New York's elected officials are up in arms over a plan to move the FDIC regional office out of its current location in Lower Manhattan. The FDIC has been threatening to relocate for at least fifteen years -- apparently they're very tempted by the cheaper officer space across the river in Jersey. But frankly, this just seems like a strange time for the Fed to leave the financial district.
A group of Democratic elected officials are gathering this morning at the current FDIC headquarters on 20 Exchange Place to protest the move. Sheldon Silver, Jerry Nadler, and Manhattan Community Board chair Julie Menin will hold a press conference on-site at eleven to express their outrage at a plan which, they say, would "undermine our nation's financial center, further erode investor confidence in the financial industry, and unnecessarily increase the FDIC's operating costs at a time of financial need."
They're also promising to release cost estimates which, they say, could save the FDIC millions of dollars every year.
Let's see what comes of this.
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