Statement

April 9, 2022

STATEMENT BY DFS SUPERINTENDENT ADRIENNE A. HARRIS ON NEW YORK STATE FY23 BUDGET:

“I commend Governor Kathy Hochul and the Legislature for adopting a state budget that will revitalize our state’s economy and create a stronger New York that works for everyone. Since I arrived at DFS, I committed to creating a fairer, more transparent, and more resilient financial services system – a system that works for all consumers, particularly those who too often are overlooked. That’s why I’m particularly excited that the FY23 Budget establishes telehealth parity, implements new protections against surprise medical bills, and funds new grants for statewide student loan counselors. 

Furthermore, the budget includes a new authority to collect supervisory costs from licensed virtual currency businesses, like the Department already does for banking and insurance companies. New York was the first to start licensing and supervising virtual currency companies, and we continue to attract more licensees and the most crypto startup funding of any state in the nation. This new authority will empower the Department to build staff with the capacity and expertise to best regulate and support this rapidly growing industry. 

Along with the many other landmark initiatives in the adopted budget, these reforms will help build a financial system that provides greater opportunity for all New Yorkers.”