Gov. Cuomo: NY Should Ban Bad Bankers For "Egregious" Acts
ALBANY, N.Y. (AP) - New York's governor is citing the recent scandal at Wells Fargo in a proposal to allow the state to ban people from the financial industry if they are found to have committed egregious and deceptive acts.
Democrat Andrew Cuomo announced a proposal late Saturday to give his superintendent of financial services the power to disqualify what the administration called "bad actors" in the banking and insurance business.
Under the legislation proposed by the governor the person would be subject to a hearing before the superintendent could issue the ban
Cuomo says that as the financial capital of the world New York must have "zero tolerance" for people in the financial industry who seek to defraud customers.
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