Fdic Letter - May 2009

May 6, 2009 Sheila C. Bair Chairman Federal Deposit Insurance Corporation 550 Seventeenth Street, NW, Suite 6076 Washington, DC 20429 Dear Chairman Bair: We understand that as the FDIC looks for a new lease for its New York Regional Office, it is considering locations based on an RFP that explicitly excluded Lower Manhattan. We urge in the strongest terms that no site for the FDIC regional office be selected through a process that excludes Lower Manhattan. In a troubled time, a move by the FDIC out of Lower Manhattan raises the potential for significant cost increases, an inappropriate burden when government at all levels must exercise extraordinary fiscal discipline. It would also send the wrong message about the health of our country's financial industry, centered in Lower Manhattan, whose recovery is vital to the future of New York and the nation as a whole. A more inclusive search would expand the universe of possible applicants, likely save money for the FDIC and better serve New York's, and the region's, interests. We urge the FDIC to reject the results of a flawed search and issue a revised RFP with broader geographic eligibility including Lower Manhattan. Sincerely,

Jerrold Nadler Congress Member

Daniel Squadron State Senator

Sheldon Silver State Assembly Speaker