Mayor Mamdani Names Richard Lee Finance Chief

Lee, a veteran public servant, to lead NYC Department of Finance amid fiscal challenges

Mar. 21, 2026 at 1:33am

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Mayor Zohran Kwame Mamdani has appointed Richard Lee as the new Commissioner of the New York City Department of Finance (DOF). Lee, a lifelong New Yorker and son of immigrants, brings extensive experience in municipal budgeting and finance, having served in senior roles with the City Council, Queens Borough President's office, and community organizations.

Why it matters

The DOF plays a critical role in the city's operations, collecting over $50 billion in annual revenue to fund essential public services. Lee's appointment comes as New York City faces significant fiscal challenges, underscoring the importance of experienced leadership to ensure the city's finances are managed equitably and effectively.

The details

As DOF Commissioner, Lee will oversee the agency that administers the city's tax laws, collects revenue, manages the $10 billion treasury, and advises on the municipal pension systems. Lee's expertise in the budget process and track record of finding creative solutions to complex issues make him well-suited to lead the DOF during this period of fiscal uncertainty.

  • Mayor Mamdani announced Lee's appointment on March 21, 2026.

The players

Zohran Kwame Mamdani

The Mayor of New York City who appointed Richard Lee as the new Commissioner of the Department of Finance.

Richard Lee

The newly appointed Commissioner of the New York City Department of Finance, bringing extensive experience in municipal budgeting and finance.

Grace Meng

A U.S. Representative from Queens who congratulated Richard Lee on his appointment.

Adrienne Adams

The City Council Speaker Emerita who praised Richard Lee's dedication to making New York City more equitable.

Leroy Comrie

A State Senator who previously worked with Richard Lee when he served as a budget director in Comrie's City Council office.

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What they’re saying

“It is an honor to continue my lifelong commitment to New Yorkers by joining Mayor Mamdani's administration as the next Department of Finance Commissioner.”

— Richard Lee, Commissioner, New York City Department of Finance

“The appointment of Richard Lee as the new Commissioner of the Department of Finance is a win for all New Yorkers.”

— Adrienne Adams, City Council Speaker Emerita

“Richard Lee is exceptionally well-positioned to lead the Department of Finance.”

— Deyanira Del Rio, Executive Director, New Economy Project

What’s next

Lee will begin his tenure as DOF Commissioner immediately, tasked with overseeing the agency's critical role in managing the city's finances during a period of fiscal challenges.

The takeaway

Richard Lee's appointment as DOF Commissioner underscores the importance of experienced, dedicated public servants in guiding New York City through complex financial and budgetary issues. His expertise and commitment to equitable service delivery will be essential as the city navigates the road ahead.