On February 5, 2026, the amendment was brought up for a vote. Every Democratic member of the New York State Senate voted against the proposal, so it failed.
Once upon a winter day in New York State, a State Senator named Mark Walczyk had an idea to help everyday people. Many families were struggling with very high utility bills — the cost of keeping their lights on and homes warm was putting a strain on their wallets. NYsenate.gov
Senator Walczyk thought, “There’s money that’s been set aside but not used. What if we returned that money to people so their bills could be a little lower?” So he proposed a plan to take $2 billion of unused funds and use it to give credits on utility bills, which could help families pay less. nysenate.gov/
But when it was time for the measure to be voted on in the New York State Senate, something surprising happened. Every Democratic Senator said no to the plan. They all voted against it — even though it was meant to take effect right away and help with the high costs people were facing. nysenate.gov/
Senator Walczyk was disappointed. He said that this was a missed chance to help New Yorkers struggling with energy costs. And that’s how the day’s big idea to lower energy bills ended — not with a yes, but with a big no in the Senate.
What the Proposed Measure Would Do
The proposal was offered as an amendment on the floor of the New York State Senate by Republican senators including Mark Walczyk and Tom O’Mara.
It aimed to provide immediate relief for New Yorkers facing high utility bills by allowing unused funds in the New York State Energy Research and Development Authority’s (NYSERDA) Climate Investment Account to be returned directly to utility ratepayers as bill credits. Around $2 billion was cited as available from previously collected surcharges that hadn’t yet been spent.
Sponsors argued these funds were already paid by ratepayers through charges on their utility bills and could be used to offset steep increases in energy costs many households face.
Why Democrats Opposed It
There hasn’t been a detailed official public explanation in the press release itself of Democrats’ specific reasoning for voting against this particular amendment. However, broader reporting on the context around utility-cost policy in Albany shows:
The Democratic majority in the Senate has been advancing a separate legislative package focused on longer-term utility rate reforms — including changes to how utility rates are set and how regulatory authority is exercised — rather than one-time refunds or credits. nysenate.gov/
Democratic leaders have emphasized systemic changes to the rate-setting process through bills meant to increase transparency, strengthen the Public Service Commission’s oversight, and protect consumers over time, rather than simply returning existing funds as credits. timesunion.com
Some analysts and social media discussions note that Democrats may prefer a more comprehensive overhaul of energy policy and rate structures rather than targeted bill credits that Republicans proposed in this amendment.
What connection does this “climate fund” have to reality, and why are people being charged for it?
What is this fund and who manages it? This refers to climate and “green” accounts administered by NYSERDA — the New York State Energy Research and Development Authority. The money is accumulated in various climate and energy programs under the Climate Leadership and Community Protection Act (CLCPA).
Formally, this is not a single “wallet,” but a collection of funds and accounts into which money flows for climate-related goals.
Where does the money come from (the key point)? ❗ These are not abstract grants or “money out of thin air.”
The main sources are:
surcharges and add-ons in electricity and gas bills;
fees imposed on energy companies, which are passed on to consumers;
revenues from emissions allowance trading;
mandatory “climate contributions” built into utility rates.
In simple terms: ordinary residents and businesses pay for it every month through their utility bills.
What is the official purpose of collecting this money?
The stated goals are:
transition to “clean energy”;
reduction of CO₂ emissions;
subsidies for solar panels, heat pumps, and electric vehicles;
grants for “green” projects and NGOs;
funding long-term climate programs through 2030–2040.
On paper, this looks like an investment in the future.
Where does the disconnect with reality arise?
This is where issues of trust and common sense begin:
People pay now, while the benefits are hypothetical and deferred. Bills are rising today. The “climate benefits” are promised in 10–20 years.
The fund is weakly connected to actual bill reductions. In practice, climate programs more often increase utility rates than decrease them.
Money accumulates while the crisis is ignored. When billions of dollars sit unused in accounts, yet people are told, “Be patient, now is not the time to return the money,” that starts to look like bureaucratic absurdity rather than climate policy.
Lack of emergency logic. Climate change is a long-term issue. Rising utility bills are an urgent social problem. Yet authorities consciously place ideology above people’s ability to pay.
Why critics see this fund as disconnected from reality
Because:
the fund does not protect consumers, but uses them as a source of financing;
money is collected mandatorily, but not returned even during crises;
decisions are made by technocrats and politicians, while ordinary ratepayers foot the bill;
climate rhetoric is used as a universal justification for additional charges.
In effect, it looks like this:
“We know you’re struggling, but the climate matters more than your heating bill.”
In its current form, the climate fund:
has a weak connection to people’s everyday reality;
is financed through what amounts to a hidden tax in utility bills;
is treated as untouchable reserve money, even when households are suffocating under rising costs.
That is why the refusal to return at least part of these funds looks less like care for the future and more like indifference to the present.
– Today ( February 6, 2026), at the first annual Interfaith Breakfast (The NYC mayor’s interfaith breakfast was established as an annual tradition by Mike Bloomberg in 2002, ) of his administration, Mayor Zohran Mamdani announced sweeping new actions to uphold New York City’s sanctuary city laws and protect immigrant New Yorkers. The breakfast brought together nearly 400 faith and community leaders from across the five boroughs.
During the event, Mayor Mamdani signed a comprehensive executive order to reaffirm the city’s commitment to being a sanctuary for all New Yorkers. The order protects the privacy and data of immigrants and all residents; bolsters restrictions on federal immigration enforcement on city property; initiates an audit to make sure city agencies are complying with sanctuary laws; and establishes a committee to coordinate crisis response across city government in the event of escalating federal immigration actions or other major events.
Mayor Mamdani also launched a citywide “Know Your Rights” push, distributing nearly 32,000 flyers and booklets in 10 languages for faith leaders to share with their congregations. The materials provide clear, accessible information about New Yorkers’ rights during interactions with federal immigration authorities, including the right to remain silent, the right to speak to an attorney, and the right to a translator.
“Across this country, day after day, we bear witness to cruelty that staggers the conscience. Masked agents, paid by our own tax dollars, violate the Constitution and visit terror upon our neighbors,” said Mayor Mamdani. “That is why this morning, I am signing an executive order that will strengthen our city’s protection of our fellow New Yorkers from abusive immigration enforcement. This order is a sweeping reaffirmation of our commitment to our immigrant neighbors. We have also prepared 30,000 guides to New Yorkers’ rights in ten languages spoken by some of the most heavily targeted populations in our city, teaching our neighbors what to do if ICE comes for them. These guides are here today, ready for you to take. If you run out, we will print more. I urge you to share these with your congregants — even those who are citizens, even those whom you think ICE may not target. These materials apply to us all: those who have been here for five generations, those who arrived last year. They apply to us all because the obligation is upon us all. To love thy neighbor, to look out for the stranger.”
Executive Order 13
Executive Order 13 takes critical steps to keep not only immigrant New Yorkers but all New Yorkers safe from aggressive, unlawful, and xenophobic federal actions as well as deepen trust between New Yorkers and their city government.
Executive Order 13 reaffirms that information collected by city agencies for city purposes must remain protected and cannot be shared with federal immigration authorities, except as required by law. Under the order, each agency has 14 days to appoint a privacy officer, conduct training, and certify compliance with sanctuary protections limiting information sharing.
Executive Order 13 also makes clear that city property — including parking garages, parking lots, schools, shelters, hospitals, and other public spaces — is for city purposes only. Federal authorities may not enter city property without a judicial warrant. The order also directs core agencies to develop and distribute training for city employees on how to interact with federal immigration authorities.
Moreover, Executive Order 13 requires agencies — including the NYPD, New York City Department of Correction (DOC), New York City Department of Probation (DOP), Administration for Children’s Services (ACS), and Department of Social Services (DSS) — to conduct comprehensive audits of all internal policies governing interactions with federal immigration authorities, update protocols and guidance as needed, and provide public transparency into any new policies that are created as a result.
Finally, Executive Order 13 establishes an Interagency Response Committee to coordinate crisis policy across city agencies and ensure a whole-of-government response.
“Know Your Rights” Push
As part of the new “Know Your Rights” push, the city is distributing nearly 32,000 flyers and booklets to faith institutions across New York City. The materials are available in English, Spanish, Mandarin, French, Bangla, Russian, Arabic, Kreyole, Urdu, and Yiddish – languages spoken by those most targeted by federal immigration crackdowns.
The materials outline key rights and options during encounters with Immigration and Customs Enforcement (ICE), including the right to remain silent, the right to ask for a judicial warrant, the right to speak with an attorney and the right to request an interpreter. They also explain New York City’s sanctuary laws and provide information about the Mayor’s Office of Immigrant Affairs (MOIA) Legal Support Hotline.
The hotline — available Monday and Wednesday from 9:00 AM to 8:00 PM; Tuesday, Thursday, and Friday from 9:00 AM to 6:00 PM; and on the last Saturday of each month from 9:00 AM to 5:00 PM — offers free information and referrals to immigration legal assistance at 1-800-354-0365. During his remarks, Mayor Mamdani called on faith leaders to help ensure this information reaches every corner of the city by distributing the flyers to their congregations.
Below are Mayor Mamdani’s remarks as prepared for delivery:
Good morning. What a privilege it is to be here with you all. I join everyone present in sending our best wishes to Rabbi Schneier, and our hopes for a quick recovery.
