Press Release

Senator Gillibrand Set to Meet with Fed Chairman Tomorrow, Hopes To Hear Plans to Help New York’s Economy

Mar 11, 2009

Washington, D.C. – New York Senator Kirsten E. Gillibrand hopes to hear more details about plans to help New York’s economy when she joins with other freshman Democratic Senators to meet with Ben Bernanke, Chairman of the Federal Reserve Board tomorrow.As Senator Gillibrand travels across the state, the number one concern on the minds of most New Yorkers is the economy, in particular the housing and foreclosure crisis, accountability and safeguards for the use of taxpayer money, and efforts to maintain New York’s status as the financial capital of the world.

“This economic downturn has been devastating for many communities,” said Senator Gillibrand. “Too many New York families are losing their jobs, homes, and economic security. My number one priority in the Senate is working with the Obama Administration to fix this economy and create good-paying jobs.  I hope to hear greater detail from the Federal Reserve Chairman about how we will provide relief to New York families and ensure New York’s status as the world’s financial capital.”

Ensuring New York City is the Financial Capital of the World

Senator Gillibrand hopes to hear Chairman Bernanke’s plans to reform the financial system and maintain New York’s status as a global financial center.  The financial industry constitutes more than five percent of New York City’s employment and 25 percent of its wages.  In total, the financial industry represents one-fifth of New York State’s revenue. Last fall’s financial crash has caused more than 40,000 financial jobs to leave the New York City.  Senator Gillibrand will work with Chairman Bernanke and the Obama Administration to come up with a comprehensive plan to reform the U.S. financial system and rebuild New York’s financial industry.

Keeping New York Families in Their Homes

Senator Gillibrand hopes Chairman Bernanke will address the housing crisis.  New York has been hit hard by the housing crisis – in Long Island, Queens and Brooklyn, as many as one in a 1,000 homes have been foreclosed on, and thousands more families still face the possibility of foreclosure. Each foreclosed home reduces neighboring home values by as much as 9 percent, aggravating the housing market and causing more families to lose their jobs. Senator Gillibrand pledges to work with Chairman Bernanke and others in the Obama Administration to keep New York families in their homes.

Safeguarding Taxpayer Money

Senator Gillibrand hopes Chairman Bernanke will discuss his plans to protect taxpayer money and ensure that they receive an appropriate return on their investment.  The federal government must make sure that the money being invested in banks is used to effectively stabilize the financial system and protect jobs.  Senator Gillibrand will work with Chairman Bernanke and others in the Obama Administration to ensure accountability and transparency in the economic recovery process.