Albany, NY (August 14, 2012)
"We created the Department of Financial Services because we believed that New York needed a tough and fair regulator for the banking and insurance industries to protect consumers and investors. I also believe a credible regulator actually benefits financial companies by ensuring investor confidence in the integrity of the marketplace.
"This state and nation are still paying the price for a failed regulatory system and that must not happen again. This result demonstrates the effectiveness and leadership of the new Department of Financial Services, and I commend the state legislature for creating a modern regulator for today's financial marketplace."