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NEW YORK (Bloomberg)New York Governor Andrew Cuomo said he intends to merge the state’s departments of insurance and banking with a goal of saving money and streamlining regulation.
“The state can do a better job of regulation and protecting consumers and regulating Wall Street,” Mr. Cuomo said during a Jan. 4 interview on Albany radio station Talk-1300, when asked about the proposed merger.
Mr. Cuomo, who assumed office Jan. 1, said during the radio interview that consolidating the two departments would be part of an effort to cut costs.
An insurance department spokesman declined to comment, referring all questions to the governor’s office.