News | 03.16.20
New York, California Want More Power Over the Financial Sector
The governors of New York and California are proposing significant expansions of state regulatory power over consumer financial services, saying federal oversight has become lax under the Trump administration. The proposals, if approved during budget negotiations in two of the largest states, could lead to similar changes elsewhere and focus more attention on financial institutions across the country, legal experts say. In New York, Gov. Andrew Cuomo has proposed expanding the Department of Financial Services (DFS). The proposal would, among other things, give the DFS jurisdiction over securities and companies offering investment advice. In California, Gov. Gavin Newsom proposed expanding the Department of Business Oversight, which oversees securities brokers, investment advisors, and other financial services.
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