CONTACT:
Olayinka
Fadahunsi
(212) 681-4840
FOR RELEASE:
Immediately
July 13, 2010

DiNAPOLI ANNOUNCES SUPPORT FOR WALL STREET
REFORM ACT
New York State Comptroller Thomas P. DiNapoli
yesterday reaffirmed his support for the 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
at www.osc.state.ny.us.

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