Monroe County’s Role in the Wall Street West Initiative
Wall Street West is a partnership of more than two dozen northeastern Pennsylvania regional and statewide Pennsylvania economic development agencies, technology investment groups, workforce development organizations, educational and research institutions and private-sector experts. With a strategic location in northeastern Pennsylvania, the program is a federal- and state-funded initiative to develop a total back-up solution for New York City financial institutions in the event of a disaster. The Commonwealth of Pennsylvania has committed more than $30 million to the effort.
In February 2006, the group secured a $15 million Workforce Innovation in Regional Economic Development (WIRED) grant from the U.S. Department of Labor to assist in the initiative and encourage New York City-based financial institutions to establish their back-up and back-office operations in the region.
Monroe County IS Wall Street West!
Though nine counties are involved in the effort, Monroe County is considered by many to be the ideal location because of the ubiquitous availability of local broadband service and our proximity to I-80 and the NYC metro area. That combination makes us close enough to allow for both synchronous data transmission and easy employee access.
Wall Street West is helping to preserve the sanctity of the U.S. financial system: It is the only program of its kind addressing all the recommendations outlined in an interagency paper from the Securities and Exchange Commission, Federal Reserve and Office of the Comptroller that calls on major financial firms to have backup operations outside of New York’s power and water infrastructure.
Learn more about Wall Street West in Monroe County:
You can learn more about the program and partners online at WallStreetWest.org.