NYS Seal


(Oral Testimony by Invitation Only)


Impact of the Global Financial Crisis on the New York State Economy


To review the impact of the rapidly declining financial markets and federal response to the crisis on New York State's economy, and to discuss the appropriate state policy responses.


Assembly Hearing Room
250 Broadway
19th Floor, Room 1923
New York, New York

Tuesday, October 28, 2008

This hearing will be the first in a series of hearings intended to assess the impact of the current global economic crisis on New York State's working families, businesses, and communities. In this first hearing, the Committee is seeking input on the state's long-term economic outlook, how federal policy actions will affect this outlook, and which policy actions the state may be able to take to ease the effects of this crisis. Subsequent hearings over the next several weeks will focus on other areas impacting the fiscal health of the state, including the Governor's modifications to the state budget.

The global economy is suffering through an unparalleled financial crisis. The U.S. economy is in recession and what began with the failure in the subprime mortgage market has led to an economic collapse of historic proportions. Paralyzing uncertainty, a combination of negative forces, and an unprecedented Wall Street restructuring are threatening the health of the entire economy and restraining growth. Global and national indicators of the economy's health continue to decline at a rapid pace, leading to extraordinary governmental actions in an attempt to stabilize worldwide markets. This crisis presents particular challenges to New York State: Wall Street and the financial markets play a central role in the state economy, and drastic cuts in Wall Street compensation and the resulting reductions in Wall Street tax revenues affect the state's ability to fund those programs that are essential for long-term economic growth, such as infrastructure, the education and higher education systems, the revitalization of the upstate economy, and the reconstruction of Lower Manhattan.

Oral testimony will be accepted by invitation only. Ten copies of any prepared testimony should be submitted at the hearing registration desk. The Committee would appreciate advance receipt of prepared statements. In preparing the order of witnesses, the Committee will attempt to accommodate individual requests to speak at particular times in view of special circumstances. These requests should be made on the attached reply form or communicated to Committee staff as early as possible.

In order to meet the needs of those who may have a disability, the Assembly, in accordance with its policy of non-discrimination on the basis of disability, as well as the 1990 Americans with Disabilities Act (ADA), has made its facilities and services available to all individuals with disabilities. For individuals with disabilities, accommodations will be provided, upon reasonable request, to afford such individuals access and admission to Assembly facilities and activities.


Persons invited to present testimony at the public hearing on the Impact of the Global Financial Crisis on the New York State Economy are requested to complete this reply form as soon as possible and mail, email or fax it to:

Audra Nowosielski
Director of Economic Studies
Assembly Committee on Ways and Means
Alfred E. Smith Office Building, 27th Floor
Albany, New York 12248
E-mail: nowosia@assembly.state.ny.us
Phone: (518) 455-4006
Fax: (518) 455-4367

box I have been invited to make a public statement at the hearing. I will answer any questions that may arise. I will provide 10 copies of my prepared statement.

box I plan to attend the public hearing on the Impact of the Global Financial Crisis on the New York State Economy to be conducted by the Assembly Committee on Ways and Means on October 28, 2008.

box I would like to be added to the Committee mailing list for notices and reports.

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