Agency Merger May Put New Cop On Wall Street Beat

Law360, New York (March 25, 2011, 5:12 PM EDT) -- New York legislators are waging a tug-of-war in Albany over a plan to combine state insurance, banking and consumer protection regulators into a single agency that some fear could become a powerful new fraud-fighting cop on the Wall Street beat.

New York Governor Andrew Cuomo's plan, unveiled as part of his 2011-2012 executive budget proposal, envisions a streamlined Department of Financial Regulation that would slash administrative overhead and combine competencies. At the same time, it would also create a new superintendent and fraud-fighting squad with a...
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