New York City Mayor Michael Bloomberg on Tuesday appointed former U.S. Treasury official and banker Robert Steel as deputy mayor for economic development.

“His time in the public and private sectors and academic world gives him a diversity of experience that will be invaluable to us as he takes on this new role,” Bloomberg said in a press release. “New York City is working through a difficult economic period, and now more than ever we need to find new ways to create jobs today and implement innovative measures to grow New York City’s economy over the long-term.”

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