And I know that many of us are shocked by the news that we’ve just heard from Pakistan, where dozens of people were killed in a horrific attack on a Shia Mosque. Innaa lillaahi wa innaa ilaihi raajioon.
I look around this room, and I see the faces of friends I have marched with through searing heat and bracing cold. People I have mourned alongside, celebrated alongside, organized alongside. And I see so many others I have only just met, but whom I am eager to work alongside to improve New York.
And I see those whom the people of this city turn to for guidance and grace. This city may have only one Mayor, but it has countless leaders. When our neighbors seek to make sense of a world where sense is not there to be found, they often turn first not to those they elected, but to you.
Thank you for welcoming me today — and for all that you do, in ways seen and unseen, for those you serve.
I was raised in New York City as a Muslim kid with a Hindu mother. I celebrated Eid al-Fitr and Eid al-Adha with my family, lit diyas in Riverside Park for Diwali, and like any New Yorker, encountered faiths different from my own. I still remember coming home from a friend’s Bar Mitzvah one night and demanding an explanation from my father. “Baba,” I asked, “Why don’t Muslim kids have Bar Mitzvahs too?”
And over the past fifteen months, as I ran to become Mayor of our incredible city, that encounter only deepened as I came face-to-face with the living tapestry of faith that is New York.
Faith, we’re told, is the belief in things unseen. And while it certainly took faith to imagine a thing truly unseen—a path to victory—it was nothing compared to the faith I saw New Yorkers summon just to make it through the day. Faith that the bus would arrive. Faith that somehow, some way, the rent would get paid. Faith that a leader would place the concerns of the many before the interests of the few.
I saw that faith everywhere. On subways and street corners, at forums and front doors. And increasingly, as the winter snow melted into the renewal of spring and then the heat of summer, I found it where many New Yorkers return, week after week, in search of meaning.
You welcomed a stranger into your sanctuaries. And whether we were together at Shul, at church services on Saturday or Sunday morning, at a Gurdwara or a mosque or a mandir or a temple, New Yorkers told me of the worries they hold close, the dreams they refuse to let go.
What a gift they gave me. Not just understanding New York better — but understanding how close we truly are.
Because for all our different faiths, we share a common belief: that our city can be restored, and it must. That the wealthiest city in the wealthiest country in the history of the world has enough for everyone to live a life of dignity. That we need not worship the same God to share the same values, or to fight for the same future.
If anything unifies every religion across our city, it is an understanding of faith not solely as a tool for reflection, but as a call to action.
Standing before you today, I think of Deuteronomy 10:17-18, which describes the lord as one who: “shows no partiality and accepts no bribes. He defends the cause of the orphan and the widow, and loves the stranger residing among you, giving them food and clothing.”
Over the past fifteen months, New Yorkers of all faiths built a movement inspired by that cause of the orphan, the widow, and the stranger.
Seniors spent hours making phone calls to strangers because they believed every kid deserves child care. If that is not defending the cause of the orphan, what is?
Neighbors climbed six-floor walkups to knock doors because they believed a single mother in a rent-stabilized apartment should be able to sleep easily on the last night of the month, knowing that her rent would not climb the next day. If that is not defending the cause of the widow, what is?
And today, my friends, I want to reflect on the third charge: loving the stranger.
Across this country, day after day, we bear witness to cruelty that staggers the conscience. Masked agents, paid by our own tax dollars, violate the Constitution and visit terror upon our neighbors. They arrive as if atop a pale horse, and they leave a path of wreckage in their wake. People ripped from their cars. Guns drawn against the unarmed. Families torn apart. Lives shattered—quietly, swiftly, brutally.
If these are not attacks upon the stranger among us, what is?
This cruelty is no faraway concept. ICE operates here in New York. In our courthouses. Our workplaces. They skulk at 26 Federal Plaza—the same building where I waited in fear as my father had his citizenship interview.
If these are not attacks upon the stranger among us, what is?
ICE is more than a rogue agency — it is a manifestation of the abuse of power. And it is also new. It was founded only in 2002. Four Mayors ago, it did not exist. Its wrongs need not be treated as inevitable or inherited. In fact, there is no reforming something so rotten and base.
I think of a story that Reverend Galbreath — the senior pastor at Clarendon Road Church — shared recently. Two Haitian immigrants in his congregation, a father and son, had traveled to 26 Federal Plaza for fingerprinting. The man’s wife, the boy’s mother, had gone the week before without incident. They thought little of the trip. It was routine. In New York, surely one would be safe at an appointment like this.
And then, without explanation or warning, they were whisked away. ICE took them first to the Brooklyn Detention Center. The next day, they were flown to Louisiana. They felt hopeless and helpless, Reverend Galbreath said. Hopeless and helpless.
If these are not attacks upon the stranger among us, what is?
As the federal government attacks our neighbors — those who worship in the next pew over — they command us not to believe what we see. They compel us, as George Orwell wrote nearly eighty years ago, “to reject the evidence of our eyes and ears.” And they would succeed, were it not for the many among us who have not only read the scripture, but who live the scripture—those who refuse to abandon the stranger.
I speak of Renee Good, whose final words to the man who murdered her moments later were: “I’m not mad at you.”
I speak of Alex Pretti, who died as he lived, caring for the stranger. Here was a man who held the hand of the afraid and the afflicted in their final moments. Here was a man who dedicated his life to healing those he had never met. ICE shot him ten times because he did something they could never fathom doing themselves: he extended his arm towards a stranger—not to push her down, but to help her up.
I speak of the tens of thousands across our city and nation who took to snowbound streets in the dead of winter, refusing to allow those with the most power to impose their will upon those with the least.
If that is not love for the stranger among us, what is?
In a moment such as this, I look to the Bhagavad Gita, which teaches us that the highest calling is to become someone “who sees the true equality of all living beings and responds to the joys and sorrows of others as if they were their own.”
Each of us has been a stranger at one point in our lives. Each of us has known the feeling of arriving somewhere new alone, of depending on the kindness of someone else. As ICE fosters a culture of suspicion and fear, let this city of strangers set an example for how to make the sorrows of others our own. Let us offer a new path — one of defiance through compassion.
In so doing, we can offer something more expansive and durable than a mere rejection of atrocity. We can rely on our faith to offer an embrace of one another. After all, few forces hold as much power to extend humanity to all. As Dr. King once said: “The church is the one place where a doctor ought to forget that he’s a doctor. The church is the one place where the lawyer ought to forget that he’s a lawyer. When the church is true to its nature, it says, “Whosoever will, let him come.”
That doctrine—whosoever will, let him come — is not limited to Christianity. Each of our faiths asks the same of us.
I think of Exodus 23:9, the words of the Torah: “Thou shalt not oppress a stranger: for ye know the heart of a stranger, seeing ye were strangers in the land of Egypt.” Few have stood so steadfast alongside the persecuted as Jewish New Yorkers. I think of Michael Schwerner and Andrew Goodman, who gave their lives alongside James Chaney so that all could exercise the right to the franchise. I think of Rabbi Heschel and marched from Selma alongside Dr. King. And I think of Yip Harburg, born on the Lower East Side, who wrote ‘Somewhere Over the Rainbow,’ and uplifted Americans waiting on breadlines during the Great Depression.
I think of the freedom from suffering that Buddhism teaches us is only possible if we remove the three poisons of desire, hatred, and ignorance from our daily lives. We need not accept suffering as unchangeable. We need not treat hatred as the natural state. We have the power to set ourselves free.
And I consider my own faith, Islam, a religion built upon a narrative of migration. The story of the Hijra reminds us that Prophet Muhammad (SWT) was a stranger too, who fled Mecca and was welcomed in Medina. Sura An-Nahl 16:42 tells us: “As for those who emigrated in the cause of Allah after being persecuted, we will surely bless them with a good home in this world.”
Or, as the Prophet Muhammad (SWT) said: “Islam began as something strange and will go back to being strange, so glad tidings to the strangers.”
If faith offers us the moral compass to stand alongside the stranger, government can provide the resources. Let us create a new expectation of City Hall, where power is wielded to love, to embrace, to protect. We will stand with the stranger today, tomorrow, and all the days that are still to come.
That is why this morning, I am signing an executive order that will uphold our city’s protection not just of our fellow immigrant New Yorkers — but of all New Yorkers — from abusive immigration enforcement.
This order is a sweeping reaffirmation of our commitment to our immigrant neighbors and to public safety as a whole. We will make clear that ICE will not be able to enter New York City property without a judicial warrant. That means our schools, our shelters, our hospitals, our parking lots.
We will protect New Yorkers’ private data from being unlawfully accessed by the federal government and stand firmly against any effort to intrude on our privacy. No New Yorker should be afraid to apply for city services like child care because they are an immigrant.
This order will mandate that essential city agencies are complying with city laws and conduct thorough audits of all policies guiding agency interactions with immigration authorities.
And it will establish an Interagency Response Committee, so that in the event of a major crisis, we are ready and equipped to do the job of protecting New Yorkers. We will create a centralized mechanism for coordinating policy across agencies, so that government speaks with one voice in times of need.
City Hall will not look away.
But we need our faith leaders with us. Your moral clarity, your integrity — they are the pillars upon which countless movements for justice have been built. Many of you have long practiced the tradition of supporting the forgotten and the downtrodden. When our immigrant neighbors are in trouble, they often turn first to their faith networks — for counsel, for legal aid, for someone to accompany them to court.
