AG Candidate Rice Announces Wall Street Accountability Plan

 

 

NEW YORK, NY (July 27, 2010) – Coming off of a successful performance at a Crain’s New York Business attorney general debate – her fourth in 12 days – this morning, Nassau County District Attorney Kathleen Rice announced a comprehensive “Wall Street Accountability Plan” designed to fine-tune the Office of the Attorney General’s (OAG’s) focus on the financial industry and adapt to changes expected as a result of new federal regulations.

 

While all of the candidates running for attorney general talk about the need to address Wall Street, DA Rice is the only one to put forward a formal plan.

 

Some hallmark elements of DA Rice’s plan include amending the Martin Act to grant the AG “examination authority” – essentially akin to an ‘open warrant’ – over financial agents; expanding the Investor Protection Bureau and making it self-funding by diverting a percentage of penalties and settlements back to the OAG; putting information about financial agents in a new online database for consumers; and encouraging Wall Street whistleblowers to come forward with the help of a Special Deputy Attorney General for Public Intelligence.

 

“Wall Street has the ability to bring great prosperity to New York and the nation, but too often some bad apples have brought hardship and sometimes even ruin to investors, employees, consumers and taxpayers,” DA Rice said. “With new regulations coming from Washington and the opportunity to expand upon the groundbreaking work done by the OAG already, my plan balances our need to be tough on the bad actors and protect New Yorkers while ensuring that the financial industry thrives.”