NEW: In wake of Times investigation, the New York City Council is introducing a package of legislation to boost regulation of the taxi medallion market to prevent reckless lending. Among the provisions: a ban on Confessions of Judgment in medallion loans:

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  • At the same time, Mayor Bill de Blasio is planning his own efforts in response to the investigation: He is waiving $10 million in fees owed by medallion owners, and building a "driver assistance center" to provide financial counseling and other benefits:

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  • This afternoon, Mayor Bill de Blasio is also expected to reiterate that he plans to extend the city's moratorium on approving new ride-hailing cars from services such as Uber and Lyft. Here's the mayor's draft press release on that:

    This afternoon, Mayor Bill de Blasio is also expected to reiterate that he plans to extend the city's moratorium on approving new ride-hailing cars from services such as Uber and Lyft. Here's the mayor's draft press release on that:

  • Replying to @brianmrosenthal

    They've already created a cap that de Blasio wants to make permanent. Why are we not just getting rid of the medallion system? Does @NYCCouncil deny city government's role in defrauding medallion purchasers?

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  • Replying to @brianmrosenthal @TheWeekly

    These are great wins that wouldn’t be possible without the help of hundreds of taxi drivers fighting to make changes, to be heard and recognized. @NYTWA played a big role in giving those drivers a platform to do so. Now, drivers need the right to unionize to move forward.

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  • Replying to @brianmrosenthal @nytimes

    Have to say I am appalled at not seeing any article about Jon Stewart's speech at the House Judiciary Committee yesterday regarding the lack of continued funding for the First Responders of 9/11. Why????? Patricia Ward@pgward34

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  • Replying to @brianmrosenthal

    Sounds like Melbourne's taxi crises when Uber arrived and taxi licenses which cost here upward of $200,000 (!) and their worth was converted to 10%; in effect, cabbies went broke in asset.

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  • Replying to @brianmrosenthal

    Uber!

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  • Replying to @brianmrosenthal

    Clueless de Blasio asleep while 13,000 medallion owners collectively lost $10 billion to Uber and Lyft. Now Clueless Bill’s administration will waive the $1,100 cabbie fee. I don’t think Clueless de Blasio understand simple math; $1,100 waiver doesn’t cover the $10 billion loss

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  • Replying to @brianmrosenthal @nytimes

    Oh hell no!

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