Today, I call upon you to help us give language to courage. Help us remind New Yorkers that they are not alone.
We have prepared 30,000 guides to New Yorkers’ rights, in ten languages spoken by some of the most heavily targeted populations in our city, teaching our neighbors what to do if ICE comes for them. These guides are here today, ready for you to take. If you run out, we will print more.
I urge you to share these with your congregants — even those who are citizens, even those whom you think ICE may not target. These materials apply to us all: those who have been here for five generations, those who arrived last year. They apply to us all because the obligation is upon us all. To love thy neighbor, to look out for the stranger.
If we are truly to champion the cause of the stranger, let these materials serve as instructions for how to stand in solidarity. If anything can turn back the rising tide of hatred, it is a chorus of those who worship differently and live differently, singing the same undaunted song.
For we are all New Yorkers. And yet that has not always been accepted.
My friends — for as long as people have called New York home, a question has been contested: who is a New Yorker? At each juncture, many have sought to narrow the answer. The stranger has been ostracized on job postings, on placards denying entry to restaurants and shops, in neighborhoods where only some New Yorkers were allowed to live. Every conceivable crack has been exploited into a chasm of division.
On every occasion where the forces of darkness have raised the question, “Who is a New Yorker?” The people of this city have offered our own answer. All of us.
And yet we know that that answer is not permanent, nor is it predetermined. Each generation must assert what we know to be true, because New York serves as living proof—we are stronger when we welcome the stranger.
This will not be an easy contest. Those on the other side, the ICE agents of the world, hold power and weaponry and a sense of impunity. And yet, we hold one advantage over them, one advantage that no matter how hard they try, they cannot overcome, as they mask their faces to attack and murder: we are not ashamed of our answer.
So let us answer the question — who is a New Yorker? — once more, with conviction, and without shame. It is all of us.
So together, New York, let us advance the cause of the orphan.
Together, New York, let us advance the cause of the widow.
Together, New York, let us love the stranger among us, because we are them, and they are us.
The segment argues that the Washington Post’s reported layoffs under Jeff Bezos reflect a broader collapse in trust and demand for legacy media, with Brianna Lyman claiming readers are abandoning outlets they view as partisan and credibility-damaged by major political narratives (Russia-collusion coverage, Kavanaugh allegations, and optimistic portrayals of Biden’s fitness). She frames the layoffs as a market correction—if a paid product doesn’t deliver value, it fails—rejecting calls for Bezos to subsidize the newsroom indefinitely. The discussion then shifts to Don Lemon, with Lyman arguing “journalism” is not legal immunity if someone obstructs or disrupts a church, and criticizing what she portrays as selective enforcement against conservatives in prior years. Finally, they highlight a U.S. investigation into Nike over alleged discrimination against white workers, using it as an example of DEI-driven corporate practices facing legal and political backlash and reiterating a merit-based hiring standard.
Washington Post layoffs, media trust
Host: I’m thrilled to be joined now by The Federalist’s elections correspondent, Brianna Lyman. Brianna, thanks so much for coming on the program tonight.
Huge news out of Washington: it looks like the paper that devoted itself to the idea of “democracy dies in darkness” is now dying a slow death itself — with publisher Jeff Bezos laying off 300 workers, about a third of the newsroom. What’s your reaction? Because while nobody cheers when a journalist is fired, it seems to me this proves the Washington Post’s business model of anti-Trump “hackery” doesn’t sell anymore. Does it?
Brianna Lyman: No. Right now — at least in the United States — trust in the mainstream media is at a record low, or as I like to call it, the “propaganda press.” And the Washington Post is a case study.
This is an outlet that pushed the Russia-collusion narrative, promoted the Kavanaugh rape smear, and insisted Biden was healthy and fully cognizant — which wasn’t true. Readers have lost trust. And when you’re being charged to read the Washington Post, you realize you’re not getting much for your money when you can go to free sites — you can go to Sky News, Fox News — and access news without the left-wing spin.
A lot of people say Bezos should have dipped into his own money and paid staffers for years. But that’s what happens when the real world collides with liberal fantasies: in a capitalist society, if your product doesn’t sell, you’re done. It’s unfortunate they lost their jobs, but if they have useful skills, they should be able to find new ones.
Host: Exactly. And you mentioned the hoaxes. This paper was used to launder all sorts of “deep state” narratives about Trump. It pushed the Steele dossier — full of claims and alleged lies — in what many saw as an attempt to influence an election. Once a newspaper is trying to be a political player in an election, it’s over, isn’t it?
Brianna Lyman: Yes. The Washington Post presents itself as neutral — “democracy dies in darkness.” But for them, democracy only “dies in darkness” when Republicans are winning.
When a Republican is in office, everything is framed as bad, illegal, unconstitutional. When a Democrat is in office, even when something is illegal or unconstitutional, it gets wiped away or swept under the rug.
Readers don’t want this anymore. They cut sections like books and sports. And people are tired of being told they have to accept ideological narratives in sports — they just want to watch sports. You can go to Fox Sports and they talk about the game, not constant political lectures. The Post could have changed years ago; it didn’t — and now it’s facing the consequences.
Secretary Rubio discusses the Critical Minerals Ministerial (0:06), an initiative aimed at diversifying global supply chains for critical minerals (0:06-0:26). He emphasizes that the current concentration of these minerals in one country poses risks of geopolitical leverage and supply disruptions (0:52-1:07).
Key points of the ministerial and related initiatives include:
Goal: To establish reliable and diverse supply chains for critical minerals, essential for technological innovation, economic strength, and national security (1:11-1:18).
Economic Challenges: Foreign competitors often undercut prices through state subsidies and unfair practices, making it economically unviable for other countries to explore and process critical minerals (1:26-1:52).
U.S. Actions: The U.S. is leading by example with permitting reform for domestic critical mineral industries and creating demand through a strategic stockpile (2:09-2:26).
Global Response: The ministerial seeks to create a global forum and launched the Forge initiative (2:32-2:46) to address this challenge, with 55 partners and more expected to join (0:08-0:16).
Future Sessions: Upcoming sessions will cover a price floor mechanism to ensure economic viability for investments in these sectors (3:12-3:29) and showcase financing tools from various U.S. departments (3:31-3:41).
Bilateral Agreements: New critical minerals frameworks are expected to be signed with several partners (3:49-3:52), highlighting the billions of dollars the U.S. government has committed to this endeavor (3:57-4:03).
Secretary Rubio also addresses specific country roles and foreign policy matters:
Ukraine: Critical minerals are vital for Ukraine’s future economic prosperity and rebuilding efforts post-war (7:14-7:42).
Argentina: Recognized as a key partner in critical minerals due to its natural resources and expertise in processing (8:33-9:11).
Iran: The U.S. is open to engaging with Iran, but talks must include their ballistic missile program, sponsorship of terrorist organizations, nuclear program, and treatment of their own people (10:04-11:20).
Morocco: Plays a crucial role due to its critical mineral deposits and willingness to invest in processing, contributing to a diversified global supply network (15:08-16:01).
In this video, Governor Hochul discusses her proposals to reduce vehicle insurance rates and combat fraudulent claims in New York State (5:54). She highlights that New Yorkers pay some of the highest insurance rates in the nation, attributing this to rampant fraud and excessive litigation costs (6:44).
Key points of her proposal include:
Reforming tort laws (9:23) to prevent individuals who cause accidents (especially those driving under the influence, without a license, or committing felonies) from receiving large emotional distress or pain and suffering payouts from victims’ premiums.
Establishing a cross-agency task force (10:28) and reimagining the Motor Vehicle Theft and Insurance Fraud Board to crack down on scammers.
Strengthening penalties (10:52) for those who break the law.
She cites Florida as an example where similar reforms led to a significant drop in insurance rates (9:32). Matt Unger, co-owner of Tax Auto Body and Service, supports the Governor’s initiative, explaining how fraud manifests in repair shops and impacts honest customers through higher premiums and longer claim times (13:29).
Governor Hochul: “You can have a situation where someone causes the accident intentionally and gets a huge personal injury payout. So we’re putting the brakes on that fraud. Enough is enough here in the State of New York… I don’t want to have a system anymore that rewards dangerous behavior. So if you’re driving drunk, driving without a license or committing a felony at the time of the crash or cause the accident, you should not get a payday. I’m not sure who can argue with that. We’ll start by reforming our tort laws to protect people who play by the rules and insulate the personal injury system from abuse.”
Hochul: “We’re going to continue in the State of New York to find ways to reduce your cost of living. And if one of those drivers of high costs is your insurance rates, we’re going to peel back and find the causes. We’ve identified them and now we’re doing something about it in this session of the Legislature.”
Earlier today, Governor Kathy Hochul highlighted her proposals to bring down costs of vehicle insurance rates and tackle fraudulent claims across New York State. The Governor is taking common—sense steps to battle fraud, limit damages paid out to bad actors and ensure that consumers, not insurance companies, are prioritized. These proposals build on Governor Hochul’s ongoing efforts to make the state more affordable and put money back into the pockets of hardworking New Yorkers.
A rush transcript of the Governor’s remarks is available below:
Good morning, everyone. I don’t know if any of you have been here before, but this is a second generation car repair, known as TACS. Matt Ungererand his brothers, and Matt is the oldest. What’s your name again? Kevin is the second oldest, and then Ryan is the baby. So, a family business. We had a great conversation about what they’re seeing as they see hundreds of vehicles come through this repair shop, you know, since 1979 and why car insurance rates seem to be just going higher and higher and higher.
