State Controller warns of federal cuts, outlines pension-backed small-business programs and community bank proposals
May 22, 2026 | Bronx County/City, New York
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Tom DiNapoli, New York State Controller and keynote at the Bronx Bankers Breakfast, gave a fiscal overview of the state and emphasized programs that can channel public capital into local economic development.
DiNapoli said state tax revenue has outpaced projections and that, overall, the state has more jobs than before the pandemic, but job growth is uneven across regions. He warned that federal cuts to health-care and nutrition programs could threaten coverage and household stability: "We are going to lose it's estimated 134 billion over the next few years just in the Medicaid program alone," he said, and urged caution as the state and city finalize budget frameworks.
On public-investment tools, DiNapoli described two programs funded with pension resources: a lending program (referred to in his remarks as pursuit lending or the New York Business Development Corporation) that supports small-business loans with a goal of at least 25% lending to women- and minority-owned businesses, and an in-state private-equity initiative that takes equity stakes in companies committed to growing jobs in New York. He said the equity program has invested in more than 600 companies and manages roughly $3 billion in commitments.
DiNapoli also outlined support for community banks through the Banking Development District (BDD) and Community Bank Deposit (CD) programs, described pending legislation to allow reciprocal deposits to reduce collateral barriers for participation, and noted a proposed increase in the statutory cap for the CD program from $20 million to $30 million.
He closed by urging greater financial literacy education in schools and describing an expanded unclaimed funds initiative that will send checks of up to $5,000 to reconnect New Yorkers with lost funds. DiNapoli said the Bronx is central to many of these efforts and underscored the role of banks and local partners in deploying capital to underserved communities.
DiNapoli said state tax revenue has outpaced projections and that, overall, the state has more jobs than before the pandemic, but job growth is uneven across regions. He warned that federal cuts to health-care and nutrition programs could threaten coverage and household stability: "We are going to lose it's estimated 134 billion over the next few years just in the Medicaid program alone," he said, and urged caution as the state and city finalize budget frameworks.
On public-investment tools, DiNapoli described two programs funded with pension resources: a lending program (referred to in his remarks as pursuit lending or the New York Business Development Corporation) that supports small-business loans with a goal of at least 25% lending to women- and minority-owned businesses, and an in-state private-equity initiative that takes equity stakes in companies committed to growing jobs in New York. He said the equity program has invested in more than 600 companies and manages roughly $3 billion in commitments.
DiNapoli also outlined support for community banks through the Banking Development District (BDD) and Community Bank Deposit (CD) programs, described pending legislation to allow reciprocal deposits to reduce collateral barriers for participation, and noted a proposed increase in the statutory cap for the CD program from $20 million to $30 million.
He closed by urging greater financial literacy education in schools and describing an expanded unclaimed funds initiative that will send checks of up to $5,000 to reconnect New Yorkers with lost funds. DiNapoli said the Bronx is central to many of these efforts and underscored the role of banks and local partners in deploying capital to underserved communities.
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