Benjamin Lawsky, a former federal prosecutor in Manhattan and Cuomo’s chief of staff, is the first superintendent of the Department of Financial Services.READ MORE: 2 Dozen Members Of Military Begin Serving As Pandemic Reinforcements At Newark's University Hospital
He was a special assistant to Cuomo as attorney general.
The new agency combines the state’s banking and insurance departments starting in October.READ MORE: NYPD Narcotics Detective Wounded In Shooting On Staten Island Hailed As Hero For Protecting Fellow Officers
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.MORE NEWS: Search Continues For Gunman After 11-Month-Old Shot By Stray Bullet In Bronx
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