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Press Office

March 30, 2001


Picked to Lead Port Authority After Major Successes at Banking, Insurance Departments

New York Governor George E. Pataki and Acting New Jersey Governor Donald DiFrancesco today recommended New York State Insurance Superintendent Neil D. Levin to succeed Robert E. Boyle as Executive Director of the Port Authority of New York and New Jersey.

Insurance Superintendent Levin, whose appointment must be approved by the Port Authority's Board of Commissioners, has extensive experience in both the public and private sectors and has previously served as the Superintendent of the New York State Banking Department.

"I look forward to working with Neil Levin to further the mission of the Port Authority, which is to promote economic development in the NY/NJ region," said acting Governor DiFrancesco. "When I met with Neil last week, I was very encouraged by his recognition that the PA is an equal partnership between New York and New Jersey that benefits the entire region."

"I am committed to the belief that the Port Authority is a powerful economic development tool for our region," said DiFrancesco. "I am confident that Neil shares that belief and will bring that view to the table as the Port Authority begins work on an exciting 5-year capital plan, which, together with New Jersey's own transportation investments will create jobs, improvement the movement of goods and reduce travel time."

"Neil Levin has done an outstanding job as the head of our Insurance and Banking departments and he has a proven track record as a leader who knows how to get things done," Governor Pataki said. "With his tremendous managerial skills and extensive experience in both the public and private sectors, I know that Neil Levin will do a superb job as the next Executive Director of the Port Authority.

"Neil Levin will build upon the many contributions made by Executive Director Bob Boyle and will help us further our commitment to improving the vital services the Port Authority provides to millions of New Yorkers," Governor Pataki said. "I look forward to working with him as we move forward with the most ambitious capital plan in the history of the Port Authority."

Pending approval by the Port Authority's Board of Commissioners, Superintendent Levin will succeed outgoing Executive Director Robert E. Boyle as head of the Authority, whose mission is to identify and meet the critical transportation infrastructure needs of the bi-state region.

Superintendent Levin said, "I welcome the support of Governor Pataki and Acting Governor DiFrancesco and I look forward to continuing Executive Director Bob Boyle's impressive record of accomplishment at the Port Authority. I am committed to enhancing the Authority's all-important focus on customer service and to moving forward with the successful completion of the current $9.5 billion five-year capital plan.

"As Executive Director, I will dedicate myself to advancing the Authority's efforts to strengthen our transportation infrastructure, to promote additional commerce and economic growth, and to improve the quality of life for millions of citizens throughout New York City, New York State and the State of New Jersey," Levin said.

Neil Levin was appointed Insurance Superintendent in 1997, following his successful tenure as Superintendent of Banks. He has nearly 20 years of experience in both the public and private sector, and has served as a Vice-President at Goldman Sachs, Chairman of the Federal Home Loan Bank of New York, a Director of Farmer Mac, and a member of the Freddie Mac Advisory Committee. He is also a member of the Council on Foreign Relations and a Trustee of Hofstra University.

In his role as Superintendent of Insurance, Mr. Levin regulates more than 1,000 insurance companies with total assets exceeding $2.0 trillion. He has oversight responsibility for more than 100,0000 brokers, agents and financial intermediaries and manages approximately 1,500 department employees.

As Insurance Superintendent, Mr. Levin has instituted numerous reforms that have helped to restore the department to its global leadership position in insurance regulation. He has carried out significant administrative changes at the department, which have helped to protect the State's insurance consumers through more effective and efficient regulation. He has also modernized the agency by emphasizing the use of new technology and by facilitating the online submission of rate and form filings and online financial reporting.

As Superintendent of Banks, Levin was the primary regulator of approximately 500 state-chartered banking, thrift and trust institutions and 4,000 other financial institutions and intermediaries operating within New York State, with assets exceeding $1.3 trillion. Superintendent Levin also served as a director of the Empire State Development Corporation, the State of New York Mortgage Agency, the NYS Job Development Authority and the Harlem Community Development Corporation.

Prior to becoming Superintendent of Banks, Levin was a Vice-President at Goldman Sachs in the Financial Institutions Group. In this capacity, he had primary investment banking responsibilities for all federal agencies, and advised complex financial organizations, including Fannie Mae and Freddie Mac whose assets exceed $500 billion. He also had firm-wide responsibility for developing Goldman Sachs' business in the State of Israel.

Superintendent Levin also served as Chairman of the Board of the Federal Home Loan Bank of New York for seven years. A $65 billion wholesale bank, the institution serves the financial needs of housing and community development lenders in New York, New Jersey, Puerto Rico and the U.S. Virgin Islands. As Chairman, Levin led the Bank through a major restructuring following the 1989 passage of the Financial  Institutions Reform, Recovery and Enforcement Act (FIRREA) which included the rationalization of the Bank's business model.

Superintendent Levin holds an AB in Economics from Lafayette College, an MBA in Finance from the C.W. Post Center of Long Island University Graduate School of Business and a J.D. from the Hofstra University School of Law.

During his tenure as Executive Director of the Port Authority, Robert E. Boyle carried out numerous reforms that have dramatically enhanced the operation of the PA. He initiated a bold moratorium on new flights at LaGuardia, established a vision for Kennedy Airport that includes $10 billion for new terminals and other improvements, and brought Newark Airport near completion of a $3.8 billion development program. He also worked to improve customer service at all PA facilities, with such innovations as red-jacketed customer service representatives at the airports and a program to reduce the time passengers spend waiting to disembark from aircraft.

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