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New York City's Economic Crisis' Hearings 75 2? NEW YORK CITY'S ECONOMIC CRISIS' HEARINGS BEFORE THE JOINT ECONOMIC COMMITTEE CONGRESS OF THE UNITED STATES NINETY-FOURTH CONGRESS FIRST SESSION SEPTEMBER 24 AND OCTOBER 8, 1975 Printed for the use of the Joint Economic Committee U.S. GOVERNMENT PRINTING OFFICE 65-920 WASHINGTON: 1976 For sale by the Superintendent of Documents, U.S. Government Printing Office W\ashington, D.C. 20402 -Price $1.70 -.. JOINT ECONOMIC COMMITTEE (Created pursuant to sec. 5(a) of Public Law 304, 79th Cong.) HUBERT H. HUMPHREY, Minnesota, Chairman * WRIGHT PATMAN, Texas, Vice Chairman SENATE HOUSE OF REPRESENTATIVES JOHN SPARKMAN, Alabama RICHARD BOLLING, Missouri WILLIAM PROXMIRE, Wisconsin HENRY S. REUSS, Wisconsin ABRAHAM RIBICOFF, Connecticut WILLIAM S. MOORHEAD, Pennsylvania LLOYD M. BENTSEN, JR., Texas LEE H. HAMILTON, Indiana EDWARD M. KENNEDY, Massachusetts GILLIS W. LONG, Louisiana JACOB K. JAVITS, New York CLARENCE J. BROWN, Ohio CHARLES H. PERCY, Illinois GARRY BROWN, Michigan ROBERT TAFT, JR., Ohio MARGARET M. HECKLER, Massachusetts PAUL J. FANNIN, Arizona JOHN H. ROUSSELOT, California JOHN R. STARK, Executive Director SENIOR STAFF EcONoMIsTS JERRY J. JASINOWSKI JOHN R. KARLIK LOUGHLIN F. McHuGn COURTENAY M. SLATER RICHARD F. KAUFMAN, General Counsel ECONOMISTS WILLIAM R. BUECHNER WILLIAM A. Cox LucY A. FALCONK ROBERT D. HAMRIN SARAH JACKSON L. DOUGLAS LEE RALPH L. SCHLOSSTEIN GEORGE R. TYLER LARRY YUSPEH MINORITY GEORGE D. KRUMBHAAR, Jr. (Counsel) Al. CATHERINE MILLER (II) CONTENTS WITNESSES AND STATEMENTS WEDNESDAY, SEPTEMBER 24, 1975 Humphrey, Hon. Hubert H., chairman of the Joint Economic Committee: Page Opening statement -- - 1 Landrieu, Hon. Moon, mayor, city of New Orleans, La - -12 Beame, Hon. Abraham, mayor, city of New York, N.Y - -14 Hatcher, Hon. Richard G., mayor, city of Gary, Ind - -18 Young, Hon. Coleman, mayor, city of Detroit, Mich - -19 Gibson, Hon. Kenneth A., mayor, city of Newark, N.J 20 Alioto, Hon. Joseph L., mayor, city of San Francisco, Calif - -21 Alexander. Hon. Lee, mayor, city of Syracuse, N.Y - -22 Maier, Hon. Henry W., mayor, city of Milwaukee, Wis - -31 Perk, Hon. Ralph, mayor, city of Cleveland, Ohio - -32 Barcelo, Hon. Carlos Romero, mayor, city of San Juan, P.R - -33 Sullivan, Hon. George M., mayor, city of Anchorage, Alaska - -36 Maltester, Hon. Jack D.. mayor, city of San Leandro, Calif ------------- 36 McNichols, Hon. William H., mayor, city of Denver, Colo - -37 Simon, I-on. William E., Secretary of the Treasury - -47 WEDNESDAY, OCTOBER 8, 1975 Humphrey, Hon. Hubert H., chairman of the Joint Economic Committee: Opening statement -121 Burns, Hon. Arthur F., Chairman, Board of Governors, Federal Reserve System -125 SUBMISSIONS FOR THE RECORD WEDNESDAY, SEPTEMBER 24, 1975 Alexander, Hon. Lee: Opinions of leading experts as to the effect of default on bonds or other obligations of the city of New York would have on the bond market for other cities and political subdivisions -24 Barcelo, Hon. Carlos Romero: Policy statement adopted by the Effective Government Steering Committee of the National League of Cities, September 19, 1975 3- Humphrey, Hon. Hubert H.: Letter to Hon. Arthur F. Burns, Chairman, Board of Governors, Federal Reserve System, from Chairman Humphrey, dated Septem- ber 5, 1975, requesting the Board's assessment of the economic impact of a New York City default and any analysis of this situation that has been prepared by the Board's staff- Letter to Chairman Humphrey from Hon. Arthur F. Burns, Chairman Board of Governors, Federal Reserve System, with an enclosure, dated September 10, 1975, regarding the financial problems of New York City- 3 Letter to Hon. William E. Simon, Secretary of the Treasury, from Chairman Humphrey, dated September 5. 1975, requesting the administration's assessment of the economic impact of a New York City default and any analysis of this situation that has been pre- pared by the Treasury staff- 6 (III) IV Humphrey, Hon. Hubert H.-Continued: Letter to Chairman Humphrey from lIon. William E. Simon, Secretary of the Treasury, dated September 16, 1975, furnishing an analysis of the potential impact of an inability by New York City to meet its obligations as they mature- Table showing tax-exempt and taxable yield ratios on municipal bond issues --------------------------------- Copy of a presentation to President Gernld Ford on New York City's financial crisis by Mayor Beame- Article entitled "Agencies Find 100 Banks Possible Problems If N.Y.C. Defaults; Ripple Effect Seen," by Robert Dowling, from the American Banker, September 22, 1975. Letter to Chairman Humphrey from Evelyn Y. Davis, editor of Highlights and Lowlights of Annual Meetings, with enclosures, dated September 19, 1975, recommending several permanent drastic cuts in New York City's budget or default . Moorhead, Hon. William S.: Article entitled "Working the Street: States Try Iarder To Per- suade Buyers That Bonds