October 1, 2020 -- NYC Debt was downgraded by Moody's Investor Service.
See Article from MarketWatch
Recent reports have called for reviving the Financial Control Board to address the financing crisis in New York City. On September 24, 2020, the NY Post published excerpts from a Manhattan Institute paper by E.J. McMahon. However, the FCB has already prove to have been impotent in preventing this new crisis even though storm clouds have been gathering for over a year. NYC already faced financial problems before the Covid-19 crisis.
The real solution is involves empowering taxpayers through a Taxpayer Oversight Board. Taxpayers are vigilant in keeping NYC finances in good order because they are directly affected. As opposed to Albany bureaucrats who are unreliable stewards of City finances.should be used to address the currently looming crisis.