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We are pleased to announce that Ronnie Lowenstein has been named as the new Director of the New York City Independent Budget Office. Ms. Lowenstein has been with IBO since its inception in 1996 and was its Deputy Director and Chief Economist. She has been overseeing IBO's activities since Douglas Criscitello, the former director, left at the end of February of this year.

The selection was the culmination of a search conducted by IBO's Advisory Board, which is composed of ten experts on budget and public policy, chaired by Donald Kummerfeld. Under the New York City Charter, the Advisory Board recommends candidates for the director to a committee made up of four elected officials: Comptroller Alan Hevesi, Public Advocate Mark Green, Manhattan Borough President C. Virginia Fields (representing all five borough presidents) and City Council Speaker Peter Vallone (representing the Council). The unique appointment process is designed to maintain IBO's political independence. The elected officials unanimously voted to appoint Ms. Lowenstein, who will serve the remainder of the current term that expires August 1, 2002.

Before joining IBO, Ms. Lowenstein was an economist in the Domestic Research Division of the Federal Reserve Bank of New York and taught economics at Barnard College. Ms. Lowenstein received her Ph.D. in economics from Columbia University and her B.A. from Guilford College. She resides in Manhattan with her husband Kenneth Lowenstein, an attorney, and her two children, Jeff and Marc.