Home » Business » Long-time Cuomo insider Mulrow plays key role as NY plots post-coronavirus comeback
Long-time Cuomo insider Mulrow plays key role as NY plots post-coronavirus comeback
Trump summarizes meeting with NY Gov. Cuomo
President Trump says he discussed doubling coronavirus testing in New York with Gov. Andrew Cuomo, (D), on Tuesday.
Get all the latest news on coronavirus and more delivered daily to your inbox. Sign up here.
Continue Reading Below
With his daily briefings and disarmingly blunt manners, New York Gov. Andrew Cuomo has become the face of reopening a state that is vital to the health of the nation's economy and the epicenter of the deadly coronavirus.
But Cuomo is far from alone in planning strategy to repair New York’s diverse economy that includes everything from deal making on Wall Street to farms in its north country. His right hand in the gargantuan effort is an affable and modest banker who has built a long career in both high finance and government.
That banker is Bill Mulrow, a senior advisory director at private equity powerhouse the Blackstone Group, who was appointed by Cuomo in late March to help repair the state's economy once it emerges from the virus-related shutdown and quarantines.
Mulrow, 64, is a long-time Cuomo associate. He has traversed both the banking world and state politics for nearly 40 years. Some people compare him to Felix Rohatyn, the financier who helped New York City rebound from the 1970s fiscal crisis that nearly devastated the economic and social fabric of Gotham.
TRUMP, CUOMO WAR ERUPTS OVER CORONAVIRUS RESPONSE
Though he has never had or sought the public profile of Rohatyn—who maintained a significant media presence during his years in the public and private sector—Mulrow is being tasked with fixing a problem that may be more intractable. Since the pandemic lockdowns began in late March, business in New York has ground to a halt. New York, including its densely populated New York City metropolitan region, has been hit harder by the virus than any place in the country, and the various quarantines in the state's southern regions could last well into June.
The result has been economic calamity: New York's $1.7 trillion economy is the third largest in the country behind California and Texas. Nearly two months of quarantines that have shuttered businesses to combat the spread of the virus have led to massive unemployment and budget shortfalls that are likely to balloon into the tens of billions of dollars, according to estimates provided by the Empire Center for Public Policy, an independent think tank based in Albany, New York.
The center said in a recent report that the "economic shutdown imposed by the governor to contain the spread of the coronavirus also has caused state government’s budget resources to collapse on an unprecedented scale."