State Comptroller Thomas P. DiNapoli: Holding Companies Accountable Protects Our State Pension Fund

 

DiNapoli Announces State Pension Fund's Efforts to Hold Corporations Accountable

State Comptroller DiNapoli, trustee of the New York State Common Retirement Fund (Fund), outlined priority areas for engaging with corporations in which the Fund is invested. Every year, the Fund identifies areas that pose potential risks and/or opportunities to improve its long-term value and makes its concerns known to companies. In order to promote the continued strength of the Fund’s investments, in 2024, Comptroller DiNapoli and the Fund continue to call out corporations that can do a better job of addressing Climate Risk, can improve their policies around Diversity, Equity and Inclusion, can do more to ensure a healthy and productive workforce, and can be more accountable to investors.

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April Is Financial Literacy Month

Every dollar counts to New York’s households and that’s why State Comptroller DiNapoli is committed to expanding financial literacy by spreading the word on how to better manage money and expenses. Comptroller DiNapoli is also advocating for New York’s students to be able to take a personal finance class in high school and for it to be a requirement for graduation. To this end, the Comptroller’s office has met with the State Department of Education, school superintendents and the Board of Regents who is now considering the measure. Akron High School, near Buffalo, is one of the few high schools with a semester-long personal finance course and was recently featured on WKBW.

“Financial literacy can be an important step toward getting a better job, improving one’s quality of life, and attaining financial stability,’’ said Comptroller DiNapoli.

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Better Reporting and Monitoring of NYC Capital Projects Needed

The majority of New York City’s capital projects are over their initial budgets and behind schedule, suggesting better monitoring and reporting could lead to adjustments to improve capital project delivery, according to an analysis released by State Comptroller DiNapoli.

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Growing Number of Youth in Juvenile Justice Centers at Risk Due to Staff Shortages

Ongoing staff shortages in juvenile justice centers around New York State are potentially putting youth at risk, according to an audit from State Comptroller DiNapoli. The population in secure juvenile justice facilities has grown, straining staff’s ability to properly assess the physical and mental health of youth at intake as physical altercations, illegal drug use, and incidents of self-harm rise.

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ALSO IN THE NEWS THIS WEEK

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• N.Y. youth in juvenile detention has soared since 2018 law change
  
  
• The Capitol Connection - New York State Comptroller Tom DiNapoli
  
  
• New York state Comptroller spells out stewardship guidelines 
  
  
• New York state wants companies to protect their LGBTQ+ Gen Z and millennial workers—and it’s throwing a $260 billion retirement fund at the issue

Post of the Week
Tom DiNapoli @NYSComptroller 

U.S. Court of Appeals Confirms Justice Department’s Authority to Investigate Potentially Anticompetitive Conduct by the National Association of Realtors

The U.S. Court of Appeals for the District of Columbia Circuit lifted restrictions imposed by a lower court that had prevented the Justice Department from investigating potentially anticompetitive conduct by the National Association of Realtors (NAR).  The D.C. Circuit’s decision confirms the United States’ position that it retains the authority to investigate NAR’s Participation Rule and Clear Cooperation Policy to protect competition for the benefit of homebuyers.

“Real-estate commissions in the United States greatly exceed those in any other developed economy, and this decision restores the Antitrust Division’s ability to investigate potentially unlawful conduct by NAR that may be contributing to this problem,” said Assistant Attorney General Jonathan Kanter of the Justice Department’s Antitrust Division. “The Antitrust Division is committed to fighting to lower the cost of buying and selling a home. I would like to commend the staff of the Antitrust Division and our colleagues in the department for achieving this important result.”

The United States has filed several amicus briefs and statements of interest supporting competition in the real-estate industry and meaningful relief for homebuyers and sellers. 

Governor Hochul Updates New Yorkers on Safety Precautions Following 4.8 Magnitude Earthquake

Governor Directed All State Agencies to Review Critical Infrastructure, Assess Potential for Damage Following Earthquake and Multiple Aftershocks 

Governor Kathy Hochul updated New Yorkers on safety precautions taken following yesterday's 4.8 magnitude earthquake and reminded the public of best practices to stay safe during a seismic event. Over the past 24 hours, the U.S. Geological Survey has detected at least 25 aftershocks in Central New Jersey, many of which have been felt in New York City and across the region.

“My top priority is keeping people safe, and I have directed State personnel to take all necessary precautions following yesterday's historic earthquake,” Governor Hochul said. “At this time, we are aware of no injuries and minimal damage from this earthquake. We will continue monitoring the situation and updating New Yorkers as necessary.”

New York State Division of Homeland Security and Emergency Services

The New York State Watch Center is in enhanced monitoring mode and continues to track seismic activity in coordination with the U.S. Geological Survey. State Emergency Management staff remains in contact with, and is prepared to support, local counterparts with any potential needs.

New York State Department of Transportation

Following yesterday’s earthquake, inspection teams were deployed to asses hundreds of bridges and other critical infrastructure across the state, as per NYS Department of Transportation policy. NYSDOT currently has no reports of any immediate damage to its infrastructure, but will keep the public informed of further developments.

