Please note that the content of this book primarily consists of articles available from Wikipedia or other free sources online. A Municipal Assistance Corporation is an independent corporation created by the State of New York for purposes of providing financing assistance and fiscal oversight of a fiscally-distressed city. Two MACs are explicitly designated under New York law. Best known is the MAC for New York City, created in response to the city's fiscal of the mid-1970s. The Corporation was born of a recommendation made by a special panel composed of Simon H. Rifkind, Felix G. Rohatyn, Richard M. Shinn and Donald B. Smiley.