NEW YORK CITY-The financial regulatory reforms signed into law by President Obama earlier this week are intended to accomplish a number of things. But one potential effect that probably wasn’t designed into the legislation is a leveling-off of the economic rollercoaster ride the city’s economy has taken as the financial services sector’s fortunes have risen and fallen in recent years, says a report from Eastern Consolidated.

“New York City’s dependence on Wall Street for its tax base has grown substantially over the last two decades as profits have soared, but Wall Street is also largely responsible for the heavy volatility in New York’s economy,” the firm’s chief economist, Barbara Byrne Denham, writes in the report.

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