And so I’ve talked a lot about affordability. This is my, you know, one of my top priorities: public safety and affordability. And I’m proud that last year we found ways to put money back in people’s pockets, upwards of $5,000. But now we’re trying to say, “What else is disturbing you? What is that bill at the end of the month or quarterly that is just driving you crazy because you don’t know why it’s going up?” So, I want to put a spotlight on this issue once again and acknowledge that some accidents really are just that – they’re accidents. But others are a result of a system that’s just riddled with bad actors and fraud and excessive greed that rewards criminals in illegal behavior. And that’s one of the reasons why New Yorkers pay some of the highest insurance rates in the entire nation, averaging $4,000 a year, which is a whopping $1,500 a year higher than the national average.
So, this doesn’t exist just because every New Yorker did something wrong, but because as I said, the rampant fraud, the runaway litigation costs that are also jacking up prices. You can have emotional distress payouts to the drivers who actually caused the accident in the first place. It doesn’t make any sense. And here’s how it happens: you have these uninsured drivers, scofflaw motorists, even drunk drivers. They’re all distorting the risk pool. So you have these owners of a business, three brothers, who have never filed claims. You know why? Because they fixed their own vehicles. And yet their premiums are going up higher and higher and higher. So you’ve got to just ask why. What’s going on here?
So, someone could be driving drunk without a license, cause an accident, and recover for emotional distress. Or a reckless driver who hits another car will sue for pain and suffering. And a driver who causes an accident can be entitled to—not just modest payouts—but literally millions and millions of dollars from the premiums of regular policy owners, which means all of you. So a drunk driver hits you while you’re crossing the street, turns around and sues you for emotional distress, or the person who rear ends you and is found 80 percent at fault, is then suing you for emotional distress.
Also, this is frightening because there’s been an increase in this, the number of criminals who are now staging accidents. You know, you’ll hear about this, how this is happening with more frequency. The purpose is to defraud drivers through our no-fault laws and collect outsized payments. And again, who do these costs get passed down to? All the motorists in New York.
So you can have a situation where someone causes the accident intentionally and gets a huge personal injury payout. So we’re putting the brakes on that fraud. Enough is enough here in the State of New York. Obviously this is taking on a big fight. It’s been a problem for a while. It’s getting worse, but nobody else is willing to stand up and say, “Why is this happening and how can we do something about it?”
So I don’t want to have a system anymore that rewards dangerous behavior. So if you’re driving drunk, driving without a license or committing a felony at the time of the crash or cause the accident, you should not get a payday. I’m not sure who can argue with that. We’ll start by reforming our tort laws to protect people who play by the rules and insulate the personal injury system from abuse.
Now, another state, Florida—and I have to admit this, I don’t usually follow the lead of Florida—but this is one area where they took a serious look at what was driving up their high insurance rates. They instituted very similar changes to these and over a one or two year period, the insurance rates literally plummeted. In some cases by 20 percent, and they gave a rebate back to the policy holders.
So I want to be very clear, if someone is involved in an accident, they’re still entitled to fair compensation for damages. That’s just how we’ll continue this. But what they’re not entitled to is millions and millions of dollars of additional compensation from suing the victims of an accident they caused. That’s the scope of the approach we’re taking here. Other states already have these in place, so it’s not new, it’s not earth shaking, and so should New York. We’ll also have a cross agency task force and reimagine the existing motor vehicle theft and insurance fraud board so our State Police and the Department of Financial Services continue to crack down on swindlers and scammers. I want to make it easier to prosecute those who are involved in stage accidents. Again, that number, if you look statistically across the nation, we’re becoming one of the highest. Also strengthen the penalties for those who break the law.
So let me wrap up by saying this: It’s really simple, everybody. We’re going to continue in the State of New York to find ways to reduce your cost of living. And if one of those drivers of high costs is your insurance rates, we’re going to peel back and find the causes. We’ve identified them and now we’re doing something about it in this session of the Legislature. So, I hope you all join me in that effort.
And I want to thank our friends here from TACS and hear from them directly, not just what it’s like to be three brothers running a business—they all get along really well, I already asked this question—but to find out what they’re seeing firsthand as they work in a very well-known, popular, reputable repair shop here as well.
At a press conference at the
Bronx Museum of the Arts
,
Mayor Zohran Mamdani announced five major appointments spanning justice reform, public health,
youth development, veteran services, and the city’s administrative court system. Before the introductions, he also
delivered a winter operations update: “code blue” remains in effect, shelter outreach is intensified,
and New Yorkers were urged to check on vulnerable neighbors.
Winter Weather Update — the “snow math”
67 million lbs of snow melted
188 million lbs of salt spread citywide
2,500 sanitation workers on 12-hour shifts (plus additional staffing for the weekend)
Code Blue: intensified outreach; shelters should not turn people away
The Five Appointments
1) Stanley Richards — NYC Department of Correction
Richards was named Commissioner of the NYC Department of Correction. The announcement emphasized a justice-reform
approach focused on safety, dignity, and re-entry, and noted he is described as the first formerly incarcerated
person to lead the department.
2) Dr. Alistair Martin — Department of Health and Mental Hygiene
An emergency-room physician with public health and government experience, Dr. Martin will oversee the city’s
public health apparatus and framed the mission as ensuring high-quality healthcare is not a privilege.
3) Sandra Escamia Davies — Youth & Community Development
Davies was appointed Commissioner of NYC’s youth and community development agency, emphasizing youth as “assets”
and calling for access regardless of ZIP code, with programs connected to credentials, pay, and jobs.
4) Yenya Mata — Department of Veterans’ Services
Mata was named Commissioner of the Department of Veterans’ Services, pledging support for the city’s veterans and
military families across housing, healthcare, and benefits navigation.
5) Vilda Vera Mayuga — OATH (Administrative Trials and Hearings)
Mayuga was appointed Commissioner of OATH, the city’s administrative law court, with a modernization agenda aimed
at making the process simpler and more straightforward than traditional court proceedings.
Q&A Highlights
Jail conditions: the administration said it is coordinating with the remediation manager to improve conditions.
Power outages: the mayor said the city will exhaust options to keep residents warm, including hotel placements if needed.
Cold-front fatalities: he announced the total reached 14 outdoor deaths since the cold front began; outreach and shelter placements were expanded.
World Cup planning: “World Cup Czar” Maya Honda was tasked with turning the event into a citywide celebration involving small businesses.
On January 30, 2026, President Donald J. Trump nominated Kevin Warsh, a former Federal Reserve Governor who navigated the 2008 financial crisis, to serve as the next Chairman of the Federal Reserve, succeeding Jerome Powell. Warsh brings extensive credentials, including degrees from Stanford and Harvard Law School, experience as a Morgan Stanley executive, and advisory roles in the Bush administration. The nomination has garnered widespread acclaim across political and financial spheres, with Republican senators such as Tim Scott, Lindsey Graham, and Bill Hagerty praising his deep monetary policy expertise, steady leadership, and potential to refocus the Fed on its core mandate of price stability and maximum employment while enhancing credibility and accountability. Business leaders including JPMorgan Chase CEO Jamie Dimon, U.S. Chamber of Commerce President Suzanne Clark, and financial organizations like the Mortgage Bankers Association and American Bankers Association highlighted his prudent approach, crisis management skills, and commitment to economic growth, stability, and innovation in a complex environment.
Wide Acclaim for President Trump’s Nomination of Kevin Warsh as Fed Chair
Today, President Donald J. Trump announced his nomination of Kevin Warsh to serve as Chairman of the Board of Governors of the Federal Reserve System. Mr. Warsh is exceptionally well-prepared to lead the world’s most influential central bank, with a distinguished background including degrees from Stanford University and Harvard Law School, prior roles as a Morgan Stanley executive and top economic advisor to the Bush Administration, and service as the youngest-ever Federal Reserve Governor — where he helped steer the institution through the 2008 financial crisis.
The nomination has drawn widespread praise from lawmakers, business leaders, financial experts, and industry voices across the spectrum:
Senate Committee on Banking, Housing, and Urban Affairs Chairman Tim Scott: “The Federal Reserve’s decisions touch every American household, from mortgage rates to retirement savings, and President Trump has been clear that bringing accountability and credibility to the Federal Reserve is a priority, and his nomination of Kevin Warsh reflects that focus. As a former Federal Reserve Governor, Kevin has deep knowledge of markets and monetary policy that will be essential in this role. Federal Reserve independence remains paramount, and I am confident Kevin will work to instill confidence and credibility in the Fed’s monetary policy. As Chairman of the Senate Banking Committee, I look forward to leading a thoughtful, timely confirmation process that carefully examines his vision for focusing the Federal Reserve on its core mission.”
Sen. Jim Banks: “Kevin Warsh is a brilliant pick by President Trump for Fed Chair. Clear from what he wrote in 2021 he understands scale of China’s ambitions. As member of Banking Committee I look forward to working with him to maintain American financial supremacy.”
Sen. Marsha Blackburn: “Kevin Warsh is exceptionally qualified to lead the Federal Reserve as Chairman. I look forward to supporting this nomination in the Senate, and I am confident Kevin will help foster economic growth and create more opportunity for hardworking Americans.”
