\u201cLet me ask you something, do you know what the state comptroller does?\u201d<\/p>\n
Adem Bunkeddeko posed that question at the start of his campaign launch video<\/a> for state comptroller, which was shared exclusively with City & State. The former two-time congressional candidate in Central Brooklyn is now the latest declared Democrat vying to unseat incumbent Tom DiNapoli, with the goal to educate New Yorkers about the position and redefine what it could be.<\/p>\n Bunkeddeko enters a crowded primary field that already includes a housing nonprofit executive and a former Kansas state legislator. Each is trying to differentiate themselves from DiNapoli, who has held the position for 18 years with few real electoral challenges \u2013 while also laying out a vision distinct from their competitors. For Bunkeddeko, the hallmark of his campaign launch is a promise to invest billions of dollars in unclaimed funds to create trust funds for every child born in the state. \u201cFor too long, the Comptroller\u2019s office has been on the sidelines \u2013 and New Yorkers have paid the price,\u201d Bunkeddeko said in a statement. \u201cIt\u2019s time for change.\u201d<\/p>\n This isn\u2019t the first time that the state\u2019s $20 billion<\/a> in unclaimed funds \u2013 money that technically belongs to New Yorkers \u2013 has come up in the race. Drew Warshaw, the housing executive who launched his campaign in May, has pitched as a cornerstone of his campaign getting that money into the pockets<\/a> of the New Yorkers it belongs to as quickly as possible. The total value of unclaimed funds in the state has skyrocketed from roughly $7.2 billion to $20 billion<\/a> under DiNapoli\u2019s stewardship.<\/p>\n Bunkeddeko wants to take the opposite approach under logic employed by DiNapoli \u2013 much of that money may never be claimed. Instead of allowing it to sit idly in the state coffers, Bunkeddeko wants to invest the cash and use the dividends to start the New York State Opportunity Trust Fund. He predicts that the state would see about $1 billion a year from returns on the investment.<\/p>\n Under his proposal, $500 million a year would be used to create a seed investment account for every child born in the state. They can access the account when they turn 18 after nearly 20 years of growth. Bunkeddeko estimates that the accounts could result in tens of thousands of dollars after an initial modest investment at birth. \u201cAt age 18, you can go to college, you can buy a home, you can start a business \u2013 whatever helps you build your future,\u201d he said in his launch video.<\/p>\n