Governor Spitzer has been on a tear creating various commissions seeking to streamline and update various state laws and agencies. Yesterday in a Press Release the Governor announced the creation of yet another commission. This commission will be charged with identifying ways for New York to retain and enhance its status as a world financial capital. "The financial world has changed and we must change with it to retain our leadership position,” Governor Spitzer said. “This panel will help the state bring its regulatory structure into the 21st Century, encouraging the use of cutting edge technology and techniques to provide capital, insurance and other services to companies and individuals around the country and the globe.” The New York State Commission to Modernize the Regulation of Financial Services, which will include representatives from industry, consumer groups and government, will review all current financial services statutes, regulations, rules and policies and propose legislative and other necessary changes. State Insurance Superintendent Eric Dinallo will chair the new commission.
Four separate New York state agencies—the Insurance Department, the Banking Department, the Department of State and the Attorney General’s Office—currently all regulate the financial services industry. The Commission will be charged with identifying ways in which these regulatory powers can be integrated, rationalized, and changed in order to promote economic innovation while also protecting the consumer. The commission will make detailed recommendations for administrative and legal reform by June 30, 2008. For the text of the Governor's Executive Order Click Here.
Posted by: |