New York Senate Bill S06850

New York 2025-2026 Regular Session

• Introduced: 3/25/25
• Refer: 3/25/25
• Refer: 1/7/26

Caption

Establishes a state university of New York career pilot program to encourage individuals in college to enter the financial planning industry; utilizes campus resources to encourage a well-rounded program and diverse student involvement.

Summary

This bill would create a three-year State University of New York financial career pilot program aimed at encouraging college students to enter the financial planning industry. The SUNY Board of Trustees would be responsible for establishing the program, either directly or in partnership with a company that runs financial career initiatives, and for coordinating it with campus resources such as multicultural centers and career counseling centers to promote broader student participation. The pilot program would include a paid internship at an approved financial institution, career counseling, preparation for the Securities Industry Essentials exam, and a minimum GPA requirement of 2.8 on a 4.0 scale. The Board would also set eligibility criteria for participating financial institutions, including an application process, virtual orientation, a set student wage, mentor-to-student ratios, and reporting requirements on student performance and program outcomes. The Board must monitor the program and report to the Legislature within one year and annually thereafter until the program expires.

Impact

The bill would amend the Education Law by adding a new section 355-f to authorize SUNY to run a temporary financial career pilot program. It would not broadly change higher education law, but it would create new responsibilities for the SUNY Board of Trustees to administer internships, set participation standards for financial institutions, and collect and report program data. The act would take effect immediately and automatically repeal itself three years later, limiting its long-term legal effect unless later renewed or made permanent.

Sentiment

The available context suggests a generally supportive and workforce-development-oriented purpose, with the bill framed as a way to expand student access to careers in financial planning and to use campus support services to reach a diverse student population. No committee transcript or vote record is available, so there is no direct evidence of formal opposition or amendment debate in the provided materials. The bill’s structure as a pilot program with reporting requirements also suggests an emphasis on evaluation and cautious implementation.

Contention

The main potential points of contention are likely to be the GPA threshold, the requirement for paid internships, and the administrative burden placed on SUNY and participating financial institutions. The bill also gives the Board discretion to determine wage levels, mentor ratios, and institution eligibility, which could raise questions about program design and fairness. Because the program is targeted at financial planning careers and tied to specific campus resources, some may question whether it sufficiently reaches all students or whether it favors certain institutions and students over others.