Clinton Announces $1 Billion Pledge From City Teachers Pension Fund For Sandy Recovery
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The New York City Teachers Pension Fund is pledging $1 billion to help the city rebuild after Sandy.
Former President Bill Clinton announced the pledge Thursday at the Clinton Global Initiative office in Harlem.
It's part of a $10 billion commitment to the city made by the AFL-CIO, which includes the city's teacher's union.
The money could be used for major projects, from repairing bridges to rebuilding housing.
"The potential to help our city, and to really lift incomes, and to actually stabilize the long-term position of the pension fund is quite significant," Clinton said.
"This is a chance to not only help rebuild the city, but also earn good returns for our pension funds, and create jobs at the same time," said City Comptroller John Liu. "It's a winning trifecta."
The Clinton Global Initiative said the investments will also help train tens of thousands of construction workers.