<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Linda Lacewell (AP Photo / Mary Altaffer)

After weeks of speculation, Governor Andrew Cuomo formally proposed to Linda Lacewell, his current chief of staff, to become the next superintendent of the state's financial services department, the agency's financial regulation agency. # 39; State.

Lacewell will replace outgoing superintendent Maria Vullo, who announced in December that she will leave the agency at the end of January. Vullo has not decided what to do after leaving the Cuomo administration, where she has been for three years.

She was the second person to take over this role after the departure of DFS General Manager Benjamin Lawsky to form his own consulting firm. Vullo said in an interview with the New York Law Journal last month that she was considering this move for quite some time.

"I've been thinking about this for a while, but it's a natural moment for me to go," Vullo said. "We have done so many good things. This is a good time, although it will be difficult because the team here is great and it is a great pleasure to serve the governor in this role. "

Lacewell will now carry the torch of this agency, created in 2011 with the aim of consolidating the departments of the bank and state insurance. It is arguably one of the most powerful government financial regulatory agencies in the country, if not the world, since many of the largest financial institutions in the country have moved to New York.

The position includes several responsibilities involving the oversight of these companies, as well as the enactment of regulations to improve their best practices and protect consumers in New York. DFS, for example, has imposed more stringent cybersecurity requirements on banks and state-regulated insurance companies in recent years. This regulation has become a national standard.

The agency has also been seen as a source of revenue for the state on some occasions. On the eve of the 2015 legislative session, DFS had raised more than $ 4 billion in financial regulations from multinational financial institutions that had violated state laws and regulations. In comparison, the state budget for this year was nearly $ 150 billion.

The position also enjoys considerable power over state-regulated health insurance companies. In addition to approving the annual rate increases requested by insurers, DFS may also create new health coverage regulations in New York.

For example, at the time Vullo was head of the agency, DFS had asked state health insurance companies to cover contraceptives and abortions without resorting to cost-sharing measures such as copays or franchises. The change was implemented in response to the possible repeal of the Affordable Care Act.

Lacewell, a lawyer and former federal prosecutor, has held various positions within the Cuomo administration for more than ten years since taking office as Attorney General of the State in 2007. She had previously worked for nearly a year at the US Attorney's Office in Brooklyn. decade.

She was recently elevated to the position of Chief of Staff of the Cuomo Administration, who is primarily responsible for overseeing the daily activities of the Executive Chamber, as well as issues related to ethics and the conduct of business. law application.

Lacewell initially served as a special adviser to Cuomo when he was state attorney general from 2007 to 2010. She held the same role during Cuomo's first term as governor before appointing her as the first state risk officer in 2015. She held this position. contributed to the creation and implementation of the state's first system of ethics, risk and compliance in agencies and state authorities.

She has stepped down to become executive director of the Cancer Breakthroughs 2020 Foundation, a nonprofit cancer research organization that is part of the Chan Soon-Shiong NantHealth Foundation in California. She spent two years with the organization before returning to Cuomo's position as chief of staff.

In the Cuomo administration, insiders have called Lacewell a brilliant law woman, often highlighting her work within the Cuomo administration and externally.

She is not very familiar with the types of cases handled by DFS. While at the US Attorney's Office, Lacewell was also a member of the Enron Task Force, a group of federal prosecutors and investigators investigating what prompted Enron Corp., a US energy company, to declare itself bankruptcy in 2001.

The task force has laid charges of fraud, money laundering and the like against more than two dozen corporate officials. Lacewell led a settlement in the working group with Canadian Imperial Bank of Commerce, which would have been used by Enron to increase the price of its shares without generating more profits by obtaining assets and loans from the bank.

His appointment now goes to the Senate, which must approve several nominations announced by Cuomo Friday afternoon. In the case of the appointment of Lacewell, it will probably be necessary to review three committees in the Senate. The finance, insurance and banking committees all held hearings on Vullo's appointment in 2016.

Cuomo did not comment on Lacewell, in particular, but said the appointees were chosen to advance his program from his third term as governor.

"This administration is laser focused on the development and implementation of policies that improve the lives of people across the country, from strengthening firearms safety reforms to protecting our natural resources, going through the promotion of economic opportunities creating new jobs for new Yorkers, "said Cuomo. "I am proud to work with these talented and dedicated people as we move forward and continue to move New York forward."

Lacewell was not immediately available for an interview on Friday.

