Jon Kaiman, who has chaired Nassau County. N.Y.'s fiscal control board since 2013, is stepping down to run for Congress.
Kaiman told The Bond Buyer Monday is his last day as chairman of the Nassau Interim Finance Authority and that he is now focused on running for the Long Island House seat being vacated by Steve Israel, D-N.Y. Kaiman was appointed to the NIFA leadership post in September 2013 by Gov. Andrew Cuomo after nine years as North Hempstead town supervisor.
The Cuomo press office did not immediately respond for comment on a timetable to replace Kaiman as NIFA chairman. Kaiman replaced Ronald Stack, who was tapped to the NIFA board by former Gov. George Pataki in 2000 and later was elevated to the chairman role.
NIFA approved Nassau County's $2.95 billion 2016 budget in December, but also issued mandated quarterly reviews to track if revenue and spending levels are on track. The financial watchdog, which took control of Nassau's finances in 2011, has also worked hard recently to decreasing the county's reliance on borrowing, according to Kaiman. Nassau County is rated A2 by Moody's Investors Service.
Kaiman is one of several Democrats to step forward with plans to run for Israel's seat after the eight-term congressman announced he would not seek reelection this November. Kaiman said the experience gained with NIFA should prove valuable as he makes case for move to Washington D.C.
"It was great experience overseeing a control board of one of the wealthiest counties in the country," said Kaiman. "It's a position that will help me both as a candidate and hopefully a congressman."
