Paterson Taps Koch Deputy Mayor for Port Authority Board

Governor Paterson has nominated a former deputy mayor in the Koch administration, Stanley Grayson, to fill a slot on the Port Authority’s governing board.

Mr. Grayson, a onetime city finance commissioner and current president of M.R. Beal & Company, will take the slot of Bruce Blakeman, a Pataki administration appointee and former Republican candidate for state comptroller, according to a Port Authority spokeswoman.

Given his background—as deputy mayor, Mr. Grayson oversaw economic development and M.R. Beal is an investment firm—Mr. Grayson’s appointment seems a telling sign of the Port Authority’s evolving role as a bi-state agency. While its mission is centered around regional transportation, much of its focus recently has been devoted to economic development such as the rebuilding of the World Trade Center site and perhaps assuming control of the Moynihan Station project.

Statement from the governor's office:

Stanley E. Grayson has been nominated as a Commissioner of the Port Authority of New York and New Jersey. Mr. Grayson is currently the President and Chief Operating Officer of M. R. Beal and Company, an investment banking firm focused on public finance, corporate debt and equity, fixed-income sales and trading, and financial advisory services. Prior to joining M. R. Beal in 2002, Mr. Grayson was a Managing Director and Manager of Prudential Securities Public Finance Department and member of the firm’s Operating Committee where he oversaw the public finance activities of Prudential Securities. Prior to joining Prudential Securities, from 1990 to 1996 Mr. Grayson was a Vice President at Goldman Sachs in the Municipal Bond Department’s Infrastructure and General Banking Group.

Prior to his investment-banking career, Mr. Grayson held several senior positions within New York City Government, including Deputy Mayor for Finance and Economic Development, Finance Commissioner and Chief Executive Officer of the New York City Industrial Development Agency. Mr. Grayson began his legal career in the Law Department of the Metropolitan Life Company.

Mr. Grayson serves on the Board of Directors of New York Catholic Charities, The Faith Center for Community Development, The Alliance for Downtown Business, The New York City School Construction Authority and is a Trustee of The Churchill School and Center. He received his BA from the College of Holy Cross and his JD from the University of Michigan Law School.

As a Commissioner of the Port Authority of New York and New Jersey, Mr. Grayson will not receive a salary. This appointment requires Senate confirmation.