NY Gov. Hochul Nominates Adrienne Harris to Lead NYDFS

Sep 13, 2021Federal Regulation, News

Shortly after taking office following former Governor Andrew Cuomo’s resignation in the wake of a sexual harassment scandal, New York Governor Kathy Hochul announced the nomination of Adrienne Harris to lead the New York State Department of Financial Services (NYDFS). Harris was a former economic advisor to President Obama, and if confirmed will oversee how insurance and banking industries comply with state laws as New York rebuilds its economy in the wake of the pandemic.

The agency’s former director, Linda Lacewell, resigned effective August 24 after a report tied her to the scandal. Under Lacewell, the NYDFS collected over $1 billion in bank enforcement penalties, and Lacewell said she expects the agency to continue the same methods of ensuring safety and soundness in the industry. 

“With Adrienne Harris as our state’s top financial regulator, New Yorkers can rest assured that this administration isn’t simply focused on just protecting consumers, but on advancing an equitable economic recovery that seeks to lift up all citizens, not just the privileged few,” said Governor Hochul.

Harris said that under Hochul’s leadership, the NYDFS will “ensure we have a robust and fair financial system, and an equitable economy,” according to the Wall Street Journal. “New Yorkers deserve no less. I look forward to getting to work.”

Harris also worked as a Senior Advisor at the U.S. Treasury Department, helping start national financial reforms to advance fintech, working to promote financial health and intelligence in communities, and identifying solutions to the student loan crisis. She was then appointed as Special Assistant to the President for Economic Policy as part of the National Economic Council.

In her role at the White House, Harris managed the financial services portfolio and developed strategies for financial reform. This included implementing the Dodd-Frank Act, as well as advancing fintech initiatives, cybersecurity reform, consumer protections, and housing finance reform.

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