Governor Cuomo’s recommendation for merger

Governor Andrew Cuomo of New York recently proposed a state budget in which some money would be allocated towards a proposed agency that combines the insurance regulatory departments and existing banking departments.  His 2011-2012 budget recommends a $564 million allotment for the new DFR or Department of Financial Regulation. This reflects an approximate net increase of $6.4 M which is 1.1% over the 2010-2011 combined budgets of both insurance and banking departments.  The newly managed DFR would be located in New York and Albany, merges the operations, functions, as well…

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