Adams Convenes Independent Panel of Experts to Advise City on Money Matters

Adams Convenes Independent Panel of Experts to Advise City on Money Matters

By Forum Staff

Mayor Eric Adams on Tuesday announced an independent Budget Advisory Panel that will help the City identify creative ways to protect vital services for New Yorkers, achieve efficiencies and cost savings, and maximize federal and state aid to the city. Assembled by the Partnership for New York City at the request of the Adams administration, and led by former Obama administration U.S. Department of the Treasury official Antonio Weiss, the panel consists of independent experts with experience in federal, state, and city government, as well as in the private sector.

The Budget Advisory Panel has been meeting regularly for the past six weeks with current and former city, state, and federal officials and other stakeholders to review data on the City’s current fiscal situation and consider the range of opportunities for reducing gaps and strengthening the city budget, Adams noted. The panel had no input on the Fiscal Year 2025 Preliminary Budget but is supportive of the decisions made and will have further comments during budget negotiations. When the panel has relevant findings and recommendations, they will be shared with City Hall and the public.

“Throughout New York City history, those who love and care about our city’s future have come together during moments of crisis to help be a part of the change. The formation of this independent Budget Advisory Panel is one of those moments,” said Adams. “This esteemed group of independent, cross-sector experts have come together with one goal: continue to strengthen the City’s financial position and deliver on the needs of working-class New Yorkers. I look forward to working with this panel to help write the next chapter of our city’s story.”

Currently, Weiss is an investor at SSW Partners LP, a trustee of the Citizens Budget Commission, and a fellow at the Harvard University John F. Kennedy School of Government.

The rest of the panel members are:

Adam Blumenthal previously served as the City’s first deputy comptroller and chief investment officer between 2002 and 2005. He also served as the investment chair of the United Auto Workers Retiree Medical Benefits Trust and investment chair of the Community Service Society of New York. Currently, Blumenthal is the founder and chairman of Blue Wolf Capital Partners.

Abby Joseph Cohen is a professor at Columbia Business School. Currently, Joseph Cohen is a member of the New York State Assembly’s Board of Economic Advisors.

Carol O’Cleireacain served as budget director and commissioner of the City Department of Finance under Mayor David Dinkins. Currently, she is an adjunct professor at Columbia’s School of International and Public Affairs and a member of the Council on Foreign Relations.

Martha E. Stark was the commissioner of the City Department of Finance. She previously served as a White House Fellow at the U.S. Department of State and a board member of the Lambda Legal Defense and Education Fund. Currently, Stark is a professor at New York University Wagner Graduate School of Public Service and a life trustee of the New York University Law School Foundation Board.

Robert Steel was the City’s deputy mayor for economic development under Mayor Michael Bloomberg. Steel also served as U.S. Treasury undersecretary for domestic finance, CEO of the Wachovia Corporation, and a partner at Goldman Sachs. Currently, Steel is a partner and vice chairman of Perella Weinberg Partners.


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