Speaker Details
Thomas P. DiNapoli
Comptroller, State of New York
Since taking office in February 2007 Thomas P. DiNapoli, the 54th Comptroller of the State of New York, has transformed the way the Comptroller's office does business. DiNapoli has increased oversight of government spending, provided greater openness to the public and developed new opportunities for New York's entrepreneurs.
DiNapoli, as chief fiscal officer for the State, is responsible for managing the State's pension fund, auditing the spending practices of all State agencies and local governments, overseeing the New York State and Local Retirement System, which serves over one million members and retirees, reviewing the New York State and City budgets, approving State contracts, and administering the State Oil Spill Fund.
As part of his reform agenda, DiNapoli changed the way the State pension fund operates, increasing transparency and establishing strong internal controls. He instituted new rules for investment managers, advisors and consultants and initiated a monthly public report of pension fund investments. He committed $1 billion to the Emerging Manager Private Equity Program, which is designed to level the playing field and increase opportunities for minority- and women-owned fund managers to work with the pension fund. He has made investment in New York State companies a priority, nearly doubling the pension fund's in-State commitment to $861 million.
DiNapoli also instituted tough new ethics rules at the Office of the State Comptroller. He created the position of inspector general and appointed a new special counsel for ethics. He also issued an executive order restricting the use of agency equipment and banning employees from accepting gifts, and mandated ethics training for every employee of the Comptrollers' office.
When it became apparent that some individuals were inappropriately collecting public retirement benefits, DiNapoli responded aggressively and issued new regulations for the State's Retirement System, while revoking or reducing service credit for those individuals.
As sole trustee for one of the largest institutional investors in the world, DiNapoli has pushed for positive changes. He implemented strong policies to protect the pension fund from the moral and financial risks of investing in companies doing business with Sudan or Iran. When the subprime mortgage crisis hit, DiNapoli urged the nation's mortgage providers to identify long-term solutions for at-risk borrowers in order to prevent foreclosures. He has also worked hard to transform how the State borrows and operates. In 2008, DiNapoli proposed a debt reform plan that would place all new and existing outstanding State-funded debt under a cap, and limit State-funded debt to 5 percent of personal income. He launched a new website called Open Book New York to give the public a roadmap to follow their tax dollars and bringing more accountability to State spending. DiNapoli also launched a multipronged Green Initiative aimed at reducing the agency's environmental impact, promoting green practices in State government, and helping environmentally conscious businesses succeed. As the State's fiscal watchdog, DiNapoli oversaw nearly 600 audits in 2008, identifying approximately $690 million in savings and revenue enhancements for State and local governments.
Prior to becoming Comptroller, DiNapoli represented the 16th Assembly District in northwestern Nassau County for 20 years. During his tenure in the Assembly, DiNapoli chaired the Local Governments Committee, the Governmental Operations Committee and the Environmental Conservation Committee. In the Assembly, DiNapoli sponsored legislation which helped Nassau County emerge from serious fiscal distress and restore fiscal responsibility. DiNapoli also helped draft and pass stronger school district accountability laws in response to the scandals that exposed the theft of millions of taxpayer dollars on Long Island. As chair of the Assembly Environmental Conservation Committee for five years, DiNapoli earned a reputation as one of the States leading voices on environmental issues, leading the fight to pass the nation's first phase-out of the ground water contaminant MTBE and to refinance the State's Superfund Program. DiNapoli also co-authored legislation creating New York's Brownfield Cleanup Program. DiNapoli first gained recognition in 1972 when, at the age of 18, he was elected as a trustee of the Mineola Board of Education, becoming the youngest person in New York State to hold public office.
Prior to his election to the Assembly, DiNapoli was a manager in the telecommunications industry and served as an adjunct professor. He holds a master's degree from The New School University's Graduate School of Management and Urban Policy. A lifelong resident of Nassau County, DiNapoli graduated with a bachelor's degree in history from Hofstra University in Hempstead.