Clayton Gillette Appointed to Taxi Task Force

The New York City Council has appointed Professor Clayton Gillette, Director of the Marron Institute, to serve on its newly created Taxi Medallion Sales Price Task Force. Medallions, which are issued by the city but then can be sold on the private market, allow owners to operate city-sanctioned yellow cabs. The council created the task force following reports in The New York Times and elsewhere about alleged financial misconduct of sellers and lenders in the medallion market. Medallion prices soared above $1 million in 2014, but have since plummeted, leaving many drivers in financial ruin, according to the Times.

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