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New York Names Financial Regulation Czar

By Staff Writer

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Empire State officials are moving ahead with efforts to streamline financial services regulation.

Scott Rothstein has been picked to be executive director of the New York State Commission to Modernize the Regulation of Financial Services.

New York Gov. Eliot Spitzer, D, created the commission in May, and Eric Dinallo, the state insurance superintendent, is the commission chairman.

In New York, the Insurance Department, the Banking Department, the State Department and the attorney general’s office all play roles in financial services regulation.

The modernization commission is supposed to identify “ways in which regulatory powers could be integrated, rationalized, and changed in order to promote economic innovation and protect the consumer,” officials say.

Rothstein has been executive director of the legal and compliance division at Morgan Stanley, New York.

Earlier, he was the deputy general counsel at American Skandia, Shelton, Conn., and he also has worked as a lawyer at Aetna Inc., Hartford.

Rothstein has a bachelor’s degree in business from the University of Pennsylvania and a law degree from the University of Connecticut.

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