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To deal with a record deficit, New York’s new governor is looking to make cuts in state government, and he is eyeing the state’s insurance department as one area to promote efficiency.
According to reports from several news sources, New York Gov. Andrew M. Cuomo is considering combining the state’s Insurance Department with the Department of Banking in an effort to cut costs and make regulation more efficient in the state.
The governor has not detailed how the changes would be made, but reports suggest that more mention of the plan was expected today during his State-of-the-State address later this afternoon.
During an interview with Fred Dicker on 1300 AM yesterday, Gov. Cuomo discussed the state’s economic problems and said, “We are in very serious times and need to make dramatic changes, and the time is getting very short.”
New York is facing a $10 billion budget deficit that the newly inaugurated governor has indicated will mean much sacrifice on the part of the government and people of the state.
When asked about the consolidation of the insurance and banking departments by Mr. Dicker, Gov. Cuomo said in terms of a “new agency to police Wall Street and protect consumers,” his administration will seek to consolidate the two.
“I spent four years as attorney general and we did a lot of work on Wall Street with the federal regulators—SEC, etc., and also the state regulators. And I think the state can do a better job, frankly, of regulating and protecting consumers and regulating Wall Street.”
He emphasized that the state needs to do a better job of regulating with less resources, calling it a “riddle” that needs to be solved.
“That is the art form of government and always has been,” said Gov. Cuomo.