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FOR IMMEDIATE RELEASE: August 28, 2008

SCHUMER SEEKS 'WALL STREET WEST' IN BROOME - ARRANGES MEETING BETWEEN COUNTY ECONOMIC DEVELOPMENT TEAM & TOP NYC FINANCIAL FIRMS TO FORGE PARTNERSHIP, CREATE JOBS

Greater Binghamton Area Ideal Location to Back Up Wall Street Trading & Transactions In Case of Terror Attack or Disaster

Project Can Be Economic Development Catalyst in Greater Binghamton Area

Schumer Arranges Critical Meeting for Local Group to Make the Pitch to NYC Financial Chiefs - Meeting Will Be Held in Early September

In response to community appeals for help, U.S. Senator Charles E. Schumer today announced a meeting he arranged between Broome County’s economic development team and key leaders of New York City’s top financial institutions to establish the Greater Binghamton Region as a data disaster recovery area. Schumer, who sits on the pivotal Senate Finance Committee, pushed for top NYC firms to meet with local leaders because he sees the region as ideal to serve as a hub for the back-up data locations that Wall Street firms must establish to function in case of a terror attack or disaster. Firms' trading and transactions can be stored and accessed in Broome-located operations to provide critical service to New York City, which will boost the local economy and create jobs. 

“Broome County’s proximity to New York City, its ample and shovel-ready real estate and its top-flight workforce make it a perfect fit to become Wall Street’s backup in case of emergency,” Schumer said. “This project is a win-win for New York State – Wall Street would have a safe backup in case of future terrorist attacks or other emergencies, and Broome County would reap new jobs and revenue from this significant economic catalyst. I am happy that I could help to bring these two groups together so that we can try to forge a real partnership.”

 Following the 9/11 attacks,  firms, under direction from regulators, sought to develop alternative locations where financial transactions and trading can be quickly transferred in case of another terrorist attack or another emergency in Manhattan. The Greater Binghamton Economic Development, in turn, is aggressively lobbying to establish the Greater Binghamton Area as the “Wall Street West,” bringing data disaster recovery centers – and the jobs they create – to the region.  

 There is much competition, however, as communities in both New Jersey and Pennsylvania seek to capture this type of business. Still, according to Schumer, the Greater Binghamton region has a competitive edge given their position within New York State and its location. Situated at the intersection of three major interstates, I-81, I-88 and the future I-86 this region is located only 180 miles from New York City.  Additionally, the region offers extensive available office space to house operations, has a highly-educated and productive workforce, and has the necessary high-tech infrastructure in place to support the requirements of a data center.

The effort to compile a presentation outlining their strengths and offerings has come to fruition under the leadership of Broome County’s Executive Barbara Fiala and a diligent group of stakeholders, including regional economic development groups, Binghamton University, and the region’s municipal leaders. This same leadership has been successful in recruiting the support of their elected officials at the state and federal level.  

"We have the real estate; we have the technology backbone; we have the expertise; we have the reliable power; and we have experts in the field of energy conservation that can help companies run these types of centers more effectively and efficiently,” said Broome County Executive Barbara J. Fiala, whose Economic Development Director, along with the Broome County IDA’s Director of Business Development will be present at the meeting in New York City.  “Our community is ideally situated for these types of operations and I want to thank Senator Charles Schumer who has coordinated this opportunity for us.  He has been a tremendous advocate in helping us promote our area to companies looking for locations for their data centers." 

In an effort to bring new jobs and economic development to Broome County, Senator Schumer quickly backed the group’s efforts and has arranged a critical meeting between the economic development team and key New York City financial institutions. The meeting is scheduled to take place in September when the team will travel to New York City and present to a group organized by the Partnership for New York City  -- the preeminent business organization in the City -- at Schumer’s request.

"The demand and need for data disaster recovery centers has reached an all-time high. As companies began to seek out locations to house their data, we want to be sure we are poised and ready to retain their presence in New York State,” Schumer said.  “The Greater Binghamton Region is a shinning example of what our state can offer these institutions. The county leadership has done a full court press to get their marketing strategy in place. I am thrilled to be able to coordinate this exciting opportunity to put the region on the map as an ideal location for such operations."

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