Prohibits public utilities from using funds or being reimbursed by funds raised from ratepayers for contributions or gifts to political candidates, trade associations, public charities, and lobbyists, and for certain travel, entertainment and educational expenditures.
Impact
The enactment of S01012 is expected to have a profound effect on the financial practices of public utilities. By restricting the use of ratepayer funds for political activities, the bill seeks to enhance trust in public utilities, as it minimizes conflicts of interest and the potential for misuse of consumer money. This could lead to a more equitable regulatory environment where public interest takes precedence over political affiliations or lobbying interests, thus affecting overall utility governance and consumer confidence in the sector.
Summary
S01012, also known as the Utility Lobbying Act, introduces significant restrictions on public utilities in New York regarding their use of funds. The bill explicitly prohibits public utilities from allocating funds raised from ratepayers toward political contributions, gifts to political candidates, and payments to trade associations, among other expenditures. This legislation aims to maintain fiscal transparency and accountability, ensuring that consumer funds are not used for political purposes that do not directly benefit the public.
Contention
However, the bill is not without controversy. Critics argue that it could hinder public utilities' ability to engage in legitimate advocacy on matters that affect their operations and the consumers they serve. Some stakeholders worry that limiting financial contributions could stifle essential communication between utilities and governmental entities, potentially undermining efforts to address pressing energy and infrastructure issues. The juxtaposition of business interests and consumer protections generates ongoing debate about the balance that S01012 attempts to strike.
Same As
Prohibits public utilities from using funds or being reimbursed by funds raised from ratepayers for contributions or gifts to political candidates, trade associations, public charities, and lobbyists, and for certain travel, entertainment and educational expenditures.
Prohibits public utilities from using funds or being reimbursed by funds raised from ratepayers for contributions or gifts to political candidates, trade associations, public charities, and lobbyists, and for certain travel, entertainment and educational expenditures.
Prohibits public utilities from using funds or being reimbursed by funds raised from ratepayers for contributions or gifts to political candidates, trade associations, public charities, and lobbyists, and for certain travel, entertainment and educational expenditures.
Prohibits candidates from soliciting contributions or donations from any contributor or donor using any material or medium pre-marking that such voter shall make a recurring contribution or donation to such candidate; provides that any candidate who does so may be liable for treble damages.
Requires SUNY and CUNY trustees to refrain from investing in and subsequently divest from stocks, debt or other securities of certain publicly traded fossil fuel companies.