Once Carey instituted the EFCB, Ford had the federal government pitch in relief for the city as well.
The fiscal austerity imposed upon the city by the EFCB would ultimately allow the city to borrow again, but at a cost.
While the seven-member EFCB included the mayor, and the city and state comptrollers, the governor had a seat and appointed three private citizens, giving him control that was essentially wielded by the three corporate chieftains he appointed.
While Phillips-Fein's book illuminates President Ford's decision-making on the question of aiding New York City, she devotes relatively little attention to the policy options considered by Governor Carey in ultimately proposing and signing the legislation that shifted city budget control to the bank-dominated EFCB. Carey's voting record in Congress was that of a liberal Democrat; his actions as governor reflected the ascendance of an unabashed business agenda and the eclipse of New Deal-Great Society liberalism.
U(2,2) of configuration 6.1: EFDA, EFCB
, BEDF, AECF are the empty convex 4-gons of this form.
Local control was largely suspended during the "crisis regime" of state control from the mid-1970s to the mid-1980s.(15) While the city still had its own elected officials, the EFCB
, the Municipal Assistance Corporation (MAC) (which the state formed earlier to help the city get out from under its short-term debt) and other state officials, (including a deputy comptroller for New York City) supervised and monitored city finances.