BALCONY Praises Passage of $50 Million Revolving Small Business Loan Fund

NEWS RELEASE

BALCONY, the Business and Labor Coalition of New York, praised the New York Legislature and Governor David Paterson for their June 21st passage of an economic development budget bill that includes a $50 million revolving small business loan fund. The loan fund, which Governor David Paterson included in his latest budget extender, is supported by BALCONY who lobbied for its inclusion in the 2010-11 New York State Budget.

“Providing small businesses with access to capital in New York State is critical to overcoming the harsh economic environment that business owners are currently operating in. This $50 million fund is a tremendous step in the right direction. Not only will the fund encourage growth in the small business sector, but it will also create badly needed jobs for New Yorkers,” stated Bruce Ventimiglia, Co-Chair of BALCONY and Chairman and President of Saratoga Capital Management, LLC.

The $50 million revolving loan fund will provide loans to over 1,000 small businesses that are unable to obtain credit despite having a sound business plan or solid track record. The fund will create jobs in the short term and allow lenders to leverage additional federal funds for small business owners in the future.

Mark Jaffe, President of the Greater New York Chamber of Commerce, who has co-sponsored several BALCONY small business forums, expressed his support for the $50 million revolving loan fund saying it would, “provide a critical stimulus to New York State’s economy.”

BALCONY, the Business and Labor Coalition of New York, represents more than 1,000 New York businesses, labor unions, and trade associations. BALCONY seeks common ground in the public policy debate in New York to spur economic development through the adoption of business/union friendly, socially responsible common sense laws that maintain and improve the quality of life for working New Yorkers.

Paterson takes out his veto stamp, nixes education $$

By Jimmy Vielkind

Making good on his threat yesterday, Gov. David Paterson vetoed additional education funding and other additions slid into a budget passed today by legislators.

“Rather than act in the interests of the people of New York state, they have engaged in legislation that is in self-interest and presented us with a series of bills that have the same gimmicks, chicanery and avoidant conduct that has characterized fiscal management in this state for far too long,” Paterson told journalists in the Red Room. He said legislators were sending a message to New Yorkers that they wanted “mediocrity” in higher education by not allowing SUNY campuses to charge more tuition and that their rejection of a property tax cap he proposed means “property tax relief will have to give way to an election year gimmick.”

Using a stamp and black ink, he vetoed a line in the budget that added $419 million in school aid this fiscal year (or some $600 million continued over the next school year.) Paterson said he will repeat the process 6,900 times — and his aides say he must personally initial each veto, so there could be some logistical headaches — to nix $80-100 million in restoration to the Tuition Assistance Program and other educational subsidies as well as $185-190 million in re-appropriated pork.

The legislature’s budget was about $400-500 million more than an omnibus extender bill unveiled Friday by Paterson, according to Budget Director Bob Megna.

Paterson said he was “disappointed, stunned, and frankly chagrined” that legislators did not create a contingency fund, in case some promised Medicaid assistance from the federal government fails to materialize. He said legislators are “fantasizing” that the monies will come through, and are engaging in “distraction and rumor-mongering” when they claim action in New York might push federal senators not act.

“If they’re restorations that involve additional spending, I’m going to have to veto them,” Paterson said. “I never get any joy in vetoing education money…it breaks my heart to do this. The only reason I’m doing this is I think that other wise we are, proverbially, kicking the can down the road and creating a greater problem.”

An override of the vetos is unlikely in the Senate, where Democrats control a narrow majority in the 32-30 house. All of the Republicans voted against the budget bills adopted today, and Minority Leader Dean Skelos cast serious doubts on the possibility of an override.

Austin Shafran, a spokesman for Senate Democrats said Paterson’s veto was a “typical Albany power play with school children and taxpayers caught in the middle. We passed a balanced budget that makes tough cuts and smart restorations to protect education and health services.”

He said a veto override is “under discussion.”

Dan Weiller, a spokesman for Assembly Speaker Sheldon Silver, said he will discuss an override with the 107 members of his conference. That’s more than the 2/3 threshold of 100 votes. Silver released this following statement:

The budget passed by the Legislature would dramatically reduce state spending, restore funding for our schools and maintain our fundamental commitment to ensuring that SUNY and CUNY remain affordable for all New Yorkers.

Our financial plan is consistent with the plan the Governor proposed in his latest emergency bill, and provides adequate revenue to fund these critical restorations.

