DINAPOLI SAYS HR 4173 WILL BOLSTER NYS RETIREMENT FUND

Albany, N.Y.--  Americans have faced the worst financial crisis since the Great Depression. Millions have lost their jobs, businesses have failed, housing prices have dropped, and savings were wiped out.  The failures that led to this crisis require bold action. We must restore responsibility and accountability in our financial system to give Americans confidence that there is a system in place that works for and protects them. We must create a sound foundation to grow the economy and create jobs.

New York State Comptroller Thomas DiNapoli reaffirmed his support on July 13 for the Dodd-Frank Wall Street Reform and Consumer Protection Act in a letter to New York’s congressional delegation. DiNapoli described the proposed legislation as an essential step forward in restoring confidence in the financial services sector and stability to financial markets.

“A thriving Wall Street is vital to New York’s economic growth,” DiNapoli said. “I want to see our institutions prosper. But we need new rules to protect taxpayers from being on the hook if big banks fail. When Congress adopts these new regulations, I’m confident that we’ll see improved transparency, risk management, and a healthier Wall Street that generates sustainable profits.”

DiNapoli’s letter also identified the regulation’s benefits for the $133 billion New York Common Retirement Fund, which he heads. Improved regulatory oversight and risk assessment helps the Fund to better predict its investment returns and reduce taxpayers’ contributions, DiNapoli said.

Click here to read the full text of the letter or visit the Office of the State Comptroller here.