November 11, 2009

Dear Members of the New York State Congressional Delegation,

The Partnership for New York City is an organization of business leaders who are
committed to the continued success of the city and state economy. We are writing
because we know you share this commitment and that you are working to develop
policies that will lead us toward economic recovery and full employment.

In that regard, we want to alert you to proposed legislation that could diminish
America’s standing as a preeminent, global financial center and inflict particular damage
on New York. This is the call for the preemptive and arbitrary break up of large,
complex, and interconnected financial institutions. Enacting such a provision would
give foreign competitors the opportunity to capture market share among the world's
largest corporate and investor clients -- those that demand the huge capacity and global
reach that only our biggest U.S. banks have. We cannot afford for proposals like this to
make it into the financial reform package and we hope every member of the delegation
will make it their business to oppose them.

The "FIRE" sector – finance, insurance, and real estate - is particularly important in New
York. It produced more than $363 trillion in economic output in 2008, accounting for
31.7% of New York's Gross State Product, and currently employs 684,100 people
statewide. The securities industry has the greatest impact, with every Wall Street job
responsible for creating or maintaining 3.3 additional jobs in other sectors. In terms of
taxes, financial services represents 20% of the state and 12% of the city tax revenues.

The global finance industry, with companies and top talent that could locate anywhere
in the world, is heavily concentrated in New York, with benefits that reverberate across
the country. To retain its position as a global financial leader, the U.S. needs institutions
of all sizes, business models, and expertise. For a global city like New York, large,
multinational institutions are what connect our local businesses, large and small, to
markets around the world and attract foreign companies to come to New York to raise
capital and generate jobs. (One out of nine employed New Yorkers works for a foreign
company.)
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Reform of America's financial regulatory framework is essential. There are plenty of

ways to achieve reform and reduce risk and taxpayer exposure without destroying
institutions that are the anchors of our global financial center. We hope you will work
with us to distinguish useful reform from overkill reactions.

More than twenty top CEO members of the Partnership will be coming to Washington,
D.C. next Thursday, November 19 at 11 a.m. to discuss the economic challenges facing
New York and your districts with the New York Congressional delegation. We hope to
speak with you directly at that session, called by Congressman Rangel. Thank you for
your consideration.

Sincerely,

Kathryn Wylde
President & CEO