. Governor Hochul is directing $20 million to rapidly scale this pilot and bring the total number of SCOUT teams to ten by the end of 2025.


Bronx District Attorney Darcel D. Clark said, “I appreciate Governor Hochul’s prioritizing transit safety, and I look forward to working with her and all stakeholders to make sure our commuters are not fearful to ride the subways, buses and Metro North, and our hardworking transit employees are safe on the job. The transportation system is the lifeblood of the city. My Office works with the NYPD and I welcome a partnership with state law enforcement as well to increase safety and security, and to hold people accountable for crime and provide services for those who need them.”


MAYOR ADAMS ANNOUNCES CITY HALL, MUNICIPAL BUILDINGS TO BE LIT RED TO COMMEMORATE RED CROSS MONTH

 

New York City Mayor Eric Adams announced that City Hall and several municipal buildings will be lit red tonight in recognition of Red Cross Month — a national movement honoring those who make the lifesaving mission of the American Red Cross possible.  

 

"This Red Cross Month, we recognize the unwavering dedication of the American Red Cross as it continues to deliver for New York City and for communities across the country,” said Mayor Adams. “Their commitment to providing relief and support in times of crisis embodies the spirit of service that defines our city. I’m inviting New Yorkers to join the mission by volunteering, giving blood, learning lifesaving skills, or making a financial donation if you can. Most importantly, let us join together in gratitude for their vital work and in support of their mission to alleviate suffering and save lives." 

  

In addition to City Hall, the following city buildings and iconic New York City sites will be lit up red tonight: 


Bronx County Courthouse: 851 Grand Concourse, Bronx, NY 10451 
Brooklyn Borough Hall: 209 Joralemon St, Brooklyn, NY 11201 
The David N. Dinkins Manhattan Municipal Building: 1 Centre Street, New York, NY 10007 
Queens Borough Hall: 120-55 Queens Blvd, Kew Gardens, NY 11424  
Staten Island Borough Hall: 10 Richmond Ter, Staten Island, NY 10301 

NY State Comptroller DiNapoli Statement on SEC's Adoption Of Climate Change Disclosure Rule

 

Office of the New York State Comptroller News

New York State Comptroller Thomas P. DiNapoli released the following statement on the Securities and Exchange Commission’s (SEC) adoption of the Climate Change Disclosure Rule:

“This is a significant victory for investors who are committed to mitigating the real investment risks associated with climate change.

“Today’s action by the SEC will greatly improve the state pension fund's ability to assess and address risks and opportunities as we navigate our path to net zero by 2040.

“For nearly 15 years, I have called on the SEC to mandate the disclosure of climate risk information to protect investors and the broader marketplace. Now with consistent, comparable, and reliable information provided by companies, investors will have a clearer view of how climate change and the transition to a net-zero economy will impact their investments. With these disclosures, we can make better-informed decisions about proxy voting and engagements with portfolio companies.

“This rule is a critical step toward greater transparency and accountability, but the work to improve climate risk disclosure is not done. Investors must be vocal in the protection of this rule and continue to advocate for further disclosure, like the disclosure of ‘scope 3 emissions,’ which can further improve efforts to measure and address climate-related investment risks.

“I want to thank Chairman Gensler for his leadership, as well as to the SEC commissioners and staff for their dedication and diligence in adopting this critical rule.”

Leading the Way on Climate Investment
Since taking office in 2007, DiNapoli has been recognized as a global leader for his efforts to protect the Fund’s investments, address material risks from climate change and pursue sustainable opportunities for the Fund’s investments. As part of his comprehensive Climate Action Plan to protect investments, DiNapoli has called on companies to focus on the climate change risks they face, to report on and reduce their GHG emissions and to acknowledge the business opportunities and risks in the emerging low carbon economy. To learn more about how the Fund is addressing climate change-related risk, please see the 2023 Progress Report on the New York State Common Retirement Fund’s Climate Action Plan.