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FINANCIAL SERVICES COMMITTEE

Staff Contact: Walter Pacholczak

Derailing New York's Economic Engine
How Albany Punishes New York’s Largest Industry 

Public Policy Institute Report (March 2010)

KEY CONTACTS

Blog Updates

• Wall Street reform passes Senate: 60-39, July 16, 2010
• N.Y. OKs med mal rate hike, ends moratorium, July 15, 2010
• US House, Senate finalize bill proposing Wall Street overhaul, June 25, 2010
• Business Council supports new Small Business Poll by Federal Reserve Bank of New York, June 17, 2010
• Public Policy Institute study details importance of financial services industry, May 18, 2010
• Democrats open to talks on derivatives, May 17, 2010
• Punishing Street: a Pyrrhic Victory, May 11, 2010
  In an op-ed in this week’s Crain’s New York Business Kenneth Adams, president and CEO of The Business Council of New York State, Inc. warns that legislative proposal aimed at “punishing” Wall Street could cost jobs across New York state.
• Ignoring the Elephant in the Bailout, May 10, 2010
  In a New York Times column Gretchen Morganson details the dangers posed by Freddie Mac and Fannie Mae.
• Derivatives-spinoff proposal opposed as part of overhaul bill, May 4, 2010
• Republicans end filibuster on financial regulatory reform bill, April 29, 2010
• Off Wall St., Worries about financial bill, April 28, 2010
• Cracked foundation: reforming housing finance, April 26, 2010
• Max Baucus: A bank tax is coming, April 26, 2010
• Bill on finance wins approval of senate panel, April 22, 2010
• Reform Outrageous Mortgagors, Wilmers says, April 21, 2010
• Schumer and Bloomberg don’t play nice over proposed banking reforms, April 19, 2010

Committee Updates

• Punishing Street: a Pyrrhic Victory, (Op-ed Crain's New York Business, May 10, 2010)
  
  
• February 9, 2010
  - 1199 SEIU Launches Banker Bonu$ Tax Campaign
  - Tell Albany To Support Fiscal Reform!
  
  
• Business Council President/CEO Kenneth Adams urges NY Congressional Delegation to oppose "Financial Crisis Responsibility Fee" 1/26/2010
  
  
• Business Council/LICONY/NAIFA/AARP Push Senate to Act on Life Settlement Bill, Alert September 8, 2009
  
  
• Alert - June 16, 2009
  - Council Lobbies in Opposition to Martin Act Expansion Bill
  - Stop the Lawyer Tax Coalition Launches Statewide Media/Grassroots Campaign
  - Texas Tort Victories
  
  
• NYS Remote Shareholder Bill – A.1567/S.5793 (06/15/09)

2009-2010 Legislative Memos

• SFY 2009-10 Executive Budget Part SS/Subpart A - Article VII (A.160-A / S.60-A), Oppose, Sales Tax Data Matching Program
  Bill text
• S.717 (C. Johnson) / A.4319 (Weisenberg), Oppose, Establishes the savings bank, savings and loan association or credit union municipal deposit program
  Bill text
• A.1005-C (Bing) / S.3635-B, Support, An act to amend the insurance law, in relation to revising the standards relating to the incorporation of stock or mutual insurance companies
  Bill text
• A.1567 ( Brodsky, Kavanaugh, Rosenthal) / S.5793 (Krueger), Requires certain corporations to permit shareholders to attend meetings via remote communication and to be deemed present for voting purposes
  Bill text
• S.4398-A (Schneiderman) / A.7558-A (Weinstein), Oppose, Reduces the statute of limitations on resolving consumer credit actions
  Bill text
• S.4770 (Breslin) / A.8543 (Morelle), Support, Employer Choice Group and Blanket Disability Policies
  Bill text
• S.5768 (Schneiderman) / A.8646 (Brodsky), Oppose, Expands the unlimited power of the Martin Act to significantly increase the legal exposure of the business community
  Bill text
• S.6236 (Diaz, Hassel-Thompson, Huntley, Onorato) / A.9439 (Crespo, Benjamin), Oppose, Imposes a fifty-percent franchise tax on business-owned life insurance benefits
  Bill text
• S.6954-C (Breslin) / A.9405-B (Morelle), Support, Abolishes the New York Board of Fire Underwriters
  Bill text
  
• A.7131-A (Morelle) / S.3655-A (Breslin), Support, Regulation of Life Settlement Business
  Bill text
• S.7220-A (Breslin) / A.10636-A (Morelle), Support, Foster Expansion of the Commercial Insurance Market in New York State
  Bill text
• A.9432 (Glick) / S.6307 (Stavisky, C. Johnson, Schneiderman), Support, CPA Mobility - Allows accountants licensed in other states to have practice privileges in New York State
  Bill text

2010-11 NYS Budget

• Final Budget

REPORTS

• Sustaining New York’s and the US’ Global Financial Services Leadership
  

INSURANCE LINKS

• NYS Insurance Department's Latest Updates
• Life Insurance Information
• Property/Casualty Insurance Information
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RELATED WEBSITES

State Government

• New York State Insurance Department
• New York State Banking Department
• New York State Division of Budget
• New York State Office of the State Comptroller

Federal Government

• President Barack Obama
• United States Senate
• United States House of Representatives
• Federal Reserve Bank of New York
• Federal Deposit Insurance Corporation
• United States Securities and Exchange Commission
• United States Department of Treasury
• Library of Congress

Industry

• Life Insurance Council of New York
• New York State Bankers Association
• Securities Industry and Financial Market Association
• National Underwriter P&C
• Insurance Information Institute
• Independent Bankers Association of New York State
• American Bankers Association
• Independent Community Bankers of America
• The Financial Services Roundtable
• Financial Services Authority