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After weeks of speculation, Governor Andrew Cuomo formally proposed to Linda Lacewell, his current chief of staff, to become the next superintendent of the state's financial services department, the agency's financial regulation agency. # 39; State.

Lacewell will replace outgoing superintendent Maria Vullo, who announced in December that she will leave the agency at the end of January. Vullo has not decided what to do after leaving the Cuomo administration, where she has been for three years.

She was the second person to take over this role after the departure of DFS General Manager Benjamin Lawsky to form his own consulting firm. Vullo said in an interview with the New York Law Journal last month that she was considering this move for quite some time.

"I've been thinking about this for a while, but it's a natural moment for me to go," Vullo said. "We have done so many good things. This is a good time, although it will be difficult because the team here is great and it is a great pleasure to serve the governor in this role. "

Lacewell will now carry the torch of this agency, created in 2011 with the aim of consolidating the departments of the bank and state insurance. It is arguably one of the most powerful government financial regulatory agencies in the country, if not the world, since many of the largest financial institutions in the country have moved to New York.

The position includes several responsibilities involving the oversight of these companies, as well as the enactment of regulations to improve their best practices and protect consumers in New York. DFS, for example, has imposed more stringent cybersecurity requirements on banks and state-regulated insurance companies in recent years. This regulation has become a national standard.

The agency has also been seen as a source of revenue for the state on some occasions. On the eve of the 2015 legislative session, DFS had raised more than $ 4 billion in financial regulations from multinational financial institutions that had violated state laws and regulations. In comparison, the state budget for this year was nearly $ 150 billion.

The position also enjoys considerable power over state-regulated health insurance companies. In addition to approving the annual rate increases requested by insurers, DFS may also create new health coverage regulations in New York.

For example, at the time Vullo was head of the agency, DFS had asked state health insurance companies to cover contraceptives and abortions without resorting to cost-sharing measures such as copays or franchises. The change was implemented in response to the possible repeal of the Affordable Care Act.

Lacewell, a lawyer and former federal prosecutor, has held various positions within the Cuomo administration for more than ten years since taking office as Attorney General of the State in 2007. She had previously worked for nearly a year at the US Attorney's Office in Brooklyn. decade.

She was recently elevated to the position of Chief of Staff of the Cuomo Administration, who is primarily responsible for overseeing the daily activities of the Executive Chamber, as well as issues related to ethics and the conduct of business. law application.

Lacewell initially served as a special adviser to Cuomo when he was state attorney general from 2007 to 2010. She held the same role during Cuomo's first term as governor before appointing her as the first state risk officer in 2015. She held this position. contributed to the creation and implementation of the first state system for ethics, risk and compliance in agencies and state authorities.

She has stepped down to become executive director of the Cancer Breakthroughs 2020 Foundation, a nonprofit cancer research organization that is part of the Chan Soon-Shiong NantHealth Foundation in California. She spent two years with the organization before returning to Cuomo's position as chief of staff.

In the Cuomo administration, insiders have called Lacewell a brilliant law woman, often highlighting her work within the Cuomo administration and externally.

She is not very familiar with the types of cases handled by DFS. While at the US Attorney's Office, Lacewell was also a member of the Enron Task Force, a group of federal prosecutors and investigators investigating what prompted Enron Corp., a US energy company, to declare itself bankruptcy in 2001.

The task force has laid charges of fraud, money laundering and the like against more than two dozen corporate officials. Lacewell led a settlement in the working group with Canadian Imperial Bank of Commerce, which would have been used by Enron to increase the price of its shares without generating more profits by obtaining assets and loans from the bank.

His appointment now goes to the Senate, which must approve several nominations announced by Cuomo Friday afternoon. In the case of the appointment of Lacewell, it will probably be necessary to review three committees in the Senate. The finance, insurance and banking committees all held hearings on Vullo's appointment in 2016.

Cuomo did not comment on Lacewell, in particular, but said the appointees were chosen to advance his program from his third term as governor.

"This administration is laser focused on the development and implementation of policies that improve the lives of people across the country, from strengthening firearms safety reforms to protecting our natural resources, going through the promotion of economic opportunities creating new jobs for new Yorkers, "said Cuomo. "I am proud to work with these talented and dedicated people as we move forward and continue to move New York forward."

Lacewell was not immediately available for an interview on Friday.

READ MORE:

Who is Linda Lacewell, Cuomo's replacement rumor at the head of DFS?

Maria Vullo confirms leaving DFS in February

Report: Cuomo plans to replace New York's leading financial regulator