The New York State Financial Control Board was created in 1975 following a financial crisis and state bailouttooversee municipal spending. The board included both government officials and citizen representatives.
The board was created pursuant to the New York State Financial Emergency Act of The City of New York, and was initially known as the Emergency Financial Control Board (EFCB). Three years later the word "Emergency" was removed from the group's name and its charter was extended for thirty years.[1] While direct management of the city's budget ended in 1986, the board continues to monitor the city's financial health.[2]
The mayor of New York City and the governor of New York State both serve on the seven-member board.[3]
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