NYC Partnership economic impact analysis update, February 2002

NYC 9/11 Public Portal Document

> Develop local security protocol In high-traffic private areas to restore consumer confidence: Local businesses in many landmark locations and key retail industries are potentially at risk. The private sector should work with the city and state to support efforts that improve security for each industry. Support emergency preparedness plans— especially those focused on bio terrorism: On September 11th, New York City’s hospitals and emergency response agencies showed the benefits of their existing emergency plans. New York City’s system could be a model for other cities across the nation. Nevertheless, local law enforcement agencies and hospitals will still need to improve their capacity to deal with bioterrorism. The private sector should work with hospitals and public health officials to develop an overall plan to ensure that New York is prepared.

(4) Focus on the Retention of Financial Services Jobs and Income

Because of the importance of financial services to the New York economy, particular attention must be paid to the needs of this sector.

Developing a plan to overcome Lower Manhattan’s infrastructure challenges and improve security remains the primary way to maintain its attractiveness to financial services. In addition, members of the industry will need to work together to;

> Reaffirm support for building the new home of the New York Stock Exchange In Lower Manhattan. The New York Stock Exchange should be encouraged to move forward with plans to build a new headquarters here. The New York Stock Exchange is an anchor of the city’s Financial District, which is home to the Federal Reserve Bank of New York and the private sector’s clearinghouse operations.

> Develop a plan for secure and robust alternatives for key flnatKlal services “choke points." The financial services industry requires several key services, including the custody of securities and the clearing and the settlement of trades. Many such services are located in Lower Manhattan. The aftermath of the attack demonstrated the need across the industry for alternative systems that can be activated swiftly in the event of an emergency. The industry needs to work collaboratively to improve security for these functions and to ensure that they are resilient.

(5) Support Small Businesses in Lower Manhattan

Efforts to help small business downtown should be intensified. Since September 12“*, the Partnership has been working with New York City and the State of New York to identify and support the thousands of small businesses that were damaged by the attack. The network of industry volunteers organized by the New York City Investment Fund is being

18 New York City Partnership and Chamber of Commerce

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