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Press Release
Statement from Governor David A. Paterson on Appointment of Richard H. Neiman, Superintedent of Banks, to Congressional Oversight Panel for EESA - Executive Chamber Press Release

November 14, 2008

“I commend Speaker Nancy Pelosi for endorsing my recommendation on state representation and appointing Richard H. Neiman, New York Superintendent of Banks, to the five-member Congressional Oversight Panel created to oversee the implementation of the Emergency Economic Stabilization Act. Given that New York State is at the epicenter of this financial crisis, it is critically important that we have a seat at the table as we restructure the regulatory framework for the 21st Century.

“As I stated in my letter to Speaker Pelosi on October 27, State involvement will provide significant benefit to the Panel and will ensure that states’ perspectives, particularly related to foreclosure mitigation efforts and regulatory reform, are heard. States have a strong track record as effective regulators, and have been at the forefront of identifying and implementing plans to address the mortgage crisis and avoid unnecessary foreclosures. New York was one of the first states to bring actions against predatory lenders and during my administration has pursued legislative and regulatory actions to address the crisis.

“Superintendent Neiman is an ideal addition to the panel. Since his appointment in March 2007, he has worked tirelessly to address the foreclosure crisis, which is at the root of our nation’s current financial troubles. Superintendent Neiman was a critical part of the drafting and subsequent passage of historic legislation that addressed the foreclosure crisis in New York, legislation which struck the right balance between protecting consumers and the need to maintain the vitality of the credit markets.

“Superintendent Neiman will draw on his broad government experience at the federal and state levels, as well as significant executive experience in the private sector, to provide a valuable perspective on key issues including foreclosure mitigation efforts and the restructuring of our financial regulatory system.”