The new panel will review financial services industry and propose legislative and other necessary changes

Governor Eliot Spitzer today signed an executive order creating a commission to identify ways for New York to retain and enhance its status as a financial capital.

Governor Spitzer commented: “The financial world has changed and we must change with it to retain our leadership position. 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 new panel will review all current financial services statutes, regulations, rules and policies and propose legislative and other necessary changes.

State insurance superintendent Eric Dinallo, who will chair the new commission, said: “Current laws and regulations in New York do not work for the industry or the consumer. Financial services companies claim that they face unnecessary regulatory hurdles in bringing new products to market. Consumer advocates claim that public awareness about the risks and costs of what are fundamentally the same financial products can vary depending upon the state agency that is doing the regulating. We must develop new laws and regulations that promote competition and the growth of business, while effectively protecting both consumers and honest businesses from unfair or unethical practices.”

The commission will make detailed recommendations for administrative and legal reform by June 30, 2008.