The Governor’s decision to veto these bills will mean larger classes, higher property taxes and more expensive tuition for SUNY and CUNY students.

BALCONY Hails Passage of Domestic Workers Bill of Rights

New York City, New York –BALCONY, the Business and Labor Coalition of New York, today (Tuesday) praised the Legislature and Governor Paterson for reaching a deal on the Domestic Workers Bill of Rights (S2311D/Diane Savino) (passed by the State Senate on June 1).

New York is home to over 200,000 domestic workers – maids, nannies, and elderly care assistants – who are often disrespected and undervalued despite their contributions to our families and homes. Most receive no overtime pay, health insurance, or vacation time. 67% of them make less than the living wage of $13.46 per hour.

Under the deal between Gov. Paterson and the Legislature, domestic workers will be entitled to at least one day off a week.

Employers will be required to pay overtime for any work over 40 hours a week. Domestic workers will be eligible for temporary disability benefits, unemployment insurance and workers’ compensation.

BALCONY urges the legislature to move quickly in approving the deal.

“This critical legislation will apply standards and guidelines for employers of domestic workers. Additionally it will provide for domestic workers’ inclusion in state labor laws from which they have been historically excluded,” stated BALCONY Co-Chair Alan Lubin.

BALCONY, the Business and Labor Coalition of New York, represents more than 1,000 New York businesses, labor unions, and trade associations. BALCONY seeks common ground in the public policy debate in New York to spur economic development through the adoption of business/union friendly, socially responsible common sense laws that maintain and improve the quality of life for working New Yorkers.

BALCONY relocated…

As of ???, BALCONY will be in new offices at ???

Our telephone number remains the same: (212) 219-7777

Please feel free to drop by and say “hello”

Lou Gordon, Director

BALCONY Urges Governor Paterson to Sign Domestic Workers Bill of Rights

NEWS RELEASE

New York, New York – BALCONY, the Business and Labor Coalition of New York (www.balconynewyork.com), today (Wednesday) announced its endorsement of a Domestic Workers Bill of Rights (S2311D/Diane Savino) passed by the State Senate on June 1. BALCONY urges Governor David Paterson to sign this critical legislation, which would provide long overdue justice to over 200,000 domestic workers who make New York State their home.

These workers – maids, nannies, and elderly care assistants – are often disrespected and undervalued despite their contributions to our families and homes. Most receive no overtime pay, health insurance, or vacation time. 67% of them make less than the living wage of $13.46 per hour.

“This critical legislation would apply standards and guidelines for employers of domestic workers. Additionally it would provide for domestic workers’ inclusion in state labor laws from which they have been historically excluded,” stated BALCONY Co-Chair Alan Lubin.

BALCONY, the Business and Labor Coalition of New York, represents more than 1,000 New York businesses, labor unions, and trade associations. BALCONY seeks common ground in the public policy debate in New York to spur economic development through the adoption of business/union friendly, socially responsible common sense laws that maintain and improve the quality of life for working New Yorkers.

State’s emergency spending bill OK’d by Senate, 34-27

by Tom Precious

ALBANY — With just hours to go before a threatened shutdown of state government, three Senate Republicans broke with their colleagues Monday to join Democrats in approving an emergency spending bill to keep agencies open and funding available for everything from nonprofit programs to unemployment checks.

The game of chicken, however, could be repeated in just one week unless talks to resolve the much-delayed state budget for the current year gain more steam in coming days.

Behind closed doors, a tentative deal has been reached to close part of the projected $9.2 billion deficit by collecting taxes on cigarettes sold by Indian retailers. That decades-old conflict between the state and tribes, has been led largely by the Seneca Nation of Indians, the country’s biggest tax-free cigarette sellers.

Lawmakers face pressure to come up with new revenues to limit cuts to popular spending programs. Legislative leaders are trying incorporate as much as $100 million from collecting the tax on sales by reservation business to non- Indians, government officials told The Buffalo News. The current plan calls for issuing coupons to Indians to buy cigarettes tax-free, but requiring wholesalers to place tax stamps on all other cigarettes distributed to Indian retailers.

It would be at least the third attempt in the past 10 years or so to try to collect the taxes, which Seneca leaders say would be an illegal move because of centuries-old treaty rights.

Officials are eyeing starting collections as soon as Sept. 1, while imposing a broader $1-per-pack cigarette tax increase across the state to bring in another $200 million.

