NY CEOs Call on Congress to Release Recovery Funds

Patricia Lancaster(L), professor of Construction Management at NYU's Schack Institute of Real Estate, and Noreen Doyle (R), Hudson River Park Trust's executive vice president, listen to Kathryn Wylde, president & CEO, Partnership for New York at the first annual Real Estate Weekly Women's Forum. (Zachary Stieber/The Epoch Times)

NEW YORK—Over 125 of the city’s most prominent business executives have requested Hurricane Sandy recovery funds worth $60.4 billion—and quick—in a letter sent to the leaders of the U.S. Congress and Senate.

The executives argued the Tri-State New York metropolitan region includes the largest city economy in the world. The region was “badly shaken by Superstorm Sandy,” the letter says, and the damage, both physical and economic, “must be quickly recovered or we risk deeper, permanent losses.”

Later, the executives say in the letter that they are aware of the current fiscal challenges for the country, but they still urge Congress to pass legislation releasing the emergency relief funds requested by President Barack Obama or the nation’s fiscal condition will worsen.

The signees are all members of the Partnership for New York City, and include Ajay Banga, president and CEO, MasterCard Worldwide; David Stern, commissioner of the NBA; and Larry Silverstein, president and CEO, Silverstein Properties.