Republican candidate for New York State Comptroller Joseph Hernandez visited Kew Gardens Hills on Monday evening, October 12, walking along Main Street to meet residents and local business owners while sharing his personal story and plans for overseeing New York’s finances.
Hernandez is challenging Democratic incumbent Thomas DiNapoli in the November 3 election. During his visit, he introduced himself to community members and discussed his proposals to strengthen government oversight, combat fraud, and improve management of the state’s public investments.
Born in Camagüey, Cuba, Hernandez came to the United States at age seven during the 1980 Mariel Boatlift after his father had been imprisoned for opposing Fidel Castro’s regime. His family settled in Chicago, where his father washed dishes and his mother cleaned homes to support their children. Hernandez later earned degrees from the University of Florida and Yale University and pursued graduate studies at the University of Oxford.
Hernandez’s career has focused on biotechnology, healthcare, and investment, including developing diagnostic technologies and vaccines. His campaign says he has founded or led more than a dozen companies and helped bring five to the public markets.
Hernandez points to his business experience as preparation for overseeing the state’s finances. He argues that government needs stronger financial controls, beginning with more effective efforts to identify fraud and prevent wasteful spending.
Among his proposals is a Fraud Strike Task Force that would investigate suspicious expenditures, coordinate with law enforcement, and pursue the recovery of improperly spent funds. He also wants to use technology and data analysis to identify questionable transactions before payments are made, rather than relying solely on audits conducted afterward.
His proposed oversight priorities include Medicaid, particularly the Consumer Directed Personal Assistance Program, the Metropolitan Transportation Authority, and other major government programs. He wants closer examination of contracts, overtime spending, and project overruns.
Hernandez has also proposed financial rewards for whistleblowers whose information helps uncover fraud and recover taxpayer money. The initiative would require legislative cooperation. He additionally wants an annual report detailing fraud complaints, investigations, criminal referrals, and recovered funds.
Pension management is another major focus of his campaign. The New York State Common Retirement Fund, valued at approximately $309.7 billion as of June 30, provides retirement benefits for state and local public employees. Hernandez wants to reduce fees paid to outside investment managers, bring more investment management in-house where practical, and examine whether investment returns justify existing expenses. He argues that stronger performance and lower costs could ease pension contribution pressures on municipalities and taxpayers.
He has also proposed a $10-billion Empire Opportunity Fund to pursue investments in New York industries, including biotechnology, artificial intelligence, advanced manufacturing, and energy. The initiative would seek competitive financial returns while attracting private capital, supporting business development, and creating employment opportunities.
Hernandez also advocates greater scrutiny of the state’s long-term financial liabilities and stronger safeguards against conflicts of interest involving pension investments. His proposals include restrictions on firms that contribute to his campaign while seeking business with the retirement fund, along with greater disclosure of investment-management fees.
DiNapoli, who has served as State Comptroller since 2007, points to his administration’s record of government audits, contract reviews, and pension management. His office has investigated improper expenditures and expanded financial reporting, while independent reviews have supported the retirement fund’s investment oversight and governance. The fund was 96.8 percent funded as of March 31.
The candidates differ over how extensively existing practices should change. Hernandez advocates more aggressive fraud detection, lower investment costs, and new investment initiatives, while DiNapoli emphasizes his administration’s oversight record, diversified investments, and long-term pension stability.
On an issue of particular interest to Jewish communities, both candidates support investment in Israel Bonds. Hernandez opposes politically motivated divestment from Israel and has proposed investing $1 billion in Israel Bonds, subject to the fund’s financial obligations. DiNapoli has maintained Israel Bonds in the state’s portfolio, including an additional $20 million purchase following the October 7 Hamas terrorist attacks.
DiNapoli has also maintained longstanding relationships with Queens’ Jewish communal organizations. He attended the Queens Jewish Community Council’s Legislative Breakfast this past February at the Young Israel of Jamaica Estates, where he reaffirmed his support for Israel Bonds and discussed security funding for religious institutions.
His involvement with the community predates the current campaign. In a 2022 anniversary message to the QJCC, DiNapoli recognized its kosher food distribution, assistance to seniors, and efforts to combat anti-Semitism. His participation in Jewish communal events has made him a familiar figure to many Orthodox community leaders.
The candidates bring different professional backgrounds to the race. Hernandez has spent much of his career founding, financing, and managing private businesses, while DiNapoli has nearly two decades of experience overseeing public finances and the state retirement fund.
Hernandez’s Main Street visit gave Kew Gardens Hills residents an opportunity to meet the challenger and learn how he hopes to apply his experience to the responsibilities of New York State Comptroller.
By Shabsie Saphirstein