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Advocacy Alert: Hochul Blocks Crypto, Vetoes Duplicative Reporting Bill

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November 29, 2022

Governor Kathy Hochul recently acted on two significant pieces of legislation.

Advocacy Win: Hochul Vetoes Duplicative Reporting Bill 

Governor Hochul vetoed legislation that would have imposed duplicative reporting requirements on employers. The BNP vocally opposed this legislation and is pleased the Governor heeded our advice.

Currently, large employers are required to submit an EEO-1 report to the US Equal Employment Opportunity Commission. Through the EEO-1 report, employers submit demographic workforce data, including data on race, ethnicity, sex, and job categories, to the EEOC. This data is analyzed by the EEOC for troubling disparities, but the information is not public.

However, this legislation would have required EEO-1 filers to submit the same information to the New York State Department of State, which would then be published on the state website.

The BNP made clear to the Governor that this added reporting requirement would be duplicative, unnecessary, and costly to the state.

While the BNP has been a leader in helping employers diversify their workforce, this legislation would have simply resulted in added paperwork for employers – not meaningful change. Hochul concurred in her veto message, noting: “it would place an enormous burden on the Department of State to duplicate work already being done successfully by the federal government.”

Hochul Signs Crypto Moratorium

The Governor signed into law a two-year moratorium on cryptocurrency mining. Mining is an energy-intensive process in which computer networks validate cryptocurrency transactions. While technology is essential to the newest trend in the financial world, environmentalists took issue with the amount of emissions generated by the process. The moratorium will be in effect for two years, during which the state will study and develop regulations and guidelines for mining.

The BNP opposed this legislation and urged the Governor to veto it.

More Bills to Come

Since Governor Hochul has until the end of the year to sign or veto bills, she has treaded very carefully this year, opting to wait on most legislation until after her election. Now that she has been reelected, expect a flurry of activity between now and the New Year. As the Governor makes decisions on various bills, the BNP will keep you updated.

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