Sen. Katie Britt: “Congratulations to Kevin Warsh on his nomination to serve as the next Chair of the Federal Reserve. Kevin brings a deep expertise and proven track record in monetary policy, including years at the Federal Reserve where he helped our nation navigate some of its most economically turbulent times. He is an exceptionally qualified candidate, and I look forward to supporting his nomination.”
Sen. Shelley Moore Capito: “@potus’ pick of Kevin Warsh to serve as @federalreserve Chairman is an excellent choice. I’ve had the [opportunity] to get to know Kevin over the years and know firsthand that he brings experience, steady leadership, and a clear understanding of the challenges facing our economy. I’m looking forward to working together.”
Sen. John Cornyn: “With decades of experience in finance & economics spanning government and the private sector, Kevin Warsh is eminently qualified to serve as Chairman of the @federalreserve. I trust with him at the helm, the Federal Reserve will help guide our nation on a path of historic prosperity & opportunity just as @POTUS has. I look forward to supporting Kevin in the Senate.”
Sen. Tom Cotton: “I commend President Trump nominating Kevin Warsh to become the next Chairman of the Federal Reserve. I look forward to working with him and President Trump to make life more affordable for Arkansans.”
Sen. Lindsey Graham: “Great pick, Mr. President. Kevin Warsh has the experience and judgment this important role demands, along with a strong combination of academic and real-world knowledge. I have every confidence that he is the right choice at the right time, and I will enthusiastically support his nomination.”
Sen. Bill Hagerty: “Congratulations to my friend Kevin Warsh on his nomination to be Chairman of the Federal Reserve. I have known Kevin for years and his exemplary record speaks for itself. No one is better suited to steer the Fed and refocus our central bank on its core statutory mandate. I look forward to voting for his confirmation in short order, and watching him succeed. An outstanding choice by @realDonaldTrump!”
Sen. Cynthia Lummis: “Now more than ever, we need a Federal Reserve that embraces digital assets and financial innovation, not one that shuns advancement. I applaud President Trump’s decision and look forward to hearing Kevin Warsh’s plans to undertake needed reforms to make the Fed more transparent and accountable to Congress.”
Sen. Roger Marshall: “Kevin Warsh is an outstanding choice by President @realDonaldTrump to serve as the next Fed chair. His experience and expertise are exactly what our country needs right now. Time to unleash the full strength of the American economy.”
Sen. Dave McCormick: “I applaud President Trump’s nomination of Kevin Warsh to be Chairman of the Federal Reserve. Kevin has been a friend and colleague to Dina and me for almost 30 years. He is exactly who we need to fulfill the Fed’s mandate of monetary policy that keeps inflation in check while unlocking growth, new jobs, and opportunity. Pennsylvanians can be confident that this choice will bring common sense and steady leadership to the Federal Reserve.”
Sen. Bernie Moreno: “Phenomenal choice by President Trump! Kevin Warsh is a brilliant mind who will restore independence to the Federal Reserve. Unlike Powell, Kevin will make decisions based on logic and not based on politics. I look forward to voting to confirm him as the next Chairman!”
Sen. Pete Ricketts: “Congrats to Kevin Warsh on his nomination to be the next chairman of the Federal Reserve. I look forward to speaking with him about his vision of the Fed on @BankingGOP in the near future.”
Sen. Rick Scott: “Kevin Warsh is a great pick from @POTUS as the next @FederalReserve Chair, and I’m excited to vote for his confirmation ASAP. The Fed has lost its way. I believe Kevin understands the need to reduce the balance sheet and rein in out-of-control spending at the Fed to help get our country back on track.”
Sen. Tommy Tuberville: “Congratulations to Kevin Warsh who will do a great job as the next Chairman of the Federal Reserve. The President made an excellent choice. Time to cut rates.”
Canadian Prime Minister Mark Carney: “Kevin Warsh is a fantastic choice to lead the world’s most important central bank at this crucial time.”
The Wall Street Journal Editorial Board: “Does Kevin Warsh know what he’s getting into as President Trump’s nominee to be the next Chairman of the Federal Reserve? Yes, he does, which is only one of the reasons he is the right choice for a central bank that needs reform after a generation of exceeding its proper monetary remit… This is President Trump’s best second-term appointment.”
Mortgage Bankers Association President and CEO Bob Broeksmit: “MBA congratulates Kevin Warsh on his nomination to serve as Chairman of the Federal Reserve. His prior service on the Federal Reserve Board, where he developed a reputation as a prudent, thoughtful voice on monetary policy, paired with his private sector experience, will be invaluable as he leads the Federal Reserve in what has become an increasingly challenging and complicated mission.”
U.S. Chamber of Commerce President and CEO Suzanne P. Clark: “Kevin is well known to the business community. We appreciate his years of focus on how we grow the American economy and maintain stable prices for America’s families, and look forward to his confirmation process.”
JPMorgan Chase CEO Jamie Dimon: “Kevin Warsh is a highly respected and experienced leader — across government, business and education — who I have seen act with integrity and a dedication to making our country better.”
Rene M. Kern Practice Professor at the Wharton School of the University of Pennsylvania Mohamed A. El-Erian: “Congratulations to Kevin Warsh on being nominated by President Donald Trump as the next Chair of the Federal Reserve, the world’s most powerful central bank. Having observed and interacted with Kevin during his prior tenure as Fed Governor, in academia, and as a fellow member of the Group of Thirty (G-30), I believe he brings a strong mix of deep expertise, broad experience, and sharp communication skills. His commitment to reforming and modernizing the Fed bodes well for enhancing policy effectiveness and protecting the institution’s political independence.”
Financial Services Forum President and CEO Amanda Eversole: “The Federal Reserve is critical to ensuring the economic success of our nation—Kevin Warsh is the right man for the job of chair. Warsh brings an unmatched wealth of experience and has a proven track record of guiding our nation’s economy through financial crisis and recovery. President Trump understands the need for strong leadership at the Federal Reserve to fulfill its dual mandate while modernizing the institution. The Forum applauds President Trump’s nomination and looks forward to working with Warsh to ensure our nation’s economic strength for the benefit of all Americans.”
National Economic Council Director Kevin Hassett: “President Trump made a great choice… I really have high regard for Kevin and we’re going to put every effort that we have into getting him confirmed as soon as possible so that we can get the Fed moving in the right direction.”
Consumer Bankers Association President and CEO Lindsey Johnson: “On behalf of America’s leading Main Street banks, we congratulate Kevin Warsh on his nomination to serve as Chair of the Federal Reserve. Mr. Warsh’s depth of expertise and understanding of the Federal Reserve’s dual mandate will be critical as the central bank navigates a complex economic environment and works to maintain stability, confidence, and long-term growth. We look forward to working with Mr. Warsh and policymakers to advance sound, predictable policies that support a strong economy, a resilient financial system, and broad access to credit for consumers and small businesses nationwide.”
American Bankers Association President and CEO Rob Nichols: “Congratulations to Kevin Warsh on his nomination to serve as the next chair of the Federal Reserve Board. In selecting Warsh, President Trump has chosen an experienced and tested policymaker who previously served at the Fed during one of its most challenging moments. Having worked alongside him in the Bush administration, I know he has a deep understanding of monetary policy, markets and the important role the nation’s banks play in the economy. We look forward to learning more about his current policy views during the confirmation process, and ultimately seeing a smooth transition in Fed leadership.”
Job Creators Network CEO Alfredo Ortiz: “Kevin Warsh is the perfect choice to lead the Federal Reserve. He has repeatedly demonstrated understanding of the true driver of inflation: excessive government money printing, not economic growth. Under his leadership, the Fed can finally reach its target inflation rate, something Chairman Powell has continually failed to do, while also expanding access to credit for small businesses. By protecting the value of the dollar, supporting economic growth, and boosting capital access, a Warsh chairmanship can backstop a booming small business economy. The Senate should quickly confirm him.”
Investment Company Institute President and CEO Eric J. Pan: “ICI offers our warm congratulations to Kevin Warsh on his selection to lead the Federal Reserve. Warsh’s wealth of experience in monetary policy and financial regulation, along with his deep understanding of the Federal Reserve’s dual mandate, will serve him well in this position. His unique background as a former Federal Reserve Governor, twinned with his experience in global financial markets, means he has a firm foundation from which to step into this leadership role. We commend President Trump for this outstanding nomination and look forward to working with Warsh to support the millions of American investors we serve.”
CRE Finance Council President and CEO Lisa Pendergast: “CREFC congratulates Kevin Warsh on his nomination to lead the Federal Reserve. As a former Federal Reserve Governor with deep experience in financial markets, Mr. Warsh brings valuable perspective at a critical moment for the U.S. economy. Federal Reserve policy has a direct and significant impact on commercial real estate finance, influencing interest rates, liquidity, and the availability of capital across CRE lending and securitization markets. Strong, transparent leadership at the Fed is essential to maintaining market stability and supporting economic growth. We look forward to engaging with Mr. Warsh and policymakers throughout the confirmation process and beyond to advance policies that promote a healthy, resilient commercial real estate finance system.”
