Governor in Buffalo to Sign New Legislation

November 23, 2010 Updated Nov 23, 2010 at 7:55 PM EDT

By WKBW Programming

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November 23, 2010 Updated Nov 23, 2010 at 7:55 PM EDT

BUFFALO, NY (WKBW) - Governor David Paterson was in downtown Buffalo Tuesday morning to sign a new bill into law with Assemblywoman Crystal Peoples-Stokes.

The Minority and Women Business Emerging Managers bill looks to expand opportunities for minority and women-run businesses by increasing participation with investment managers.

"I am pleased to sign this bill into law, as part of my Administration's ongoing efforts to ensure our State corrects the long-standing disparities in government contracting and procurement," Governor Paterson said. "This legislation is another step we as a State have taken to improve equity in the procurement process and facilitate greater access for Minority and Women-Owned Business Enterprises. Through such actions and initiatives we not only help businesses thrive, we will help our State back on the path of economic recovery and prosperity."

The new law will create an Emerging Manager and MWBE financial services strategy to allow greater diversification and expansion of MWBE contracting goals with the State. This legislation will help ensure that emerging investment managers, under the oversight of the State Comptroller, have the ability to invest with MWBE financial institutions and to adopt a strategy that motivates investments in underserved areas of the State.

Governor Paterson also discussed the upcoming layoffs of hundreds of state workers.

"So why did we do it? Because we couldn't get a plan from the public employee unions to meet 250 million dollars in work force reductions. 250 million dollars is less than three percent of the deficit we have to close, everyone shard in that except them," Paterson said.

Paterson also commented on the state of the historic Statler building, saying, "We'd be more than happy to try and get resources together and would take the chance, but I think it's a good chance because I think it could mean for economic development in this area and also the historic nature, the culture, Presidents stayed in that."