New York State Temporary State Commission on Banking, Insurance, and Financial Services Dissenting Report of Commission Member…

Legislation of 1983 established this Commission to propose changes in the regulation of banking, insurance, and other financial services; to determine the extent to which such changes would serve the public interest; and to consider how consumers of financial services might be protected.

After four months of work, the Commission submitted its report to the Governor and Legislature on February 15, 1984. Commission member Louis J. Lefkowitz submitted a separate report dissenting from some of the recommendations expressed in the Commission's report.

This report argues against the Commission's recommendations that New York State enact legislation authorizing banks to expand the scope of their financial activities and services. The report argues that "The proper scope of banking activity [is a] fundmentally national question; therefore, national legislation must precede any action by individual states.

The report considers such matters as: background of federal involvement in regulation of financial institutions; developments in the financial services marketplace such as federal deregulation; pending litigation; regulatory and legislative proposals; why New York State should not act unilaterally.

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