New York State has been leading the way in flexing its muscles with respect to the private prison industry. Let’s take a look at what these three policies in concert mean, and what may come next as Bill S5433 goes to the Assembly and ultimately the Governor for approval as soon as this week.
Bank restrictions
On June 11, 2019, the New York State Senate passed Bill S5433, prohibiting banks chartered in the state, whether US or international, from financing private prisons.The goal is to starve private prisons of capital. My constituents do not put their hard-earned savings in a bank like the one we are standing in front of today expecting that those funds will be used to finance mass incarceration. Whether through organizing and community pressure, or tools like the bill I am announcing here today, we can and we must bring an end to private prisons.”organized as Real Estate Investment Trusts
, such that they must distribute a minimum of 90% of profits — and thus without significant retained earnings, must rely on bank financing to execute their work. According to Senator Benjamin, it’s important to note that in New York, foreign banks are included in the institutions currently financing private prisons, including British.
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