Morgan Simons reports:

With many corporations having capitalizations that make them larger than countries, it can sometimes feel hard to imagine governments effectively being able to set limits on companies — let alone entire industries. We’ve seen this recently in the case of tech monopolies having federal regulatory agencies completely befuddled, or, on a more local level, the difficulty communities have getting corner stores to sell more fresh food and less cigarettes and liquor.

One interesting exception to this rule is the private prison industry; where the government (given they are the largest client) is uniquely positioned to effectively regulate the sector — or, as many would argue, to eliminate private prisons entirely, given their problematic incentive to encourage the criminalization of vulnerable communities. This includes at our southern border, where the vast majority of immigrant detainees seeking refuge are held in for-profit facilities. 

New York State has been leading the way in flexing its muscles with respect to the private prison industry, having taken three concrete actions against private prisons: 1. prohibiting private prisons from operating within the state, 2. divesting state pension funds from the largest private prison companies, GEO Group and CoreCivic, and then just last week, 3. passingBill S5433 in the State Senate, which would prohibit NY State-chartered banks from “investing in and providing financing to private prisons.” 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.  

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