De Blasio appoints banker as chair of EDC

Michael Schlein to continue serving as CEO of financial nonrprofit Accion

Michael Schlein
Michael Schlein

Mayor Bill de Blasio has appointed Michael Schlein, CEO of microfinance nonprofit Accion, as chair of the Economic Development Corporation.

Sign Up for the undefined Newsletter

The 53-year-old is a longtime friend of de Blasio’s and previously served as an aide to two mayors. He was also once a senior Citigroup executive, then ventured into investment banking. Schlein and de Blasio met while working as aides for Mayor David Dinkins. Schlein will continue to work at Accion, while filling this unpaid position for the EDC. Kyle Kimball was appointed as president of the EDC in August and is still in that position in the new administration.

“I think we no longer need to use tax incentives to get companies and people to come to New York City,” Schlein told the New York Times. “New York City is a magnet for talent and employees, and I completely agree with Mayor de Blasio’s view that we need to be more prudent in how we use that tool.” [NYT]Mark Maurer