Newsom Aims To Revamp Biz Oversight To Fill Trump Vacuum

By Philip Rosenstein (January 10, 2020, 10:07 PM EST) -- California Gov. Gavin Newsom outlined his plan to restructure the California Department of Business Oversight to better protect consumers and promote the development of novel financial products, characterizing the effort in his budget address on Friday as a response to the federal government "pulling away."

Under Newsom's 2020-21 proposed budget, the California financial regulator would be renamed the Department of Financial Protection and Innovation to better reflect the role it will play, according to the budget summary.

The department's authority would be expanded to provide latitude to regulate and pursue financial services providers currently unlicensed that fall outside the current regulatory...

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