Independent Community Bankers of America President and CEO Rebeca Romero Rainey: “ICBA and the nation’s community banks congratulate Kevin Warsh on his nomination to serve as chairman of the Federal Reserve Board. As a previous member of the Fed board, Warsh has demonstrated a clear understanding of the important role of community banks in the nation’s economy and the need for tiered regulations to support access to banking services in local communities. ICBA encourages policymakers in Washington to continue ongoing efforts to address excessive regulatory burdens on community banks and ensure a level regulatory playing field between banks and nonbank entities to support a secure environment for consumers and the financial system. We look forward to continuing to work closely with Warsh, the Trump administration, and the 119th Congress on these issues.”
Former Secretary of State Condoleezza Rice: “Congratulations to my close friend and trusted colleague of many years at Hoover on being nominated as the next Fed Chair. Kevin is a dedicated public servant with the intellect, experience, and judgment to lead the Federal Reserve. He understands the central bank’s key role for the United States and our allies around the world. We will benefit from his steady, principled leadership.”
Apollo Global Management Chief Economist Torsten Slok: “He will be really a great Fed Chair because the issue is that he understands the institution. He understands that this is a committee; there are 12 voting members. He absolutely also understands the importance of guiding the committee and figuring out the consensus opinion.”
UPS CEO Carol B. Tomé: “Since joining the UPS Board more than 13 years ago, Kevin Warsh has served as a trusted advisor and colleague. His deep financial markets knowledge, global economic insight, crisis management expertise, and sound judgment have made him an invaluable member of our Board. On behalf of our more than 400,000 employees, we celebrate his nomination and his willingness to serve our country in this key role.”
Chevron CEO Mike Wirth: “The energy sector stands at an inflection point. Energy abundance is a national imperative, AI leadership requires unprecedented power, and geopolitics are reshaping the energy map. Having known Kevin Warsh for decades, he’s uniquely prepared — in judgment, experience, and temperament — to serve our country at this critical time.”
House Majority Leader Steve Scalise: “Kevin Warsh is an excellent pick to serve as the next Chair of the Federal Reserve. His extensive experience makes him well qualified for the role and with Kevin as Chairman, I’m hopeful the Fed can help America’s economy continue to get back on track and restore accountability and greater trust in the institution.”
House Majority Whip Tom Emmer: “Kevin Warsh is another outstanding pick by @POTUS. I hope to sit down with him soon to discuss the importance of maintaining America’s status as the crypto capital of the world and look forward to his swift confirmation in the Senate.”
House Republican Conference Chairwoman Lisa McClain: “President Trump has made a great choice in nominating Kevin Warsh to lead the Federal Reserve! As a former Fed governor, Mr. Warsh has the right experience and deep market expertise. I look forward to his confirmation.”
Rep. Jodey Arrington: “Kevin Warsh is the right man for the job. Kevin is a longtime friend and former White House colleague—one of the smartest and most talented people I have ever served with. Kevin is a conservative economist, financial markets expert, and respected authority on fiscal, monetary, and economic policy. Kevin is a strong leader with deep convictions for free people, free markets, and fiscal responsibility. He has questioned the Fed’s recent failures, criticized the Fed’s overreach of the past, and rightfully admonished the Fed’s complicity in the explosion of our national debt. He has dedicated his career to serving our great country and advancing the principles that made America the most powerful and prosperous nation in human history.”
Rep. Andy Barr: “President Trump has hit another grand slam home run with his nomination of @kev_warsh to serve as the next Chairman of the Federal Reserve Board. Over the years, Kevin has advised me and other members of the @FinancialCmte on monetary policy, interest rates, the economy and the proper role of the Fed. His advice has always been thoughtful, insightful and well-supported. Kevin and I have also connected over the years through our mutual love for the great sport of thoroughbred horseracing. Kevin’s powerful intellect, deep experience as a former Fed Board Governor, and strong background in finance and academia will serve him well in this very important position. He will do great things. Congratulations, Kevin!”
Rep. Vince Fong: “I’d like to congratulate Stanford’s Hoover Distinguished Visiting Fellow Kevin Warsh on his nomination to serve as Chairman of the @federalreserve. A former Fed Governor, Kevin brings steady leadership, deep monetary policy experience, and a strong commitment to reform. @POTUS made a great choice — Kevin understands the challenges facing hardworking Americans and how to keep our economy strong.”
Rep. French Hill: “With his service as member of the Federal Reserve Board of Governors, combined with his decades of academic and financial market experience, Kevin Warsh brings a clear understanding of the responsibilities of the Fed, and I congratulate him on his nomination. He has demonstrated a commitment to fighting inflation and to keeping prices in check for American families and am pleased that President Trump put forward such a qualified nominee.”
Rep. Ashley Hinson: “Excellent news, Mr. President. Congratulations to Kevin Warsh on receiving this nomination to become the next Chairman of the Federal Reserve. Iowans will greatly benefit from his expertise and strong leadership. I look forward to seeing him bring the Federal Reserve back to its core mission to help usher in economic prosperity for all Americans.”
Rep. Bill Huizenga: “I have known and interacted with Kevin Warsh for years. He played a pivotal role in navigating our country through one of the greatest financial crises in our lifetime. Kevin is incredibly qualified and immediately provides credibility as well as stability to this important role.”
Rep. Mike Lawler: “Congratulations to New York native Kevin Warsh on being appointed as Fed Chair! He will do a phenomenal job! Having served on the Federal Reserve under President Bush and at the height of the financial collapse in 2008, he is well prepared to handle these challenging times.”
Rep. Frank Lucas: “Kevin Warsh is the right pick for Fed Chair. Having previously served on the Federal Reserve’s Board of Governors, Mr. Warsh has seen firsthand how to build consensus during times of crisis, both at the Board and the FOMC. As an expert economist, Mr. Warsh will work well with Vice Chair Bowman on the work she’s already begun in right-sizing bank regulation and ensuring capital access across the country. Mr. Warsh’s work at the Fed, in the private sector, and in the executive branch, make him more than qualified to lead the Board as our banking industry undergoes tremendous innovation. As Chairman of the Task Force on Monetary Policy, Treasury Market Resilience, and Economic Prosperity, I look forward to working alongside him to bolster the American economy.”
Rep. Dan Meuser: “@POTUS made an excellent choice in Kevin Warsh to lead the @federalreserve, after months of vetting incredible candidates including Kevin Hassett, Chris Waller, and Rick Rieder. Warsh is a serious, credible choice who understands the magnitude of the job ahead — Fed policy directly affects mortgage rates, borrowing costs, and the price of everyday goods. President Trump has been clear about his priorities: lowering costs, fighting inflation, and restoring affordability, especially in the housing market. Kevin Warsh shares that focus and understands that you don’t fix the economy by crushing it. You restore stability with disciplined monetary policy that supports growth rather than working against it. With experience at the Fed, in the White House, and in the private sector, Kevin Warsh understands how monetary policy impacts real people, real businesses, and long-term economic strength. The Senate should move quickly to confirm him so the Fed can refocus on its core mission and focus on helping our economy grow to the benefit of all Americans.”
Rep. María Elvira Salazar: “Congratulations to my friend @kev_warsh on his appointment as Chairman of the Federal Reserve. Kevin is exceptionally qualified, experienced, and respected, and I am confident his leadership will strengthen our economy and restore trust in our financial system.”
Rep. Jason Smith: “I congratulate my friend, Kevin Warsh, being nominated to be the next Chairman of the Federal Reserve. Kevin has extensive experience with monetary policy, and I have no doubt that President Trump’s great selection will understand the struggles of hardworking Americans and implement policies to ensure our economy is working for them.”
Rep. Elise Stefanik: “This is a very smart nomination by President Trump of Kevin Warsh as Fed Chair. Kevin is a longtime friend and he is a fellow Upstate NY native. He is exactly the right leader at this time to right the ship at the Fed and get our economy back on track for the hardworking families and small businesses across America.”
Rep. Marlin Stutzman: “Kevin Warsh’s nomination as Fed Chair is a PIVOTAL step to unleashing the America First economy. He has decades of market experience, and has already demonstrated his commitment to FIGHTING inflation and keeping prices in check for American families. @POTUS has picked an extremely qualified nominee!”
Rep. Ann Wagner: “Kevin Warsh is fully qualified to serve as Chairman of the Federal Reserve, and his decades of experience will serve him well as he works to ensure American families have confidence in a stable economy. President Trump made an excellent decision to nominate Kevin, and I know he will be a thoughtful steward of his responsibilities as Chair as we all work to fight inflation and support strong economic growth for our nation.”
Rep. Roger Williams: “Congratulations to Kevin Warsh on his nomination to serve as Federal Reserve Chair. As a Member of the @FinancialCmte and Chairman of @HouseSmallBiz, I look forward to working together to advance policies that strengthen economic opportunity for every American.”
Governor Kathy Hochul says the MTA hit an all-time record with $15.8 billion in capital commitments in 2025, the biggest single-year infrastructure investment in agency history—powered in part by over $5 billion tied to congestion pricing revenues—to push forward new subway and rail cars, modern signals, ADA accessibility, buses, and major expansion projects across the system. Highlights include Second Avenue Subway Phase 2 tunneling moving ahead on time and on budget, a key Interborough Express contract that shifts the Brooklyn–Queens line from planning to active development, and signal modernization on the Fulton & Liberty A/C lines using a new delivery model that’s 33% cheaper per mile than past upgrades. The MTA also points to measurable “delivery” wins—projects coming in below estimates, 41 elevator replacements, new accessible stations, and megaproject progress like the Park Avenue Viaduct replacement finished 21 months early and $93M under budget—framing the message as: congestion pricing money is being reinvested directly into a faster, more reliable, more accessible transit network for millions of riders.
