Linda Lacewell nominated by Gov. Cuomo to be NY's top financial regulator

After weeks of speculation, Gov. Andrew Cuomo formally nominated Linda Lacewell, his current chief of staff, to become the next superintendent of the New York Department of Financial Services, the state’s financial regulatory agency.

Lacewell will replace outgoing Superintendent Maria Vullo, who announced in December that she would be leaving the agency at the end of January. Vullo has not decided what she’s planning to do after leaving the Cuomo administration, which she’s served in for the last three years.

She was the second person to hold the position after the inaugural superintendent of DFS, Benjamin Lawsky, left to start his own consulting firm. Lacewell will now carry the torch for the agency, which was created in 2011 as a consolidation of the state’s Banking and Insurance departments.

Longtime Cuomo associate

Lacewell, an attorney and former federal prosecutor, has served in a number of capacities in Cuomo’s administration for more than a decade since he first took office as the state attorney general in 2007. She previously worked for the U.S. Attorney’s Office in Brooklyn.

She was most recently elevated to the position of chief of staff in the Cuomo administration, which is essentially in charge of overseeing the day-to-day operations of the executive chamber, as well as ethics and law enforcement matters.

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The nomination will now head to the state Senate, which has to approve many of the governor’s appointments announced Friday afternoon. In the case of Lacewell’s nomination, it will most likely require the review of three committees in the Senate. The Finance, Insurance and Banking committees all held hearings on Vullo’s nomination in 2016.

Cuomo did not comment on Lacewell, specifically, but said the round of appointments were chosen to advance his agenda going into his third term in office.

“This administration is laser-focused on the advancement and enforcement of policies that improve the lives of residents in every corner of this state, from strengthening gun safety reforms and protecting our natural resources, to fostering economic opportunities that create new, 21st century jobs for New Yorkers,” Cuomo said. “I am proud to work with these talented and dedicated individuals as we build on our progress and continue to move New York forward.”

Lacewell was not immediately available for an interview Jan. 4.

This is a developing story.

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