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| THOMPSON: NYC IS PREPARED FOR TRYING TIMES
New York City Comptroller William C. Thompson, Jr. recently has addressed uncertainties about New York City’s economic future by insisting that New York City will be able to overcome the financial obstacles ahead.
“With every downturn New Yorkers have encountered our city has rebounded stronger than before,” Thompson said. “That is the spirit of New York City. We are fighters. We are resilient. We are innovators.”
Amid the chaos on Wall Street, the Comptroller offered assurances to members of the New York City Pension Funds, highlighted steps taken by the City and Comptroller’s Office to weather any fiscal storm, and assessed the impact of the current crisis on the city.
“New York faces greater challenges than perhaps at any time since 9/11 and the recession that gripped our city then,” Thompson said. “It will take months if not years to understand the full impact of the current crisis in international financial markets, but one thing is certain: The crises roiling the economy are already having a disproportionate impact on families here in the nation’s financial capital.”
“It is important for me to reassure the approximately 640,000 retirees, beneficiaries, and City employees who are invested in the system that their money is safe and secure,” he said.
The New York City metropolitan area accounts for roughly six percent of the nation’s population but is responsible for about $1.25 trillion – or nine percent - of the $13.8 trillion total gross domestic product for the United States, in large measure due to the significance of the finance industry on our local and national economy. The securities industry represents about five percent of jobs in the city and about 20 percent of all wages.
Thompson serves as investment advisor to the five New York City Pension Funds, with assets of more than $100 billion.
“The current turmoil on Wall Street will obviously have major adverse impacts on New York City’s economy,” he said, adding that Wall Street dislocations will impact the city’s tax revenue. “In the long-term, we as a city are well-positioned to survive the current crisis. New York City has weathered other troubles on Wall Street before…A city that is safe, good for business and rich in tourism offerings is a city that will continue to thrive.”
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| THOMPSON RELEASES NYC BANKING DEVELOPMENT DISTRICT BROCHURE
Comptroller Thompson has issued a new brochure spotlighting the city’s Banking Development District program, in which banks receive below-market rate deposits and in return, neighborhood residents and small businesses have access to full banking services, reduced-rate loans and financial literacy classes.
“By providing banking services to more New Yorkers, we help secure a better economic future for everyone living in the five boroughs,” Thompson said. “I am extremely proud of the New York City Banking Development District program and am committed to bringing more banking services to more New Yorkers.”
A Banking Development District (BDD) is an area that the New York State Banking Department has designated as under-banked. In 2003, Thompson joined Mayor Michael R. Bloomberg and Finance Commissioner Martha E. Stark to establish the City’s BDD program. To date, the City has deposited $200 million into BDD branches to support local banking services.
Thompson’s new brochure – available at www.comptroller.nyc.gov – identifies the 23 BDD branches in the five boroughs – including ones in Harlem, East New York, Soundview, Jamaica, and St. George – that has received the funds. |
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THOMPSON ANNOUNCES NYCERS PURCHASE OF $15M IN STATE OF ISRAEL BONDS
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| Comptroller Thompson announces NYCERS’ purchase of $15 million in State of Israel Bonds at a September dinner. Pictured with him (l to r) are Stuart Appelbaum, President, Retail, Wholesale & Department Store Union and International Vice President, United Food and Commercial Workers International Union; Joshua Matza, President and CEO, Israel Bonds; and Michael J. Lazar, Chairman, Cambridge Companies. Photo: Marla S. Maritzer |
Comptroller Thompson announced on behalf of the New York City Employees’ Retirement System (NYCERS) the purchase of $15 million of State of Israel fixed-rate bonds. The bonds, purchased from the Development Corporation for Israel, have a final maturity of 2 years.
“The purchase of these bonds will strengthen and diversify the NYCERS portfolio, assist the State of Israel, and demonstrate our continued confidence in Israel’s economy,” Thompson said. “I am proud that the New York City Pension Funds have been able to serve the best financial interests of their members while furthering a tradition of support for a great ally. Friends and supporters of Israel in the United States helped create the economic foundation that has allowed Israel to grow into a strong and vibrant nation.”
This is the third direct purchase of bonds from the State of Israel by a New York City pension fund system. In 2003, the Teachers’ Retirement System (TRS) purchased $5 million in State of Israel bonds. TRS made a second $5 million purchase in 2004.
Israel Bonds President and CEO Joshua Matza, a former Israeli Cabinet Minister and member of the Knesset, Israel’s parliament, said: “Once again, Mr. Thompson has demonstrated his abiding confidence in the growth and development of Israel’s economy and his personal commitment to America’s best friend and strongest ally in the Middle East.” |
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