Primary Election
New York State Comptroller · Statewide
DiNapoli's first primary challenge in nearly two decades
Thomas DiNapoli has been New York's comptroller — the state's chief fiscal officer and sole trustee of a roughly $295 billion public-pension fund — since 2007, and is seeking a fifth full term. For the first time in nearly two decades he faces a contested Democratic primary: Drew Warshaw, a former affordable-housing executive, and Raj Goyle, an attorney and former Kansas legislator, both argue from his left that he has underused the office's pension and audit powers on affordability, Wall Street fees, and divestment. Siena polling has shown soft reelect numbers and low name recognition for DiNapoli, though no public head-to-head poll of the three has been released.
Issues
8 issues · 3 candidates · every claim sourced
Pension fund strategy & Wall Street fees
The ~$295B fund — among the nation's largest — is the race's central battleground. Challengers say DiNapoli overpays Wall Street external managers; he defends the fund as one of the best-funded in the country.
The data behind the debate
How has the fund actually performed?
Thomas P. DiNapoli
In coverageDefends the fund's record — a record-high ~$295B at an 11.94% annual return, 'virtually fully funded' — and his use of shareholder activism; disputes the challengers' underperformance math.
✓ Track record — what they've actually done
Sole trustee of the Common Retirement Fund, credited with roughly doubling it over his tenure.
Drew Warshaw
Would cut external Wall Street fees and shift toward low-cost, internally managed index funds — 'stop lining Wall Street's pockets and invest smarter to give billions back to working New Yorkers.'
drewwarshaw.com · Ideas ↗Raj Goyle
Says the office has 'underperformed the market... wasting billions on excessive Wall Street fees' and would bring private-sector investment tools to improve returns.
rajgoyle.com · Platform ↗Fossil-fuel divestment
Whether to fully divest the pension from fossil fuels. Both challengers say yes; DiNapoli set a net-zero-by-2040 target and partially divested but stopped short of full divestment.
Thomas P. DiNapoli
Committed the fund to net-zero emissions by 2040 with a $40B sustainable-investment goal and partial fossil-fuel divestment, favoring engagement over blanket divestment.
✓ Track record — what they've actually done
2020 net-zero-2040 commitment; divested thermal-coal and some oil-sands/shale holdings.
Drew Warshaw
Pledges to 'completely divest from fossil fuel companies' across equities, fixed income, and alternatives, arguing earlier divestment would have raised returns.
drewwarshaw.com · Ideas ↗Raj Goyle
Backs full fossil-fuel divestment and redirecting capital to clean energy; says DiNapoli 'reneged on his promise to divest from fossil fuels.'
rajgoyle.com · Platform ↗Israel bonds & divestment
A flashpoint: both challengers pledge to divest the pension's Israel-bond holdings; DiNapoli has increased them, and a 2024 state-sponsored trip was later flagged by an ethics commission.
Thomas P. DiNapoli
In coverageHas maintained and increased Israel-bond holdings (~$332.5M after a post-trip purchase); a state ethics commission flagged his 2024 JCRC-sponsored trip as a potential appearance issue.
The Intercept ↗Drew Warshaw
Would divest 'all foreign bonds,' singling out ~$368M in Israel bonds, arguing 'we cannot continue investing our public dollars in a government that is committing genocide.'
drewwarshaw.com · Ideas ↗Raj Goyle
Would divest ~$350M in Israel bonds: 'we have an obligation to not fund human rights violations.'
American Prospect ↗Palantir, ICE & ethical investing
The fund holds more than $430M in Palantir, which supplies ICE. DiNapoli calls the stake passive and index-driven and favors engagement; both challengers want to divest.
Thomas P. DiNapoli
In coverageCalls the Palantir holding passive and index-driven and says 'New York does not fund ICE operations,' favoring engagement over divestment.
amNY ↗Drew Warshaw
Would 'build an index that doesn't include Palantir,' divest from it, and audit Palantir and Clearview AI contracts for privacy and discriminatory impacts.
drewwarshaw.com · Ideas ↗Raj Goyle
In coverageCalls the Palantir stake a conscious escalation given the company's ICE work and would divest from it.
amNY ↗Using the office: audits & oversight
How aggressively the comptroller should wield audit and oversight power. Challengers say DiNapoli underuses it — e.g., never directly auditing an investor-owned utility — while he says some demands exceed the office's role.
Thomas P. DiNapoli
In coverageDefends his audit record and says some challenger demands are 'not the job of the state comptroller.'
✓ Track record — what they've actually done
Created Open Book New York and the Fiscal Stress Monitoring System; office cites ~300 fraud-related arrests.
Drew Warshaw
Would use the office's 'massive audit authority to hold bad actors accountable,' including utilities and agencies he says go unexamined.
American Prospect ↗Raj Goyle
Calls the office 'the greatest squandering of political power in New York' and pledges aggressive audits of investor-owned utilities and the Public Service Commission.
rajgoyle.com · Platform ↗Affordability: utility bills & housing
Whether and how the comptroller should use pension capital and oversight to lower utility bills and fund housing. The challengers make this central; DiNapoli says parts of it exceed the office's role.
Thomas P. DiNapoli
In coverageFrames affordability around making government efficient and cutting waste and fraud; says some of the challengers' cost-cutting proposals fall outside the comptroller's role.
politicsny · Q&A ↗Drew Warshaw
Would co-invest pension capital to lower utilities' guaranteed profit margins ('the higher that return, the lower your bill') and create a $20B pension-funded affordable-housing program.
American Prospect ↗Raj Goyle
Pushes a 'Ratepayer Rebate & Clawback' program, an AI data-center 'fair-share' fee, and shareholder resolutions tying utility executive pay to ratepayer outcomes.
rajgoyle.com · Platform ↗Unclaimed funds
New York holds over $20B in unclaimed funds. Warshaw wants automatic returns; DiNapoli's office has cited fraud and accuracy concerns about auto-returning money.
Thomas P. DiNapoli
In coverageHis office has cited fraud and wrong-address risks as reasons to be cautious about fully automatic returns.
NY Focus ↗Drew Warshaw
Would 'automatically send you a check' for money owed from the ~$20B unclaimed fund, contrasting New York's low return rate with other states.
drewwarshaw.com ↗No public position yet from Goyle
Ethics & independence
Challengers frame DiNapoli as too entrenched in Albany, citing reporting that pension-litigation law firms also donated to his campaigns, plus the Israel-trip ethics flag. (Challengers face their own scrutiny — see disputed claims.)
Thomas P. DiNapoli
In coverageDefends his independence and watchdog record; his office has at times declined donations from firms it hires.
NY Focus ↗Raj Goyle
Runs on independence and integrity, calling DiNapoli 'the ultimate do-nothing Democrat' too entrenched in Albany.
City & State ↗No public position yet from Warshaw