Review of New York’s renewable energy objectives and the US Senate’s focus on combating bank fraud

The May 5 Power & Politics show delved into two critical topics that are shaping the future of the country. Firstly, the spotlight was on New York’s ambitious push for renewable energy. A recent audit by State Comptroller Tom DiNapoli revealed that renewable energy projects in the state are facing significant delays in receiving permits, with some projects taking more than three years to get started due to missing documentation.

With New York aiming to use 70% renewable energy by 2030 and achieve full zero-emission status by 2040, these delays could potentially jeopardize the state’s ability to meet these crucial benchmarks. Deputy Comptroller Tina Kim emphasized the need for greater transparency in the process to ensure timely project approvals and adherence to the state’s renewable energy goals.

In a separate development, the U.S. Senate Committee on Banking, Housing, and Urban Affairs took a stand against major bank fraud by sending a letter to the CEOs of the country’s four largest banks. The senators called for enhanced safeguards to protect businesses and consumers from wire fraud, citing a significant increase in fraud-related losses last year.

Orange Bank & Trust Senior Vice President Anthony Pili highlighted the potential for legislative reforms in the banking industry as a result of this investigation. The push for renewable energy and efforts to curb bank fraud underscore the ongoing challenges and opportunities in shaping a sustainable and secure future for all Americans.