Are Safe," by Tom Herman and Byron Klapper, from the Wall Street Journal, September 24, 1975 Simon, Hon. William E.: Prepared statement ------------------ NEW YORK CITY'S ECONOMIC CRISIS WEDNESDAY, SEPTEMBER 24, 1975 CONGRESS OF TIHE UNITED STATES, JOINT Eco:Noiki.c CoI-MiTTEE, Washington, D.C. The committee met, pursuant to notice. at 9:40 a.m., in room 1318, Dirksen Senate Office Building, Hon. Hubert H. Humphrey (chair- man of the committee) presiding. Present: Senators Humphrey, Proxmire, Ribicoff, Bentsen, Ken- nedy, Javits, Percy, and Fannin; and Representatives Moorhead, Hamilton, Brown of Michigan, Heckler. and Rousselot. Also present: John R.. Stark. executive director; Jerry J. Jasinowski, Loughlin F. McHugh. John R. Karlik, William A. Cox. and Robert D. Hamrin, professional staff members; Michael J. Runde, administra- tive assistant; George D. Krumbhaar, Jr., minority counsel; and AlI. Catherine Miller, minority economist. Chairman Hu-rNrmuiiuY. We will open the meeting of the Joint Eco- nomnic Committee. Mayor Lanldrieu, holw many mayors do we have here? Mayor LANDRIEu. We have nine, Mr. Chairman. and we anticipate three others to come while this meeting is in progress. OPENING STATEMIENT OF CHIAIRMrAN HU3'[IIREY Chairman H'rrNPIiREY. Today, the Joint Economic Committee holds its first in a series of hearings designed to assess the economic and financial impact of New, York City's deepening financial crisis, and problems that relate to the financing of our other large municipalities. The hearings are in response to the comniittee's desire to proclduce an accurate and analytical assessment of the consequences and the pos- sibilities of a New York Citv default. I might add that we have had testimony before fr om other witnesses that relate to municipal financing and this is in a very real sense a continuation of that. We have met, some of us. privatelv with the mayors. Not long ago, following the Mayors' Conference and the League of Cities meeting, we had Mayor Alioto and others that are hero, to visit with us. Today we will hear testimony, as was indicated by AMavor Landrieu, frohm 9 or possibly 12 mayors about the recent financial prolilellms they have experienced as a result of the uncertaintv created by New York's financial crisis. Subsequent to the mayors' testimonv. we will hear from the Honorable William Simon. Secretary of the Treasury. Secretary Simon will be here very shortly. (1) 2 As can be expected, there is great uncertainty about the economic and financial consequences of default by New York City. There is little precedent in history on which to base our assertions and certainly nothing that approaches the magnitude of New York City. In fact, the only appreciable U.S. experience with municipal government de- fault occurred during the Great Depression, when 4,770 jurisdictions defaulted on one or more of fheir outstanding securities. Even so, the dollar amount of affected securities from 1929 to 19037 was only about $1.350 million. Or at that time, 7 percent of the munici- pal debt then outstanding. Today, if New York City alone were to default on its securities, just this one city, it would once again represent almost 7 percent of the outstanding State and local debt, and if the State and its agencies were in any way involved, it would be up to 13 percent of the out- standing municipal and local government, State and local government debt. So we are dealing with a problem of unprecedented magnitudec and I might say a problem of national significance regardless of what other people in government may think of it. Yet, it seems that we are confronting an administration, and in some respects, a Congress, which is content to turn the other way and regrettably bury its head in the sand. It is an attitude that I, and manv others, find difficult to understand. *Wlhen I spoke to the International Economic Association over the August recess, many of the participants expressed shock that the Federal Government was doing nothing to assist America's largest city and one of the world's great urban centers. They simply could not unmerstand how the richest and most industrialized Nation in the world could allow such a tragedy. It certainly is difficult to come up with an explanation. but I finally conclude that most elected officials had decided that this was a New York problem that did not affect their constituents directly or indirectly. I think it is obvious today that your presence here today and your discussion with the President this afternoon are direct testimony to the contrary. They indicate to me and to others in Washington that New York's financial problems are not confined to the five boroughs within the city limits. It is not statesmanship that brings you here today, but enlightened self-interest. Clearly, New York's problems have had a profound effect on the ability of most large cities to borrow in the municipal bond markets at any reasonable rate of interest.
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