States Look for More Enforcement over Financial Industry

The states: California and New York

What enforcement powers do the states want over the financial industry?

• NEW YORK:
  • larger financial penalties
  • expanded ability to investigate consumer fraud
  • expanded ability to investigate securities fraud
  • expanded oversight over companies offering investment advice
• CALIFORNIA
  • increase state’s regulatory agency with a budget addition of $19.3 million & add 90 positions
  • protect vulnerable Californians from predatory businesses
  • provide finance and investment companies with the clarity they need to innovate

Why are the states acting? less enforcement by the federal government over consumer fraud and securities fraud

Wall Street Journal | New York, California Want More Power Over the Financial Sector