New York’s financial watchdog is ready to “fill the gaps” left by the incoming Donald Trump administration’s planned deregulation spree, its chief has said, by increasing its scrutiny on banks, insurance companies and cryptocurrency groups that transact in the world’s commercial capital.
Adrienne Harris, head of the state’s Department of Financial Services, which licenses many of the globe’s largest financial institutions including Goldman Sachs, ICBC and Deutsche Bank, told the Financial Times that a rollback of federal regulations would “certainly increase the volume of consumer protection cases that we may bring on the enforcement side”.
“We’re going to keep focusing on getting money back for consumers,” said Harris, whose office has hired hundreds of new staffers in the past couple of years. While emphasising that her office was “not ideological”, she added: “If there are new gaps that emerge because we don’t have a partner then we’ll work to fill those gaps as appropriate.”