Bill Thompson (New York politician) facts for kids
Quick facts for kids
Bill Thompson
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| 42nd Comptroller of New York City | |
| In office January 1, 2002 – December 31, 2009 |
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| Mayor | Michael Bloomberg |
| Preceded by | Alan Hevesi |
| Succeeded by | John Liu |
| Personal details | |
| Born |
William Colridge Thompson Jr.
July 10, 1953 New York City, New York, U.S. |
| Political party | Democratic |
| Spouse | Elsie McCabe |
| Children | 2 |
| Education | Tufts University (BA) |
William Colridge Thompson Jr., born on July 10, 1953, is an American politician. He was the 42nd New York City Comptroller, a very important financial job for New York City. He started this role on January 1, 2002, and was re-elected for a second term.
He decided not to run for Comptroller again in 2009. Instead, he ran for Mayor of New York City. After his time as Comptroller, he was appointed chairman of the board of trustees for The City University of New York in 2016. His term there ended in June 2022.
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Early Life and Education
William Thompson Jr. grew up in Bedford-Stuyvesant, a neighborhood in Brooklyn, New York. His mother, Elaine Thompson, was a public school teacher in New York City. His father, William C. Thompson Sr., was a well-known leader in the Democratic Party. He also served as a City Councilman, State Senator, and a judge.
Thompson's grandparents moved to New York City from Saint Kitts and Nevis in the Caribbean. He went to Midwood High School in Brooklyn. Later, he graduated from Tufts University in 1974.
Thompson's Career Journey
After college, Thompson worked for a Brooklyn Congressman. Later, he became the youngest Deputy Borough President of Brooklyn. In this role, he helped deal with racial issues in Brooklyn after the Crown Heights riots.
In 1993, Thompson worked in the private business world for a year. He was a senior vice president at an investment company.
Working for New York City Schools
From 1994 to 2001, Thompson was a member of the New York City Board of Education. He was elected president of the board five times, from 1996 to 2001. During this time, he worked to improve the public school system. He pushed for better after-school programs and higher quality teachers. He also wanted more art classes for students.
While on the board, Thompson also worked as a political advisor. He was a director for Keyspan Energy (now National Grid USA) and a financial firm. In March 2001, he left the Board of Education to run for City Comptroller.
Thompson also served on the boards of many important New York City organizations. These included the American Museum of Natural History and the Brooklyn Children's Museum. He also helped the Queens Public Library and the New York Wildlife Conservation Society.
New York City Comptroller (2002–2009)
As the New York City Comptroller, Thompson was the city's chief financial officer. He managed a large team of 720 employees and a budget of $66 million each year. He also oversaw the country's fifth-largest pension fund. This fund helps pay for the retirement of many city workers.
Thompson was in charge of investing money for five New York City Pension Funds. These included funds for city employees, teachers, police, firefighters, and the Board of Education. He worked to invest the money in different ways, not just in stocks. This helped the funds grow by about 12.33 percent each year. During his time, the amount of money managed by firms owned by minorities and women grew from less than $2 billion to over $6 billion.
Thompson also encouraged companies in the pension fund to be more responsible. He asked companies like Halliburton and General Electric to show how their businesses affected the environment. He also supported equal opportunities for workers and opposed discrimination. The funds also invested money back into New York City. This helped create over 20,000 affordable homes and new business spaces. It also supported clean energy projects.
In 2003, Thompson helped deposit $200 million of city money into banks. This helped open new bank branches in neighborhoods that didn't have many. This made it easier for more New Yorkers to open bank accounts and get loans. He also created programs to help New Yorkers with money challenges. These programs offered workshops on saving money and understanding credit.
2009 Mayoral Election
In 2009, Thompson ran for New York City Mayor. He was the main candidate for the Democratic Party. On September 15, 2009, he easily won the Democratic nomination.
Thompson received support from many important people and groups. President Barack Obama endorsed him. Both of New York's U.S. Senators, Chuck Schumer and Kirsten Gillibrand, also supported him. Other supporters included Governor David Paterson and former mayor David Dinkins.
Many labor unions also endorsed Thompson. District Council 37, the city's largest union, supported him. This union represents 125,000 workers and 50,000 retirees. The United Federation of Teachers also voted to support Thompson.
Thompson's campaign against Mayor Michael Bloomberg in 2009 was very close. On November 3, 2009, Bloomberg won a third term. Thompson lost by a small difference of 4.6 percent.
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After the 2009 Election
After the 2009 mayoral election, Thompson joined Siebert Brandford Shank & Co., L.L.C. This is a large investment banking firm. He became a partner there in 2015.
In 2010, New York State Governor David Paterson appointed Thompson as chairman of the Board of The Hugh L. Carey Battery Park City Authority (BPCA). This group helps redevelop areas in New York City. Thompson held this position until 2012. Since 2011, he has also chaired Governor Andrew Cuomo's MWBE Task Force.
2013 Mayoral Election
Thompson decided to run for mayor again in 2013. This time, there was no current mayor running, as Mayor Bloomberg could not run for a fourth term. Thompson raised over $2.7 million for his campaign.
Thompson lost the Democratic primary election for mayor. He came in second place with 26.2% of the votes. Bill de Blasio won the primary and later became mayor.
Since 2015, Thompson has served as chairman of the New York State Housing Finance Agency. He is also chairman of the State of New York Mortgage Agency. In 2016, he became chairman of the City University of New York board of trustees.
Personal Life
William Thompson Jr. lived in Brooklyn for most of his life. In 2008, he moved to Harlem after marrying Elsie McCabe Thompson. Elsie is a lawyer and was the former president of the Museum for African Art. She also worked as chief of staff for former Mayor David Dinkins.
See also
- New York City Comptroller
- New York City mayoral election, 2009
- New York City mayoral election, 2013
