What's New

Zack Hutchins
Director of Communications

May 30, 2007

Council president to serve on Governor's financial commission

Kenneth Adams, president and CEO of The Business Council, has been asked by Governor Eliot Spitzer to serve on a panel aimed at helping New York retain its status as the world's financial capital.

“The financial world has changed and we must change with it to retain our leadership position,” Governor Spitzer said. “This panel will help the state bring its regulatory structure into the 21st Century, encouraging the use of cutting edge technology and techniques to provide capital, insurance and other services to companies and individuals around the country and the globe.”

The commission, the New York State Commission to Modernize the Regulation of Financial Services, will be chaired by state Insurance Superintendent Eric Dinallo. Its members are charged with "identifying ways in which regulatory powers could be integrated, rationalized, and changed in order to promote economic innovation and protect the consumer,” a release from the Governor's office said.

The commission is an opportunity for Business Council members to influence key decisions about agency regulations, licensing and oversight, Adams said.

"I'm honored to be asked to serve on this commission," Adams said. "The Business Council and our members are grateful for the opportunity to represent the interests of the business community, and especially our financial services and insurance sectors which are so vital to the state's economy."

Other members of the commission include the Superintendent of Banks, the Secretary of State, the Chairperson of the Consumer Protection Board, the Attorney General; Chairs of the Assembly and Senate Banking and Insurance Committees; and representatives of New York's businesses, consumer groups, insurance, banking and securities industries.

The Commission will present detailed recommendations for administrative and legal reform by June 30, 2008.

More information is available at www.ny.gov/governor/press/0529072.html.