July 8, 2009
GOVERNOR PATERSON APPOINTS LIEUTENANT GOVERNOR IN STATEWIDE ADDRESS TO NEW YORKERS
Richard Ravitch Answers Call to Return to Public Service: Joins Governor’s Efforts to Stabilize New York’s Economy in Time of Crisis
Governor David A. Paterson today announced the appointment of Richard Ravitch to serve as Lieutenant Governor. The Governor announced the appointment in a televised statewide address during which he spoke about both the fiscal and government crises facing New Yorkers.
Mr. Ravitch has been called to public service numerous times throughout his career by Governors and Mayors at times of historic crises and he will now join Governor Paterson in his efforts to put New York on the road to recovery.
“Over the past year, I have worked to address the worst fiscal and economic crisis to hit New York in decades. Throughout that time, my number one priority as Governor has been to stabilize our State’s economy and put New York on the road to recovery. Over the past month, our work to address the economic crisis has been undermined by a crisis of governance in the State Senate,” said Governor Paterson.
“The confusion in the line of succession cannot and must not continue,” added the Governor. “That is why today, I am acting on behalf of the people of New York and will use my legal authority as Governor to appoint Richard Ravitch to the position of Lieutenant Governor. Dick has dedicated much of his remarkable career to public service. Over the past several decades, he has been called to service on numerous occasions by governors and mayors during times of crisis and today, I too am turning to him to assist me in my continued efforts to stabilize New York’s economy.”
Mr. Ravitch began his career as an attorney for the Government Operations Committee of the House of Representatives in Washington, D.C., from 1959-1960. He then joined HRH Construction Corporation as a principal and was responsible for supervising the development, financing and construction of over 45,000 units of affordable housing in New York, Washington, DC, Puerto Rico and other locations. In 1975, Governor Hugh Carey appointed him to serve as Chairman of the New York State Urban Development Corporation, a financing and development agency with 30,000 dwelling units under construction.
In 1975 and during the following year Mr. Ravitch assisted New York City and State officials in resolving the City’s defaults. Mr. Ravitch negotiated long-term Federal guaranty arrangements with President Gerald Ford’s administration and acted as an intermediary between the City and the leadership of the municipal unions and their pension funds in negotiating labor’s contribution to the overall resolution. As part of such resolution and bailout of the City’s default, the State created Municipal Assistance Corporation (MAC), a new special purpose financing agency based on the PFA model.
In 1979, Mr. Ravitch was appointed Chairman and CEO of the Metropolitan Transportation Authority (MTA), which oversees the operation of the New York City subways and buses, the Long Island Railroad and MetroNorth commuter lines, and the Triborough Bridge and Tunnel Authority. Mr. Ravitch completely reorganized the MTA and its functions and began to recruit operating officials from the private sector with experience in marketing as well as management and operations. He developed a long-term capital plan and budget for a system wide upgrading of operating equipment, roadbed and signal capabilities, and he designed the financing plan for such improvements. For his work at the MTA, Mr. Ravitch was awarded the American Public Transit Association’s Individual of the Year Award in 1982.
Following his MTA service, Mr. Ravitch led an effort to recapitalize The Bowery Savings Bank and helped to arrange for its acquisition from FDIC by an investor group and his serving as Chairman and CEO. He serves as principal partner in Ravitch Rice & Company LLC with Donald S. Rice, a lawyer and business partner, who has assisted him in prior undertakings including the UDC and Bowery bailouts.
Mr. Ravitch was the first Chairman of the Corporation for Supportive Housing. He helped create the organization and served as Chairman for almost 10 years. In 1999, Congress created the Millennial Housing Commission to examine the federal government’s role in meeting the nation’s growing affordable housing challenges. Mr. Ravitch was appointed to serve as Co-Chair of the Commission, which led a diverse group of 22 housing experts in an intensive 17-month process to rethink America’s affordable housing policy.
A letter from Governor Paterson to all New Yorkers, as well as a memo on the legal authority related to this appointment are available at http://www.ny.gov/governor/press/pdf/7809LettertoNYers.pdf and http://www.ny.gov/governor/press/pdf/lg_legal_background.pdf.
