New York Gov. Kathy Hochul has tapped an Obama management veteran to be the state’s most sensible monetary regulator, officers stated Tuesday.
Adrienne Harris used to be nominated to guide the New York State Division of Monetary Services and products, which oversees insurance coverage corporations and state-chartered banks. Ms. Hochul, a Democrat, stated the company’s focal point can be shopper coverage and making sure an equitable restoration from the Covid-19 pandemic.
Ms. Harris is now a senior adviser at public-relations company Brunswick Crew in Washington, D.C., the place she advises monetary establishments, fintech corporations, and mission capital corporations. She labored as a senior adviser within the U.S. Treasury Division from 2013 to 2015 after which as a distinct assistant within the White Area till 2017. She stated in a observation she would use the location “to ensure we have a robust and fair financial system, and an equitable economy.”
Ms. Harris’s nomination is topic to affirmation by way of the New York State Senate.
The DFS used to be shaped by way of the 2011 merger of the New York State Insurance coverage Division and New York State Banking Division. It regulates round 1,500 banks and different monetary teams managing greater than $2.6 trillion in property, in addition to just about 1,800 insurers with property totaling greater than $4.7 trillion.