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Statement from Kathryn Wylde, President & CEO of the Partnership for New York City, on Judge’s Decision to Void the Responsible Banking Act

“The Partnership applauds the decision by Judge Katherine Polk Failla that the federal and state governments, not the city, are the appropriate regulators of the financial industry. Local politics should be kept out of business regulation and, when it comes to the financial sector, city government lacks the infrastructure and the expertise to accomplish that. On the other hand, the banking industry has been and will continue to be responsive to voluntary initiatives to work with the city and its communities to ensure that the goals of the Responsible Banking Act are realized. That should be the focus of the de Blasio Administration’s response to this ruling.”