Passage of the $14 billion emergency spending bill averted the state government shutdown, which Gov. David A. Paterson had warned would have begun this morning. The measure largely covers human services and mental health programs.

Its fate became somewhat cloudy when two Democrats in the State Senate, where the party holds a 32-30 majority, threatened to vote “no,” depriving it of the 32 votes needed for passage. In the end, the bill passed 34-27, with three GOP lawmakers joining 31 Democratic senators.

“To not pass this extender would drive New York into a state of chaos,” said Sen. Hugh T. Farley, a Schenectady Republican who joined Democrats. Farley faces a serious contest for re-election in November in a district with tens of thousands of state workers.

Two other Republicans — State Sens. Roy J. McDonald of Saratoga County and Charles J. Fuschillo Jr. of Merrick on Long Island — also voted for the bill; all Republican senators from Western New York all opposed it.

Statewide, all Democrats in the State Senate — except Ruben Diaz Sr. of the Bronx — backed it.

To try to win Diaz’s support, negotiators had included $188 million in a program that provides an array of services to low-income people, an $18 million increase over what Paterson proposed.

Still, Diaz voted against it because it cuts social programs used extensively in his district heavily populated with poor people.

“Hey, listen to me ladies and gentlemen, I’m not voting for cuts today and not next week,” Diaz told his colleagues during a floor debate.

Diaz bristled at his fellow Democrats. “I’m only one vote, so don’t put that on me,” he said of suggestions by Democrats that he was abandoning them and forcing them to rely on Republicans or face a government shutdown.

The Assembly, where Democrats hold a wide margin, approved it, 87-49.

The measure was the 11th weekly emergency spending bill since the state’s fiscal year began April 1 without a annual budget. In all, those weekly bills already have included nearly $80 billion in spending for the current year — almost 60 percent of what officials believe will be a final budget amount of about $135 billion.

Senate Democrats say the emergency bills have closed $1.1 billion of the $9.2 billion spending gap, meaning an increasingly shrinking portion of the budget will have to deal with the remaining red ink.

With all members of the Legislature up for re-election, increasingly thorny issues remain undecided. They include funding for the state’s 700 public school districts and whether to raise taxes and and borrow extensively to offset cuts needed to close a $9.2 billion budget the deficit.

The new bill saves about $325 million in various mental health and human services programs. But it also will be expensive for local governments, mainly counties, because of what Senate Democratic aides described as about $100 million in various cost-shifts from the state to localities, such as payments for juvenile justice programs. That, Republicans say, will hit property taxpayers and local services.

To lure votes, Paterson backed down from including collection of the cigarette tax in the measure adopted Monday. Republicans had vowed to vote against any emergency bill with tax increases.

With Diaz and Farley threatening not to vote for another emergency bill next week, Paterson faces several choices: reach a full budget deal so an emergency bill is not needed, make the next “extender” bill non-controversial by avoiding cuts so Democrats can count on Diaz’s vote or shape it in a way to keep luring some Republicans to vote for it.

Legislative leaders insist a broader deal is close. , but Paterson told a handful of reporters in his office Sunday night that the sides are “very far” apart, and that lawmakers are boasting of progress to put pressure on him to propose emergency bills that are easier to pass.

Legislators cannot change the governor’s emergency measures; they can only vote them up or down.

If legislators fail to approve the emergency bills — which they cannot amend — the state cannot spend money.

“We are moving closer and closer on an overall budget plan,” said Assembly Speaker Sheldon Silver after emerging from a private meeting with Paterson and Senate Democratic Conference Leader John Sampson. Still, he said the sides were at least $1.3 billion apart in closing the $9.2 billion gap — a difference Paterson has put more at $2 billion apart.

Democrats portrayed Republicans as taking the government to the brink of closure. But Republicans noted the state — run by a Democratic governor and Democratic Legislature — has been without a budget since April 1, forcing the state to delay funding for schools, not-for-profits and road contractors.

“Government has been closed down, maybe not for everybody, but for a substantial number of people in the state of New York,” said Sen. John A. DeFrancisco, a Syracuse-area Republican.

Democrats in the Senate insisted they don’t like the emergency budget route, but have little choice with no broader budget deal at hand and the alternative being to close down the government.

“We are moving closer and closer on an overall budget plan,” said Assembly Speaker Sheldon Silver after emerging from a private meeting with Paterson and Senate Democratic Conference Leader John Sampson. Still, he said the sides were at least $1.3 billion apart in closing the $9.2 billion gap Ô a difference Paterson has put more at $2 billion apart.