Department of Public Service

Immediately after the earthquake, Department of Public Service staff contacted the major utilities in New York State — Con Edison, O&R, PSEG LI, Central Hudson, NYSEG, RG&E and National Grid — and there continues to be no reported issues and or trouble indicators because of the earthquake on the electric, natural gas or steam systems. DPS continues to maintain direct contact with utility leadership and will report if any issues arise. In addition, staff has been in contact with the operating nuclear power plants on Lake Ontario, all reporting no issues or indications of problems. The decommissioned Indian Point power plant in Westchester County confirmed no issues at this time, on-site personnel have been patrolling the site with no concerns found. In addition, no issues have been reported from the telecommunications sector.

Metropolitan Transportation Authority

After the initial 4.8-magnitude earthquake the Metropolitan Transportation Authority (MTA) completed inspections throughout its service area, including underwater subway tunnels, vehicular tunnels, bridges, and commuter railroad infrastructure, finding no reported issues. Following the significant evening aftershock, standard follow-up inspections of infrastructure were conducted, again finding no issues.

In addition, frontline staff across the transportation network have been instructed to report any abnormalities, with none being identified. The MTA will continue to monitor the situation closely and follow protocols in place when seismic activity occurs.

New York Power Authority

The New York Power Authority performed immediate inspections at its power generation assets and offices in the earthquake-impacted areas. No issues were identified. There were also no impacts to NYPA’s transmission assets resulting from the earthquake.

Long Island Power Authority

Together with its service provider, the Long Island Power Authority, completed inspections of its critical infrastructure across Long Island and the Rockaways. There have been no indications of damage from the earthquake or the subsequent aftershocks. Utility crews will continue assessments through the weekend.

Port Authority of New York and New Jersey

At Port Authority bridges and tunnels, there were no operational or physical impacts but engineering, maintenance and PAPD crews are performing additional inspections.

Runways at all Port Authority airports were immediately inspected and cleared. Airborne planes inbound to JFK experienced minimal delays. Airplanes bound for JFK that had not yet left their departure airports were held at those airports for one hour, from 10:21 a.m. to 11:22 a.m. AirTrain JFK service was not affected. There were no delays or diversions reported at LaGuardia or Stewart airports.

PATH service was not impacted. There were no impacts reported at the Midtown Bus Terminal, the George Washington Bridge Bus Terminal, the World Trade Center campus, the ports or other Port Authority facilities.

Assembly Members Zaccaro and Tapia Protest Smoke Shops

 

Standing across the street from the Cloudy Cloud Convenience/Smoke Shop on the corner of White Plains Road and Lydig Avenue that was held up last week at gun point, East Bronx Assemblyman John Zaccaro said more must be done to end the loopholes in the legal Cannabis Law that allows illegal cannabis smoke shops which are now being held up at gunpoint like the one behind me. He added that is why he has sponsored Assembly Bill A9250 that would take away a stores Liquor, Tobacco, and Lottery licenses if they are caught selling illegal cannabis. 

It was the same story for West Bronx Assemblywoman Yudelka Tapia who said these illegal smoke shops bring more crime to the neighborhoods no matter where they are and something must be done to stop them. She added there are only three legal Cannabis Dispensaries in the Bronx but there are over one hundred illegal Smoke Shops, and that is why she supports Assembly Bill A9250. Local Community Board 11 members Christine Culpepper, Malcom Gray, Cynthia Rodriguez, and Jeannette Wilson and members of the Pelham Parkway Neighborhood Association showed their support for Assembly Bill A9250. 

Assembly member John Zaccaro speaks about why he has introduced Assembly Bill A9250 that would take away a stores Liquor, Tobacco, and Lottery licenses if they are caught selling illegal cannabis products.

Assembly member Yudelka Tapia says that it is all over the Bronx that illegal cannabis smoke shops bring more crime to the neighborhoods. The Cloudy Cloud Convenience/Smoke Shop which was robbed last week at gun point is in the background.

Morris Park Community Association Veteran's Breakfast

 

Saturday morning East Bronx veterans were invited to the Morris Park Community Association for a free breakfast as a thank you for their service to the country. Members of all the services were on hand as were Councilwoman Kristy Marmorato, Congressman Ritchie Torres, and Assembly members Michael Benedetto and John Zaccaro. 

MPCA President Al D'Angelo mentioned that Congressman Ritchie Torres has given the association a grant for a Bronx Veteran's Museum to be built on a second floor of the association. Councilwoman Kristy Marmorato said  that she would be hosting a Veteran's Day Breakfast before the Bronx Veterans Day Parade. Thanks go out to Lori Petterson, Patty Marinello, and Pat Cambria who set up the room for the Veteran's Breakfast. 

Assemblyman Michael Benedetto speaks to the veterans gathered at the MPCA.

Councilwoman Kristy Marmorato peaks to the Veterans gathered at the MPCA.

Congressman  Ritchie Torres speaks to the Veterans gathered at the MPCA.

Councilwoman Marmorato with a few of the Veterans.

(L - R) Congressman Ritchie Torres, MPCA President Al D'Angelo, USMC and retired FDNY Richard Batista, Assemblyman John Zaccaro, and Joseph McManus. 

A group photo of Councilwoman Marmorato, Assemblyman Zaccaro, and Veterans who attended the MPCA Veteran Breakfast.

A group photo of Congressman Torres, Assemblyman Zaccaro, and Veterans who attended the MPCA Veterans Breakfast.