Four Things To Know About Jacques Jiha

Mayor Bill de Blasio announced several appointments to fill his administration today, the most notable being Jacques Jiha, who fills the recently vacated post of finance commissioner after the departure of Beth Goldman. Goldman, a holdover from the Bloomberg administration, resigned after she was reportedly told by the administration that she was no longer under consideration for the job. 

Jiha, the former chief operating officer and chief financial officer at Black Enterprise, was praised by the mayor as having the requisite public financing background as well as the managerial experience necessary for the job. 

"Over the course of 25 years in public finance, he’s built a reputation as someone of extraordinary integrity, and someone who is particularly expert in budget and debt management, in economic analysis and forecasting, and understands deeply and personally the intricacies of the New York City and New York State pension systems," de Blasio said. 

Below is a quick rundown of Jiha's background and professional history. 

1. Jiha embodies the "great New York City success story."

As the mayor highlighted during his introductory press conference, Jiha emigrated from Haiti over 34 years ago and put himself through college at Fordham University and graduate school at The New School (where he holds a Ph.D. in economics), the first member of his family to attend college. While in school he worked as a parking garage attendant, a fact that Jiha reflected on when asked if he could picture himself where he is now given his humble beginnings. 

"You see so many examples in New York of folks coming from nothing and to achieve their dream," Jiha said. "And, to me, that’s what’s so critical again to make sure that we continue to provide this kind of opportunity for people."

2. He is a government veteran. 

Jiha is well-versed in the complexities of New York City's finance system, having managed the Bureau of Financial Analysis under then comptroller Alan Hevesiat the City Comptroller’s office, where he worked on municipal tax and revenue issues. Jiha followed Hevesi to the state comptroller's office, where he was deputy comptroller for pension, investment and public finance. In that role, he managed all aspects of the New York State Common Retirement Fund, which, at the time, was the nation’s second largest pension fund. He has also worked for the Nassau County comptroller's office as deputy comptroller for audits and finance, and previously served as executive director of the New York State Legislative Tax Study Commission and the principal economist to the New York State Assembly Ways and Means Committee. 

3. Jiha was once demoted by former state comptroller Alan Hevesi.

A little over a year into his job as deputy comptroller for pension investment and public finance, Jiha was demoted by Hevesi to deputy comptroller for policy, a role in which he was no longer responsible for reviewing pension fund investments. The reasons for the demotion were unclear, but after Hevesi pleaded guilty to defrauding the government in 2006, Albany County and state investigators looked into the circumstances of Jiha's demotion. Jiha told investigators that Jack Chartier, Hevesi's former chief of staff, would frequently approach Jiha and encourage him to meet with private equity managers about handling pension fund investments. Jiha also said that Mr. Chartier's suggestions did not influence the process he oversaw for recruiting and selecting investment managers, who are reviewed by internal and outside experts.

Jiha left the state comptroller's office shortly thereafter. 

4. A commitment to reviewing city property tax system. 

New York City's property tax system has long been decried as unfair at best, discriminatory at worst, and both Jiha and de Blasio committed to conducting a review of the system. 

"We’re going to have to review what’s taken place," Jiha said. "If there are discrepancy and inefficiencies within the system we’re going to have to try to minimize them."

Added de Blasio: "Part of why we wanted a finance commissioner with Jacques’ experience and insight is to take a whole look at the tax system of this city and look at ways to make it clearer, more transparent and more equitable. And I think Jacques is exactly right. Some of that we can achieve locally. Some of that can only be achieved with Albany’s help. But first we have to come to an analysis of what is going on and what’s a better way to approach it. And then when we feel we’re on that firm ground, then we’ll start discussions with Albany."