Democrats portrayed Republicans as taking the government to the brink of closure. But Republicans noted the state … run by a Democratic governor and Democratic Legislature … has been without a budget since April 1, forcing the state to delay funding for schools, not-for-profits and road contractors.

“Government has been closed down, maybe not for everybody, but for a substantial number of people in the state of New York,” said Sen. John DeFrancisco, a Syracuse-area Republican.

Democrats in the Senate insisted they don’t like the emergency budget route, but have little choice with no broader budget deal at hand and the alternative being to close down the government.

“You can’t afford to shut government down,” said Sen. William T. Stachowski, a Lake View Democrat. “No matter what we have to deal with, it’s worse to shut it down.”

Statement of PEF President Kenneth Brynien on Comptroller DiNapoli’s commitment to the state’s pension fund

Albany -The New York State Public Employees Federation (PEF) applauds and supports state Comptroller Thomas DiNapoli’s stand on protecting the state’s pension fund.

Comptroller DiNapoli has proven himself a tenacious defender of the fund and we have full faith and confidence in his ability to continue to protect the fund.

New York State’s pension fund is one of the few pension funds in the country that has remained fully funded during the economic downturn. The comptroller’s commitment to protect the fund from political tampering is one of the reasons the fund hasn’t slipped, the way many other public pension funds have.

PEF is the state’s second-largest state-employee union, representing 58,000 professional, scientific and
technical employees.

Survey: Tax rich to save schools

State teachers union poll reveals public backs shift of burden to wealthy

By RICK KARLIN, Capitol bureau

ALBANY — Message to incumbents: Raising taxes could be good for your political health. That’s right, good, at least if it’s a tax hike for the wealthiest of New Yorkers.

Those are the findings from a poll the state teachers union, New York State United Teachers, recently commissioned.

The union surveyed voters in three swing districts and asked them whether they would be more or less likely to vote for their representatives if they supported a millionaire’s tax as a way to avert deep education cuts.

In all three districts, voters by a 37-18 point margin said they’d be more apt to support their lawmakers if they moved to raise taxes for the wealthy if it meant saving their schools from budget cuts.

Two temporary income tax hikes were included in the survey: An additional 1 percent for those earning more than $1 million and 2 percent for incomes over $5 million.

The state’s top income tax bracket is 8.97 percent so the rate cited in the survey would go up to 9.97 and 10.97 percent respectively.

Critics might argue that the poll narrowly defines the terms under which a tax hike for the rich would be palatable for voters.

But it’s the latest example of how, behind the scenes, various interest groups are continuing to look at a temporary high-end income tax hike to help deal with the state’s $9.2 billion deficit, despite statements by most politicians that they don’t want to raise taxes.

The voters surveyed were in districts represented by Democratic Senators Brian Foley, in Long Island’s Third District and William Stachowski in Buffalo’s 58th. The polling firm, Hart Research Associates, also queried voters in the 138th Assembly District in Niagara County held by Democrat Francine DelMonte.

Those districts are contested. Long Island has been a traditional GOP stronghold and it’s no secret that Senate Republicans would like to have Foley’s seat, which he won in 2008, back in their corner. Stachowski has been targeted by Republicans who believe he’s beatable, and DelMonte faces a primary challenge from a former Niagara Falls City Council member.

All three know about the survey, which hasn’t been publicized by NYSUT.

The union stresses that its not trying to influence these particular lawmakers, but was instead trying to take measure of how voters in bellweather districts would view a high-end income tax surcharge. That in turn, could provide insight into whether such a plan would fly among the bulk of lawmakers.

In those districts, 56 percent said they “strongly” favor the $1 million/$5 million tax hike compared to 14 percent who “strongly” oppose it.

Voters also favor taxing Wall Street banks and investment firms based on the size of their bonuses.

But lawmakers who are looking at a tax hike are said to be focusing more on personal income taxes because they believe banks and investment firms would figure out ways to avoid the increase.

The idea of an income tax increase has been something of a constant theme that’s been just below the surface in the ongoing saga of the 72-day-late state budget.

Assembly Speaker Sheldon Silver, according to earlier reports, had pushed for an increase on incomes above $1 million but Gov. David Paterson has said he’s against the idea, noting they already raised taxes last year, and it didn’t generate the revenue they had hoped for.

Then, some Senate Democrats quietly floated an increase on those earning more than $5 million.

