NYC Schools Chancellor David Banks to Retire Amid Federal Investigation

On Tuesday, September 24th, New York City Schools Chancellor David Banks announced his retirement, effective December 31, 2024. This decision follows a federal investigation into a possible bribery scheme involving Banks’ younger brother, Terence Banks, which has rocked Mayor Eric Adams‘ administration. The FBI seized David Banks’ phone earlier this month as part of the probe. Despite the investigation, Banks has denied any wrongdoing and emphasized his lifelong commitment to integrity.

Following the retirement announcement, Mayor Adams praised Banks for his transformative leadership in the city’s public schools. Banks introduced key initiatives like “NYC Reads,” a literacy program to improve reading scores, and mandated universal dyslexia screenings. He also launched “NYC Solves,” a math achievement initiative. These programs marked significant advancements during Banks’ nearly three-year tenure as chancellor. Adams said, “I am immensely grateful and proud of the work accomplished in New York City Public Schools under Chancellor David Banks. In less than three years, our city’s public schools have transformed — from ensuring schools were safe and open coming out of the pandemic to a space that has increased our students’ reading scores, math scores, and graduation rates.”

He continued, “We’ve done all this and more on behalf of nearly 1 million public school students, and Chancellor Banks was crucial to getting that done every day. On behalf of all New Yorkers, we thank Chancellor Banks for his service, and wish him well in his retirement at the end of the calendar year.

However, Banks’ achievements have been overshadowed by the ongoing federal investigation, which has also affected other top city officials.

The investigation focuses on Terence Banks and his consulting firm, though all three Banks brothers—David, Terence, and Phil, who is the Deputy Mayor for Public Safety,—deny any involvement in illegal activity. Despite the turmoil, David Banks remained committed to his work, stating, “I have always lived my life with integrity… we’ll wait and see where these investigations go.” All three Banks brothers and First Deputy Mayor Sheena Wright, who lives with David Banks and is his romantic partner, had their phones and devices taken by the FBI in early September. 

As his tenure draws to a close, Banks’ reforms in literacy and math are seen as lasting legacies. Half of the city’s elementary schools have adopted new reading curricula under his leadership, and the rest will follow next year. While praised by many education experts, some parents have criticized the rigid nature of these programs. 

Banks’ resignation comes at a time of widespread federal scrutiny over several of Adams’ key appointments. With the investigation ongoing, Banks’ contributions to New York City’s education system may continue to be evaluated in the context of the political challenges surrounding his departure.