Spitzer creates financial commission

Gov. Eliot Spitzer has created a commission to help New York City hold onto and expand its status as a world financial capital, according to Crain's New York Business. The New York State Commission to Modernize the Regulation of Financial Services, which will by chaired by State Insurance Superintendent Eric Dinallo, will be charged with finding ways to integrate the various regulatory powers while establishing consistency in financial regulation and public awareness. Commission members, who include Citi Chief Executive Charles Prince, Goldman Sachs & Co. Chief Executive Lloyd Blankfein and MetLife Chief Executive C. Robert Henrikson, will be organized into working groups by topic and asked to review all current statues and regulations. They will propose a detailed recommendation for administrative and legal reform by June 2008. Four state departments -- the Insurance Department, the Banking Department, the Department of State and the Attorney General's office – will also give their input to the Commission. Each of the four is involved in the current financial services regulation. "In order to maintain New York's leadership in world financial markets, the regulatory systems of both our state and federal government need to be modernized," said Partnership for New York City Chief Executive Kathryn Wylde. "The Commission is an important step in that direction."