New York State Retirement System Should Sell Holding in Companies Involved in Hydraulic Fracturing That Do Not Voluntarily Comply With Federal Safe Drinking Water and Clean Water Acts
The Federal Energy Policy Act of 2005 sponsored by Dick Cheney’s Energy Task Force and the Bush Administration “amended the Underground Injection Control ("UIC") provisions of the Safe Drinking Water Act to exclude hydraulic fracturing from the definition of "underground injection1.” This exempted companies involved in hydro-fracking from Federal regulations concerning the chemicals and waste water used in the process. The documentary “Gasland” deals with this threat to the nation’s drinking water2 and calls attention to the danger that hydro-fracking poses to the watersheds supplying New York City and a large part of the 92nd District in Westchester County.
Sterne is going to attack the hydrofracking companies where it hurts them the most; the market value of their shares. By requiring the New York State Retirement Fund to divest its holdings in the stocks and bonds of these companies, their stakeholders and executives will have to get into voluntary compliance with the Clean Water and Safe Drinking Water Acts or suffer the loss of a major institutional investor.
The New York State Retirement System currently holds securities in the following companies involved in shale gas hydro-fracking: Apache Corp., Cabot Oil & Gas, Chesapeake Energy, Encana Corp., EOG Resources, Exxon/XTO Energy, Newfield Exploration, Range Resources, and Royal Dutch Shell, among others.3
“Water is our most important resource. We have to do everything we can to protect it. This bill will eliminate the conflict of interest between the Pension Fund’s mandate to maximize returns on investment and the Department of Environmental Conservation’s mandate to protect New York’s drinking water.” said Sterne.
About Anna Sterne
A lifelong Democrat and candidate for Richard Brodsky’s vacant Assembly seat in the 92nd District, Anna Sterne has dedicated 21 years of public service to the non-partisan organizations supporting and managing the schools. She has served on the Dobbs Ferry School Board for eight years, where she is known for working collaboratively and getting things done. If elected, Anna would be the only member of the New York State Assembly to have served on a suburban school board. Since school taxes represent about 2/3 of local property taxes in most of the 92nd Assembly District, Anna will bring the experience and insight to deal with this critical issue affecting every tax payer in Westchester County. Sterne is the mother of four children — three daughters and a son — all of whom have attended public school.
Professionally, Anna is a nurse and has a Master of Public Administration. She knows the healthcare system firsthand. She has cared for the disabled and the elderly. Sterne has worked in hospitals and homecare and understands Medicaid and Medicare inside out. She will fight to maintain essential services for our neediest citizens. Sterne will work to enforce vigorous regulation of the private health insurance companies and cap their premiums.
About the NYS 92nd Assembly District
The NYS 92nd Assembly District consists of the Towns of Greenburgh and Mount Pleasant and parts of northern Yonkers. It includes the Villages of Ardsley, Dobbs Ferry, Elmsford, Hastings-on-Hudson, Irvington, Sleepy Hollow and Tarrytown and the Hamlets of Hartsdale, Thornwood and Valhalla and communities of Edgemont, Fairview, Pocantico Hills and North Yonkers.
For more information, please contact info@annasterne2010.com or call +1 914 332 6444.
Sources: 1) New York State Department of Environmental Conservation web site, http://www.dec.ny.gov/energy/46445.html . Chuck Schumer, Nita Lowey, Eliot Engels, who represent the 92nd District in Washington, voted against Federal Energy Policy Act of 2005.
2) Gasland by Josh Fox. http://gaslandthemovie.com/
3) New York State Pension Fund Holding as of Year-End 2009: http://www.osc.state.ny.us/retire/word_and_pdf_documents/publications/cafr/asset_listings_09.pdf
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