TLCMKT News (10.15.20): GM-Backed Cruise Receives Permit For Driverless Cars in San Francisco, NYC Council Approves Office To Regulate Medallions, Wall Street Executive Ray McGuire Enters Mayor's Race

Select TLCMKT news headlines for Thursday, October 15th 2020

GM-Backed Cruise Receives Permit from California DMV to Test Driverless Cars in San Francisco (LinkedIn)

• Cruise received a permit from the California DMV to remove the human backup drivers from our self-driving cars.

• Before the end of the year, Cruise will be testing all electric and driverless cars in San Francisco, which is notably different than Waymo’s Arizona program given the population density of San Francisco (i.e. pedestrian interactions). 

• Link to story

City Council Approves Office of Financial Stability to Keep Track of Medallion Market (NYC Council)

• A Ritchie Torres-sponsored bill aimed at bringing financial stability to the medallion market passed the NYC Council by a vote of 49-0.

• The bill creates an Office of Financial Stability within the TLC.

• Each year, the Office is required to issue a report including details about its activities, an assessment of the financial stability of the taxicab industry, and any recommendations regarding the financial stability of the taxicab industry.

• Link to story

Ray McGuire, Wall Street Executive, Enters N.Y.C. Mayor’s Race (NY Times)

• One of the most prominent African American Wall Street executives has entered NYC’s mayor race.

• Raymond J. McGuire, 63, announced that he would leave his post as a vice chairman of Citigroup to prepare a run for the Democratic nomination for mayor.

• NYC faces the loss of at least $9 billion in tax revenue over the next two fiscal years, which could cause the layoffs of tens of thousands of city workers.

  “New York gave me the opportunity to be enormously successful...Now New York is in a financial crisis that has exploded into a whole bunch of crises — educational, health and criminal justice. If there is a moment in history where my skill set can help lead, this is it.”

• Link to story

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The TLCMKT Newsletter is written by Dawood Mian, Founder & CEO of TLCMKT. I cover the NYC ridehailing industry and related news. Search TLCMKT for TLC cars, parts, service, accessories, professional services, reviews & more. Find great deals at TLCMKT.COM.