Republicans have said they would oppose any tax hikes.

Indeed, most Democrats publicly say they are against tax increases. There have been a few exceptions, though. Sen. Pedro Espada, D-Bronx, who has threatened to derail the fragile week-by-week temporary spending bills lawmakers are passing until they complete the 2010-11 budget, on Monday called for a millionaire’s tax.

And last month, Assemblyman Daniel O’Donnell, D-Manhattan, also called raising taxes on those earning $1 million or more.

How many New Yorkers earn that amount?

In 2007, there were 44,713 New Yorkers who filed returns for incomes at or above $1 million, according to research from the Fiscal Policy Institute, a labor-backed think tank that favors the increase. They estimate approximately 4,800 people earned $5 million or more. Those numbers may have fallen since the recession, began, though.

The bulk of these earners live in New York City, Long Island, Westchester and Putnam counties, said James Parrott, the Fiscal Policy Institute’s deputy director and chief economist.

“It’s basically a downstate tax,” he said of the potential increase.

Overall, 8.1 million people filed income tax returns in 2007.

Parrott added that he believed the concept was still being actively pursued among lawmakers. “It does seem like it’s being considered.”

New York Seeks to Pay Pension Fund Using Borrowing

by Danny Hakim

ALBANY — Gov. David A. Paterson and legislative leaders have tentatively agreed to allow the state and municipalities to borrow nearly $6 billion to help them make their required annual payments to the state pension fund.

And, in classic budgetary sleight-of-hand, they will borrow the money to make the payments to the pension fund — from the same pension fund.

As word of the plan spread, some denounced it as a shell game and a blatant effort by state leaders to avoid making difficult decisions, like cutting government spending or reducing pension benefits.

“It’s a classic Albany example of kicking the can down the road,” said Harry Wilson, the Republican candidate for comptroller, who holds an M.B.A. from Harvard.

Pension costs for the state and municipalities are soaring, a result of enhanced retirement benefits for public employees and the decline in the stock market over the past two years. And, given declines in tax revenue and larger budget shortfalls, the governments are struggling to come up with the money to make the contributions.

Under the plan, the state and municipalities would borrow the money to reduce their pension contributions for the next three years, in exchange for higher payments over the following decade. They would begin repaying what they borrowed, with interest, in 2013.

But Mr. Paterson and other state officials hope the stock market will have rebounded to such a degree by that time that the state’s overall pension contribution burden will have been reduced.

The maneuver would cost the state and local governments about $1.85 billion in interest payments, according to an estimate by the State Senate, though a number of factors could drive interest payments up or down.

Another oddity of the plan is that the pension fund, which assumes its assets will earn 8 percent a year, would accept interest payments from the state that would probably be 4.5 percent to 5.5 percent.

This would be only the second time the state has borrowed money from its pension fund, and it would involve much more money than the previous time, which occurred in the aftermath of the Sept. 11 terrorist attacks. New York State faces a $9.2 billion deficit this fiscal year, which began on April 1, and the budget is already more than two months late. The governor and legislative leaders are under pressure to make structural changes that will bring new discipline to state spending, but few expect them to do so.

Instead, they are expected to rely heavily on borrowing, tax or fee increases and an array of one-time maneuvers, like tapping the coffers of public authorities.

The governor and Comptroller Thomas P. DiNapoli back borrowing against the pension system, and a tentative agreement to do so was reached after negotiations on Thursday among key lawmakers and the governor’s representatives. The plan excludes New York City, which has its own pension system.

The initial plan in the governor’s budget called for the borrowing of up to $9 billion over the next six years.

Under the agreed-upon plan, the state would be authorized to borrow $1.5 billion to $2 billion over the next three years, according to forecasts provided by the governor’s office and the Senate. Municipalities would be allowed to borrow nearly $4 billion, according to a Senate estimate.

Senator Diane J. Savino, a Staten Island Democrat who negotiated the agreement for the Senate, said she pushed for a limit.

“There’s a question as to whether or not we should do this,” she said, adding, “I didn’t want to leave it open-ended, because six years is too long. The temptation is too great to do it over and over again.”

As part of the plan, the state and municipalities will have to make higher minimum payments into the pension system during bull markets to mitigate the impact of market crashes.

The governor’s plan, which was included in his executive budget in January, only highlighted the savings that the plan would reap over the next few years and included no mention of the long-term costs.

