FOR IMMEDIATE RELEASE

New York, New York
May 29, 2007

press release (PDF 108K)

The Partnership for New York City Members Join Governor's Panel to Help New York Retain Status As World Financial Capital

Governor Eliot Spitzer today announced the appointment of several members of the Partnership for New York City to the newly created New York State Commission to Modernize the Regulation of Financial Services, which will help New York maintain and improve its status as a world financial capital.

Those appointed to the panel include: Partnership Co-Chair Charles Prince, Chairman and CEO of Citi, and Lloyd C. Blankfein, Chairman and CEO of Goldman Sachs & Co., to represent the securities industry; Herbert M. Allison, Jr., Chairman, President and CEO of TIAA-CREF, Christopher M. Condron, Chairman and CEO of AXA Equitable, C. Robert Henrikson, Chairman, President and CEO of MetLife, and Martin J. Sullivan, CEO of American International Group, are representing the insurance industry; and Thomas A. Renyi, Chairman and CEO of Bank of New York, Seth Waugh, CEO of Deutsche Bank Americas, and Deborah C. Wright, President of Carver Federal Savings Bank are representing the banking industry on the Commission. H. Rodgin Cohen, Chairman of Sullivan & Cromwell, LLP was appointed as a lawyer with financial services expertise, and Kathryn S. Wylde, President and CEO of the Partnership for New York City is a member of the panel as a leader of the business community. Other member companies of the Partnership included on the panel are JP Morgan Chase & Co.; Debevoise & Plimpton, LLP; and Wachtell Lipton Rosen & Katz. Timothy F. Geithner, President of Federal Reserve Bank of New York, is an Ex-Officio of the Partnership’s Board of Directors.

“Governor Spitzer recognizes that New York is in fierce competition with other world cities to retain its status as the financial and business capital of the world,” said Kathryn Wylde. “Earlier this spring, The Partnership for New York City and PricewaterhouseCoopers LLP released a report showing that New York faces stiff competition for maintaining its leadership in the global capital markets, not only from London, but also from emerging financial centers, such as Shanghai and Sydney. In order to maintain New York's leadership in world financial markets, the regulatory systems of both our state and federal government need to be modernized. The Commission is an important step in that direction.”

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The Partnership for New York City (www.pfnyc.org) is a network of business leaders dedicated to enhancing the economy of the five boroughs of New York City and maintaining the city’s position as the center of world commerce, finance and innovation.