Governor Hochul Announces MTA Sets Record With $15.8 Billion in Capital Commitments in 2025
Governor Kathy Hochul today announced that the Metropolitan Transportation Authority (MTA) made a record $15.8 billion in capital commitments in 2025, marking the largest single-year investment in transit infrastructure in the agency’s history. The commitments advance critical accessibility upgrades, state-of-good-repair work, and major megaprojects across the system, including more than $5 billion made possible through Congestion Relief funding. Projects advanced also included the first round of investments made possible by the MTA’s historic 2025-2029 Capital Plan, which was fully funded by Governor Hochul and the state legislature in the FY26 Enacted State Budget.
“New York is investing in transit like never before, with record levels of investment being made to upgrade our existing system and to bring better transit to more communities,” Governor Hochul said. “The historic year for capital investments at the MTA — including $5 billion in projects made possible by congestion pricing — will improve the commutes of millions of New Yorkers and will ensure that this lifeblood of the entire region is able to deliver for riders for years to come.”
MTA Chair and CEO Janno Lieber said, “This record year of commitments cements C&D’s status as a top-tier infrastructure developer. New Yorkers want to know where congestion relief revenues are going — the answer is right back into the transit system with new train cars, modern signals and more ADA elevators. Thank you, Governor Hochul!”
This historic year for capital awards includes investments across the transit system to improve reliability and accessibility, along with targeted investments in system expansion.
Signal improvements: $2 billion
Rolling Stock: $6.6 billion
Expansion: $2.7 billion
Accessibility: $500 million
Bus upgrades: $500 million
State-Of-Good-Repair & other program support: $3.4 billion
The MTA also awarded a significant $166 million contract for engineering and design of the Interborough Express last August, which advanced the project from planning to active phase. The MTA’s 2025-2029 Capital Plan includes $2.75 billion for this transformative transit expansion project between Brooklyn and Queens.
Thanks to funding from congestion pricing, major projects are advancing, including:
Second Avenue Subway Phase 2 Contract 2 for tunneling. This major expansion is advancing on time and on budget.
Signal Modernization on the Fulton & Liberty AC lines in Brooklyn and Queens. Thanks to a new delivery approach, this project is 33 percent cheaper on a per-mile basis than prior signal modernization projects.
Accessibility upgrades at 7 stations, including the Bryant Park Complex on the BDFM7 trains. These accessibility projects came in 6 percent below engineering estimates.
In addition, 2025 saw progress on the MTA’s new 2025-2029 Capital Plan. This includes new contracts for over 300 new train cars on the Long Island Rail Road and the exercise of an option to purchase 270 additional electric buses for the NYC Transit bus fleet.
The record-breaking year surpasses the previous mark set in 2022, when $11.4 billion in contracts were awarded.
MTA Construction & Development President Jamie Torres-Springer said, “This year’s record-setting numbers are the latest proof that the new MTA is delivering the capital program better, faster, and cheaper. From state of good repair and accessibility upgrades to signal modernization and major expansion projects, we are advancing projects all across the region that will improve the lives of New Yorkers for a generation.”
In addition to the record-setting commitments, the MTA completed $6.7 billion in projects in 2025, trailing only 2023’s $7.1 billion as the strongest year for capital project completions.
Customers saw major benefits throughout the system in 2025, with 41 elevator replacements and 10 new accessible stations across the subways and railroads. That record setting number of replacements saw the average project duration drop by more than 2 months.
Other major projects completed included circulation improvements at Grand Central as part of the 42 St Connection program, which saved $46.5M, the opening of New York City’s new Rail Car Acceptance Facility in Brooklyn, and the rehabilitation of the lower level main span deck of the Verazzano-Narrows Bridge. In addition, the MTA awarded a contract to Kawasaki last fall to construct 378 new R268 subway cars, which will ultimately replace nearly 50 year-old cars and improve reliability and performance.
Megaprojects also made major advances. The first phase of the full replacement of the Park Avenue Viaduct — the elevated steel structure that carries four Metro-North Railroad tracks and serves all Metro-North trains traveling into and out of Grand Central Terminal — saw bridge replacement completed 21 months ahead of schedule and $93 million under budget. Further south, additional savings were achieved during the rebuilding of the Grand Central Train Shed that holds up Park Avenue and the surrounding skyscrapers above Metro-North tracks near Grand Central, which came in $20 million under budget in its first phase and has secured $75 million in private funding for the second phase.
In this video, President Trump leads a Cabinet Meeting, highlighting his administration’s achievements and plans for the second year in office.
Key topics covered include:
Economic Growth : Trump emphasizes unprecedented economic growth, record-setting numbers, and a 5.4% GDP growth in the fourth quarter despite a “Democrat shutdown,” which he claims hindered a potential 7% growth. The S&P 500 hitting 7,000 for the first time and the Dow hitting record highs 52 times are cited as evidence of a booming stock market, adding $9 trillion to savings and retirement accounts.
Investments and Job Creation : The President states that $18 trillion in investments have flowed into the country in less than a year, leading to thousands of new businesses, plants, and equipment being built. He contrasts this with the Biden administration’s reported less than $1 trillion in investments over four years.
Inflation and Affordability : Trump discusses efforts to combat inflation, claiming that growth in real incomes is outpacing inflation by over $3,000 under his administration, contrasting it with a $34,000 cost to typical families under “Biden inflation.” He highlights falling gasoline prices (below $2 in many areas), decreasing grocery prices, airfares, hotels, car payments, and rent. He also claims his administration inherited the highest inflation in 48 years.
Tax Cuts : Millions of Americans are expected to receive record-setting tax refunds, with an average refund over $1,000 higher than ever before, thanks to the administration’s tax cuts. He contrasts this with the Democrats’ proposal for the “largest tax hike ever.” He also mentions no tax on overtime, tips, or social security, and a new interest deduction for car loans.
US Manufacturing and Tariffs : Trump attributes the return of car companies and manufacturing plants to the US from Mexico, Canada, Japan, and Germany to tariffs, which companies want to avoid paying. He highlights that for the first time in 26 years, the US produced more steel than Japan, directly linking this achievement to tariffs.
Drug Prices : The administration aims to bring down prescription drug prices by 80-90% through a “most favored nation” policy, where the US will pay the lowest price for drugs globally. This policy was achieved by threatening tariffs on other imported goods.
Foreign Policy and Hostage Release : The President discusses progress in the Middle East, including securing the release of the last hostage. He credits Hamas for assisting in the return of both living and deceased hostages. He also touches on efforts to demilitarize terrorists and establish an “all-Arab government.”
Russia-Ukraine Conflict : Steve Witkoff details progress made in peace talks between Russia and Ukraine since Geneva, including a largely finished security protocol and prosperity agreement. Trump personally requested President Putin to halt firing on Ukrainian cities for a week due to extreme cold, which Putin agreed to.
Trump Accounts and Future Economic Outlook : Scott Bessent highlights the success of “Trump Accounts,” with a million sign-ups in a week, and predicts 25 million eligible families. He anticipates a “Trump boom” in 2026, driven by supply-side policies, wage gains, and low prices. He also reiterates the positive impact of tariffs on US manufacturing and investments.
Appearing live in studio on PIX11 News on January 29, 2026, Mayor Mamdani addressed New York City’s reported $12 billion budget deficit, arguing it will take an “all-of-the-above” plan: pressuring Albany for a better revenue-share deal, seeking higher taxes on millionaires and highly profitable corporations, and launching a citywide hunt for operational efficiencies. In a made-for-TV moment, he signed an executive order on-air requiring every agency to appoint a Chief Savings Officer within five days and deliver a savings/efficiency review within 45 days, while insisting service cuts are a last resort unless state support and tax policy don’t change. He also condemned the car-ramming attack at 770, calling antisemitism a present-day threat, and said final interviews are underway for his Mayor’s Office antisemitism post.
New York. Mayor Mamdani Appears Live on PIX 11
Dan Mannarino: Mayor Zohran Mamdani has painted a grim picture for New York City’s budget, which now has a $12 billion budget deficit to fill. Mayor Mamdani pointed the finger at previous administrations, while saying that he will deliver an on-time, balanced budget on February 17th. So, the question is how? The mayor is joining me now live to talk about this and make an announcement. Mr. Mayor, great to see you.
Mayor Zohran Mamdani: Great to see you as well. Thank you for having me.
Mannarino: Of course, and great to have you here in studio. I think it’s your first as mayor so it’s great to have you here. Before we get to the announcement and the budget, I do want to talk about what we saw play out in Brooklyn last night at the synagogue there. Any indication as the investigation plays out that that individual is looking to commit a hate crime?
Mayor Mamdani: So, it’s currently being investigated. I have to say, I was there on the scene last night at 770 Chabad World Headquarters and it was a horrifying incident where a man repeatedly and intentionally crashed his car into the building and I am so thankful that no one was hurt and we know that this is a building that has immense meaning to so many Jewish New Yorkers and those across the world.
And yesterday’s attack also took place on the yahrzeit of Rabbi Schneerson and the leadership of Rabbi Menachem Mendel Schneerson, and this is just a day after the day when we remember the victims of the Holocaust, and we know that antisemitism is not simply something of the past to be learned about. It is a living, breathing thing that we have to combat every day.
