New York has formed a group to look into whether the state’s financial services firms might be overregulated.
Gov. Eliot Spitzer, a Democrat renowned for being tough on insurers and other financial service firms while he was the state’s attorney general, now says current laws and regulations in New York may be too restrictive.
Spitzer has signed an order creating the New York State Commission to Modernize the Regulation of Financial Services. The commission is supposed to identify ways for the state to “bring its regulatory structure into the 21st century.”
The committee will examine how updated technology and procedures could help New York keep its status as a world financial capital, officials say.