Good morning, Chairs Krueger, Weinstein, Breslin, Weprin, Rivera, and Paulin; Ranking Members O’Mara, Ra, Helming, Hawley, Gallivan, and Jensen; and all distinguished Members of the New York State Senate and Assembly. My name is Adrienne A. Harris, and I am the Superintendent of the New York State Department of Financial Services (DFS). Thank you for inviting me to address you at today’s Joint Legislative Hearing. I appreciate the opportunity to discuss the Fiscal Year 2025 (FY25) Executive Budget and all that DFS has been able to accomplish over the past year, thanks to the support of the Governor and the Legislature.

DFS was established in 2011 when the Legislature merged the former Departments of Insurance and Banking. In the wake of the 2008 financial crisis, the goal was to create a more efficient, comprehensive financial regulator to oversee the financial services industry, better protect consumers, and encourage economic growth in the financial capital of the world. Today, the Department regulates the activities of over 3,000 financial institutions with nearly $10 trillion in assets. This includes over 1,900 insurance companies, including health insurers, property and casualty insurers, managed care, and pharmacy benefit managers, and over 1,300 banks and financial institutions, including credit unions, money services businesses, foreign and wholesale banks, credit reporting agencies, and student loan servicers. We are also the only prudential regulator in the country – state or federal – with authority specific to virtual currency.

• Full Statement (PDF)
• Appendix I (PDF)
• Appendix II (PDF)