The amount borrowed would depend on various factors, like the stock market’s performance, which has fallen sharply since the fiscal year ended in March. The plan also allows state and local governments to choose whether to borrow from the pension fund each year, so much depends on whether future leaders choose to do so.

But with pension-contribution rates expected to climb over the next few years, political pressure is likely to be high to defer payments in a climate in which budget problems are coming from many directions.

Those pushing the plan are taking pains to avoid describing it as “borrowing,” saying they are seeking to amortize or “smooth” pension contributions. That is in part because they have distanced themselves from a plan proposed by Lt. Gov. Richard Ravitch that would have the state borrow as much as $6 billion for general operating expenses over the next three years in exchange for budget reforms.

“We’re not borrowing,” said Robert Megna, the state budget director and one of the governor’s top advisers.

Mr. DiNapoli, the comptroller, said: “We would view it more as an extended-payment plan.”

Asked about the pension plan, Mr. Ravitch said, “Call it what you will, it’s taking money from future budgets to help solve this year’s budget.”

Mr. Megna, when reminded that the plan envisioned delaying an obligation today and eventually paying it back with interest, softened his view in the process of a lengthy interview.

“I’m not going to sit here and characterize it as not a borrowing,” he said. “But it is an annual, relatively small borrowing we’re doing this year that were doing to get a modest savings.”

In 2004 and 2005, the state borrowed $655 million from the pension fund; it still owes more than $400 million.

Budget negotiations are expected to continue through the weekend, as state leaders push to reach a broad budget deal. What has become clear is that substantial borrowing will be part of the budget, leaving only the question of the amount.

This week, Mr. Paterson called borrowing “a last resort,” but added, “I have never said I wouldn’t borrow.”

BALCONY Supports Legislation to Extend Martin Act, Allow Investors to Take on Corporate Fraud at State Level

NEW YORK, NY (06/11/2010)– BALCONY,‭ ‬the Business and Labor Coalition of New York,‭ ‬today‭ (Monday) ‬announced its support of legislation‭ ‬that would give institutional investors the power to bring actions at the state level for damages incurred as a result of corporate violations of the Martin Act.

The Martin Act, established in 1921, gives sweeping powers to the state’s attorney general to prosecute financial fraud but does not give private or institutional investors any right of action when state securities laws are violated. Additionally,‭ ‬while the Federal class action statute for securities fraud permits State court suits for large pension funds,‭ ‬New York State law does not give Martin Act standing to those pension funds.

Alan Lubin, Co-Chair of BALCONY, argued that this catch-22 has left large institutional investors, like public pension funds, with no remedy for damages and losses sustained as a result of corporate wrongdoing, “New York State’s public pension funds lost nearly $100 billion in value as a result of the recent financial meltdown. This critical legislation would protect union members and their families and ensure that our state’s public pension funds are guarded against future corporate fraud.”

The bills S.5768 (Schneiderman) and A.8646-A (Brodsky‭) ‬would amend the Business Corporation Law and the Retirement and Social Security Law to allow investors, including New York State and City pension funds, to bring state level actions for damages resulting from corporate violations of the state’s securities laws, something they currently can only do at the federal level.

According to Richard Winsten, attorney and Co-Chair of Meyer, Suozzi, English & Klein, P.C.’s Government Relations practice, this legislation is necessary because,”Federal securities laws don’t suffice. The SEC missed the whole Madoff scandal despite having it shoved under their noses. New York public pension funds, university endowments, Madoff victims have lost hundreds of millions of dollars but have no effective way to seek restitution This bill, while it cannot restore the losses sustained by so many, is an important step towards protecting the public against future corporate fraud.”

BALCONY member Barry Weprin, a partner at Millberg, LLP added, “Passage of the legislation will help to level the playing field between wrongdoers and their victims and protect against fraudulent securities practices. “

New York City Comptroller John C. Liu voiced his support of the bill saying, “New York is one of the few states in the nation that does not currently provide a private right of action for violation of its securities laws. Recent events have amply demonstrated the enormous costs associated with unlawful investment practices. It is clear that public pension funds and other institutional investors need effective legal means to recover such losses from those responsible.”

At a May 20th New York City briefing for labor unions on the New York State economy New York State Comptroller Thomas DiNapoli joined Comptroller Liu in expressing his support of the legislation.

BALCONY urges its members and the New York State Legislature to voice their support for this important bill.

For more information contact: Nicholas Kapustinsky at BALCONY: 212-219-7777