Event to mark launch of Department of Financial Services

NEW YORK, NY (09/30/2011)(readMedia)-- Financial Services Superintendent Benjamin M. Lawsky will announce the mission and new structure of New York State's new Department of Financial Services (DFS) during a speech at 10 a.m., Monday, at Pace University's Michael Schimmel Center for the Arts, 3 Spruce St., New York.

Lawsky's speech will mark the official launch of the DFS, which becomes effective with the merger of two of the nation's oldest regulatory agencies, the New York State Insurance Department and Banking Department. Lawsky will address how New York, which has historically been a leader in financial services regulation, plans to maintain that position and keep New York the world financial center.

Nineteen former Banking and Insurance Superintendents will attend. Two former Superintendents who served under Gov. Hugh Carey will speak. They are former Insurance Superintendent Albert B. Lewis and former Banking Superintendent John G. Heimann.

An estimated 600 people, including representatives of government agencies, DFS employees and industry representatives are expected to attend the event.