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Gov. Cuomo Proposes Department of Financial Regulation

Governor Cuomo said in his State of the State that many people asked where the SEC was and where other federal regulators were when the financial meltdown occurred. But he said the question should also be asked where was the NY Banking Department and where was the Insurance Department. He indicated that the division that exists in our state regulatory agencies is not consistent with how business is done anymore. To be an effective regulator, he proposes a Department of Financial Regulation.