How a blast from the past could save NYC again

Forty-five years ago this month, then-Gov. Hugh L. Carey and the state Legislature passed a landmark law, the Financial Emergency Act, designed to rescue Gotham from imminent bankruptcy. The law created the state Financial Control Board as a vehicle for restoring solvency. The board would be chaired by the governor, who in turn would appoint...

from New York Post https://ift.tt/33Wcyzo