Gov. Cuomo Aide Benjamin Lawsky New Head Of Financial Oversight In New York
Benjamin Lawsky, a former federal prosecutor in Manhattan and Cuomo’s chief of staff, is the first superintendent of the Department of Financial Services.
He was a special assistant to Cuomo as attorney general.
The new agency combines the state’s banking and insurance departments starting in October.
Cuomo advocated the consolidation, which lawmakers approved in the budget, in part so the next new products on Wall Street, like credit default swaps that supported the troubled subprime mortgage securities, won’t go unregulated.
Lawsky says the goal is lean, efficient regulation that promotes healthy insurance and banking industries while protecting consumers and markets.
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