SCHENECTADY, NY — Republican candidate for New York State Comptroller, Joseph Hernandez, today announced his plan for a $10 billion Empire Opportunity Fund. A major investment initiative he would implement as Comptroller to restore New York’s economic competitiveness, create jobs, and bring new opportunity to communities across the state. The announcement was made in Schenectady alongside Schenectady County Republican Chairwoman Liz Joy and local elected officials and candidates.
Hernandez said the Comptroller’s office, as sole trustee of one of the largest public pension funds in the world, has both the responsibility and the ability to play a far greater role in supporting economic growth. He pointed to the roughly $2.6 billion currently allocated for economic development, noting that only a fraction is actively invested in communities across New York that continue to struggle.
“While factories close, young people leave, and communities fight to attract employers, billions of dollars that could be creating jobs are sitting idle,” Hernandez said. “That is not caution, it’s neglect, and it has cost New York an entire generation of opportunity.”
Under Hernandez’s plan, those underutilized resources would be transformed into a $10 billion fund focused on high-growth sectors including advanced manufacturing, artificial intelligence, life sciences, semiconductors, aerospace, and logistics. The initiative is designed to generate strong returns for pensioners while also driving job creation and long-term economic growth across the state.
“When done with discipline and transparency, strong returns and real job creation go hand in hand,” Hernandez said. “We should not just be investing in the companies building the future. We should be building that future here in New York.”
Hernandez contrasted his approach with years of one-party rule in Albany under Governor Kathy Hochul and Comptroller Tom DiNapoli, arguing that upstate communities like Schenectady have been left behind as other states aggressively compete for jobs and investment.
DiNapoli’s current strategy relies on dispersed private equity funds with limited transparency and no unified strategy to deliver sustained growth in upstate regions like the Capital Region and Mohawk Valley.
“The Empire Opportunity Fund instead would operate under a centralized, performance-driven strategy, with clear benchmarks for job creation, regional investment targets, and regular public reporting to ensure accountability and transparency,” explained Hernandez. “The current system spreads money across disconnected funds with no clear strategy nor accountability for outcomes. That’s why upstate communities are still waiting for the growth they were promised.”
Schenectady County Republican Chairwoman Liz Joy praised the proposal and its focus on upstate revitalization.
“Upstate communities have been overlooked for far too long,” said Joy. “This plan is about bringing real investment back to places like Schenectady, creating jobs, and giving people a reason to stay, build their careers, and raise their families right here in New York.”
Hernandez said the Empire Opportunity Fund would also serve as a catalyst for private investment, helping to grow the state’s tax base, strengthen local economies, and reduce long-term pressure on taxpayers.
“The goal is simple,” Hernandez said. “Put New York back in a position to lead in job creation, innovation, and economic growth. New York should not watch the future happen somewhere else. We should be building it here.”