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A 7195

Requires certain corporations to annually prepare a climate-related financial risk report for submission to the secretary of state and to make such report available to the public

2025 Regular Session Introduced by Steve Otis and 1 co-sponsor

Requires certain corporations to annually prepare a climate-related financial risk report, submit it to the New York Secretary of State, and publish it for public access.

REFERRED TO CORPORATIONS, AUTHORITIES AND COMMISSIONS
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Bill Summary · A 7195

Summary of Assembly Bill A 7195

Bill Information

  • Bill Number: A 7195
  • Title: Requires certain corporations to annually prepare a climate-related financial risk report for submission to the secretary of state and to make such report available to the public
  • Status: Referred to the Committee on Corporations, Authorities and Commissions
  • Introduced: March 21, 2025
  • Classification: Bill
  • Sponsors:
    • Primary: Steven Otis
    • Cosponsor: Linda Rosenthal
  • Related Bills: A 10503 (prior-session); S 5132 (companion)

Purpose and Intent

A 7195 would require a defined group of corporations to annually assess and disclose climate-related financial risks. The core goal is to improve transparency around how climate change may affect corporate financial performance and long-term viability, with public access to the reports.

Key Provisions (as described)

  • Annual Climate-Related Financial Risk Report: Selected corporations would be obligated to prepare a report detailing climate-related financial risks.
  • Submission to Secretary of State: The report must be submitted to the New York Secretary of State.
  • Public Availability: The report must be made available to the public, increasing transparency for investors, customers, and other stakeholders.
  • Scope and Triggers: The description notes “certain corporations” but does not specify thresholds, sectors, or exemptions in the information provided. Further detail would appear in the bill’s full text and accompanying analyses.

Affected Entities and Stakeholders

  • Directly Affected: Corporations meeting the bill’s criteria (unspecified in the available materials). These entities would bear the obligation to produce and file an annual climate-risk report.
  • Public and Markets: Investors, consumers, and other members of the public would gain access to the reports, enabling greater visibility into climate-related financial exposure and risk management practices.
  • State Government: The Secretary of State would receive the reports and presumably oversee or publish them as required by the statute.

Procedural and Timeline Aspects

  • Introduced on March 21, 2025 and immediately referred to the Committee on Corporations, Authorities and Commissions.
  • The bill’s status indicates it has not advanced beyond committee referral in the materials provided.
  • Legislative actions section shows two entries on the same date, both reflecting the committee referral.

Potential Impacts and Considerations

  • Transparency and Accountability: Public climate risk disclosures could enhance accountability for corporate risk management.
  • Costs and Compliance: Companies would incur costs to gather, analyze, and prepare the reports annually.
  • Policy Alignment: Depending on the bill’s exact requirements, it could align with broader state or national moves toward standardized climate risk reporting (e.g., TCFD-like frameworks) and influence investment decisions.
  • Next Steps: To understand full implications, review the bill’s full text for definitions, scope, exemptions, reporting standards, submission deadlines, and enforcement mechanisms once it progresses from committee.

Compiled from official sources — confirm details with the bill’s official record.

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