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History
- Referred to energy and telecommunications
Full text
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Sponsor's memo
BILL NUMBER:S2038
Title of bill
An act to amend the public service law, in relation to the powers of the public service commission
Summary
This bill would amend subdivision 19 of section 66 of the Public Service Law to vest the authority of the Public Service Commission to fix the compensation of any member of the Board of Directors of any gas or electric corporation at any amount it deems appropriate. The PSC would also have the power to remove any or all members of such Board of Directors. These sanctions would be available to the Public Service Commission upon a finding by the Commission that such corporation has committed a gross error in the management of such corporation.
Justification
At present, the Public Service Commission has certain regulatory authority over gas and electric utilities, but this authority does not include the fixing of compensation of members of the Board of Directors or their removal from office. This bill would vest the PSC with such authority, provided that a finding has been made that the corporation had committed a gross error in the management of such corporation.
Fiscal implication
To be determined.
Effective date
This act shall take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.