New York S02566 establishes an aspirational goal for at least 20% of each state fund to be invested in Minority and Women-owned Business Enterprises.

New York S02566 amends several state laws to promote the use of MWBE investments in New York state funds. It sets an aspirational goal for trustees of state funds to invest at least 20% of their funds in MWBEs, to the extent feasible within financial and fiduciary constraints. The bill also mandates that trustees establish strategies for utilizing MWBE asset managers, financial institutions, and professional service firms. These strategies include conducting trades of securities, allocating investments, and awarding contracts for various financial services.

New York S02566 establishes an aspirational goal for at least 20% of each state fund to be invested in Minority and Women-owned Business Enterprises.

New York S02566 amends several state laws to promote the use of MWBE investments in New York state funds. It sets an aspirational goal for trustees of state funds to invest at least 20% of their funds in MWBEs, to the extent feasible within financial and fiduciary constraints. The bill also mandates that trustees establish strategies for utilizing MWBE asset managers, financial institutions, and professional service firms. These strategies include conducting trades of securities, allocating investments, and awarding contracts for various financial services.