ASSEMBLY STANDING COMMITTEE ON BANKS
NOTICE OF PUBLIC HEARING
Assembly Hearing Room 1923, 19th Floor
In the wake of last year's near-collapse of the national economy, brought on in part by certain unsound practices in the financial services industry, Congress and the Obama Administration are in the process of devising a new regulatory regimen intended to prevent a recurrence. While the root cause of the problem was questionable practices in the residential mortgage industry, it was exacerbated by practices in the securities industry that were seemingly beyond the reach of state and federal regulators. Among the questions the Committee seeks to address are: what is the future of "dual banking system?" or, more specifically, what will be the role of the states in the new regulatory environment?
The Committee seeks testimony to determine the appropriate level of regulatory authority the State should exercise in order to protect New York financial services entities and consumers of financial services.
Oral testimony will be limited to ten-minute durations. Fifteen copies of any prepared testimony should be submitted at the hearing registration desk. The Committee would appreciate advance receipt of prepared statements. Written testimony will also be accepted and may be sent to the contact persons listed on the reply form. In order to publicize the hearing further, please inform interested parties of the Committee's interest in receiving written testimony from all sources.
In order to meet the needs of those who may have a disability, the Assembly, in accordance with their policy of non-discrimination on the basis of disability, as well as the 1990 Americans with Disabilities Act (ADA), has made its facilities and services available to all individuals with disabilities. For individuals with disabilities, accommodations will be provided, upon reasonable request, to afford such individuals access and admission to Senate and Assembly facilities and activities.