Mannarino: Today, the City Council is expected to announce a task force to fight antisemitism and the question for you is: Have you found somebody to lead your own Office to Combat Antisemitism within the Mayor’s Office? When can we expect to see that up and running?
Mayor Mamdani: So, we are actually in our final interviews for that position. And that is going to be a key position that delivers on our commitment to root out antisemitism across the five boroughs, and make this a city where Jewish New Yorkers are not just safe, but frankly celebrated and cherished.
Mannarino: Sometime next week?
Mayor Mamdani: We’re working on the timeline but it is in the final stages.
Mannarino: Okay Mr. Mayor, and you are here today to talk about the big announcement, which is a $12 billion deficit. You said the city has not seen something like this since the Great Depression. You said you were given a poison chalice by previous administrations. So on behalf of so many New Yorkers who heard that noise and that news, what is the answer to bring So on behalf of so many New Yorkers who heard that noise and that news, what is the answer to budget down on time and on budget?
Mayor Mamdani: So, I think first, as you said, this is [a] $12 billion fiscal deficit. The last time New York saw a fiscal crisis anywhere close to this was the Great Recession. And yet, this actually eclipses that. This is a greater deficit than we saw at the time. It’s going to require an all-of-the-above approach. So, we said, this will require the city’s relationship with the state [to] change. What I mean by that is, today the city contributes 54.5 percent of the state’s revenue [and] receives 40.5 percent in return. The second is going to require a relationship change between the city and its wealthiest residents and most profitable corporations.
I’ve spoken a lot with you across New York City about how I think we should raise income taxes on those who make a million dollars or more by two percent, [and] how we should raise corporate taxes on the most profitable corporations. The third thing it’s also going to require is the city pursuing savings and efficiencies within its own operating budget. And so. that is something that I’m actually here to speak to you today about also, is the creation of savings officers within every single agency that will be tasked with assessing the efficacy of programs we have, the efficiencies that we currently have or are being denied, and what steps we need to take to make the kinds of changes to bring us back to a firm financial.
Mannarino: And you want that done yesterday. So, you have an executive order that you’re calling all city agencies to do right now in implementing and appointing these chief savings officers.
Mayor Mamdani: Yes, and that’s actually the executive order that I have with me right here. This is a directive that, within five days, every single agency head has to identify a chief savings officer. And then within 45 days, those officers have to come back to us with a full assessment of the savings that could be pursued, the efficiencies that we’re currently seeing, and the programs that frankly need to be sunsetted or are not effective.
Mannarino: Okay, so go ahead, put your John Hancock on that. And that will become officially an executive order as of this moment, right?
Mayor Mamdani: Yes, this is now an executive order, the first to be signed on PIX11.
Mannarino: There we go. So let me ask you what exactly that means. The previous administration, Eric Adams, cut from city agencies. For example, libraries were cut, right? Are you expecting agencies to look at some of these things and implement cuts? And how soon?
Mayor Mamdani: I think what we’re first talking about are efficiencies and savings. We’re talking about the things that we could be doing better.
Mannarino: Is that cuts?
Mayor Mamdani: No, I would say, cuts are a matter of last resort, right? We do not want to be cutting the services that New Yorkers are relying on. If the state does not change its relationship to the city, if it does not raise taxes on the wealthiest New Yorkers and the most profitable corporations, then all that leaves the city with, are the most painful tools. However, we want to do everything we can to ensure that those are not the tools we have to use.
Mannarino: But cuts could be on the table, as a last resort.
Mayor Mamdani: That is what we are left with if we are not able to change these relationships. That’s why we’re pursuing the relationship.
Mannarino: You talked a lot about Eric Adams and former Governor Andrew Cuomo, but the City Council was also involved in the budget-making process. Governor Kathy Hochul had four years to kind of implement some changes to Governor Cuomo’s budgets. Do you look at that as part of the reason we’re in this crisis, that there was failure on all levels?
Mayor Mamdani: I see the architects of this crisis being the prior mayor and the prior governor. I think that there have been steps taken in the past few years, especially under Governor Hochul’s leadership, to change some of that cost-sharing between the city and the state. It’s not been an exercise in cruelty towards the city coffers that we saw for about a decade. However, there’s more that needs to be done.
And what we have now, for the first time in a long time, is a directive from our own City Hall, from myself, to go to Albany and be honest and direct about what we need from Albany. That’s what we’re going to do.
Mannarino: What about President Trump? Does he play a role? Does he play a part in this crisis?
Mayor Mamdani: Well, I think President Trump has said himself in the Oval Office right after we had a meeting that the better New York City does, the happier he is. And what we’ve seen is that right now, New York City is in need of a change in its fiscal relationship with a number of the things I’ve listed, but also needs to be protected from some of the federal policies that are being put forward. And I’ve been honest about the fact that some of these proposals would devastate our city, and we’re going to fight them with everything that we have.
Mannarino: In the last couple days or weeks, have you had a conversation with President Trump about what he’s willing to send to New York or withhold from New York? As you go into the budget talks and negotiations now, knowing what you’re going to get from the federal government is huge. So, have you spoken to the president?
Mayor Mamdani: So, I keep those conversations between the president and myself private. What I will tell you, however—
Mannarino: When’s the last time you spoke to him?
Mayor Mamdani: Look, those are conversations that will always come back to New York City. And I think that that’s something that New Yorkers are expecting from me. And what they also know is that in a city of eight and a half million people, the wealthiest city in the wealthiest country in the world, we have one in four living in poverty. We have to find fiscal policy that lifts us all up.
Mannarino: What is your contingency? As you made that announcement, an hour later, Governor Hochul came out, and she said, “Newsflash, we’re not raising taxes in New York.” So, you had these conversations with the governor a number of times. You’re very complimentary to her, but she is adamant that they’re not raising taxes. So, if you don’t get that money, what is the contingency?
Mayor Mamdani: I think the first key thing is to make clear to New Yorkers why we need that money, how we got to this place. And some of [these] are the structural imbalances we’ve seen in our city’s fiscal health over many years. It would be all too easy to try and fix this budget. Only to get here next year. That’s why we’re looking for solutions that will last in the longer term, recurring ones, annualized ones. And so, we’re talking about these increased taxes on the wealthy.
Mannarino: She said no.
Mayor Mamdani: Look, I think politics is also an exercise in making the case and making clear what the stakes are. The tools that the city has, these are the most painful tools. We are talking about cuts. We are talking about property taxes, the things that I do not want to pursue. And yet, the scale of this fiscal crisis of $12 billion, this is not an ordinary crisis. This is not a mayor coming forward and saying, “It’s going to be a tough budget. “This is the likes of which we haven’t seen since the Great Recession. That requires an all of the above approach. That’s what we’re going to make clear.
Mannarino: So realistic[ally] [speaking], and you mentioned yesterday a number of times that you want to be really honest with New Yorkers and letting them know how we got to this point and what you’re planning to do about it. But there’s also a lot that you campaigned on, freezing the rent, fast and free buses. Could some of that take longer to implement, realistically talking, because of what we’re seeing?
Mayor Mamdani: I think this is a fiscal crisis that has to be [at the] front of mind for all of us. Now, I’m proud of the fact that we’ve already been able to advance our affordability agenda in the one month I’ve been in office. Day eight, we secured more than a billion dollars for universal child care. Freezing the rent is not something that requires a fiscal infusion. It’s a decision from the Rent Guidelines Board.
Making buses fast and free, the fast thing we’re already getting started on. And what I’ve said is that by the time I’m finished being mayor, they’re going to be free. What we have to deliver, however, in this very year, required by law, but also required just by being a good mayor, a balanced budget for this fiscal year [and for] the next fiscal year.
Mannarino: I’m up against the clock here, but yesterday you mentioned an AI chatbot that cost $500,000. It’s one of the things you thought was a waste of money. Can you name something else?
Mayor Mamdani: That’s exactly what this directive is about. What we want is to actually come to a number after looking at the budget. Because what we’re seeing, we’re talking about a budget of more than $115 billion. If I’m going to accuse the prior mayor of gross fiscal mismanagement in the budgeting process, we know that that likely extends to the expense side as well. And so we’re going to look through every agency to find every example, because when we are going to ask New Yorkers to commit themselves to a new era of politics we have to commit ourselves too. That’s what this is about.
Mannarino: If the governor comes up and says, “You know what, Mr. Mayor, I don’t want to raise the taxes, but I do want to find money. We made all this money from Wall Street, which she said, and we found some money for you to give to you.” Would that satisfy you?
Mayor Mamdani: I think that given the scale of this crisis, that’s not going to be a way to cover the entirety of it. Look, I’ll be direct with you. We’re encouraged by the results from Wall Street, by the news of bonuses. That would be something, if the deficit was smaller, I could say maybe this could cover it. But [for] $12 billion, there’s no news of bonuses or better forecasts that are going to get there. It’s going to require everything.
Mannarino: Mr. Mayor, I appreciate you coming here, talking straight with New Yorkers, signing the executive order. I think it’s the first that we’ve had here at PIX11 where legislation is signed right here on our air. Good to see you.
Mayor Mamdani: Good to see you as well.
Mannarino: Want to go do the weather?
Mayor Mamdani: Stay warm, stay inside, stay safe.
Mannarino: There you go. Mr. Mayor, thank you very much.
