THE MONDAY MORNING after the third-largest bank failure in U.S. history, New York Gov. Kathy Hochul hosted a press briefing to talk down a nation on the edge. The bank, Signature, had a New York charter, but it wasn't Hochul who decided to seize control of the collapsing institution and hand it over to the FDIC, capping the most turbulent financial weekend since 2008. After a brief introduction, Hochul ceded the stage to the woman who had choreographed the takeover: Adrienne Harris, superintendent of the New York Department of Financial Services.
With an understated assurance, Harris stood at the podium, describing how her team had worked with the federal government to avert disaster. "The banks are open and ready for business this morning," she said with the hint of a smile.
The New York DFS is an unusually powerful regulator, not only because of its seat in the financial capital of the world, but also because of its broad portfolio that stretches from banking and insurance to student loan providers. In recent years, though, the department's oversight of the roller-coaster crypto industry has put it under a spotlight and a magnifying glass, even more so than federal counterparts like the U.S. Securities and Exchange Commission.
Unlike its D.C. peers, DFS has an added objective: Explicit in the department's mission is not just regulation but economic growth. For Harris, who arrived with an imposing résumé of governmental and corporate experience, the twin imperatives have meant sustaining the state's nation-leading approach to nurturing the crypto industry while making sure the state doesn't open its doors to the next Sam Bankman-Fried.
This story is from the April - May 2023 edition of Fortune US.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the April - May 2023 edition of Fortune US.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Sign In
AI Isn't Coming for Your Job At Least Not Yet
So far, the technology has replaced only a small number of workers. But the future risks many more.
THE TRUTH EVEN HE CAN'T DUCK
Aflac's DAN AMOS has spent his 34 years as CEO selling insurance against illness and death. Now he has to confront his aging customers' mortality and his own.
THE NEW HOLLYWOOD POWER PARADIGM
Inside the sisterhood of stars changing the narrative.
SAUDI ARABIA'S POWER PIPELINE
The oil earnings flowing from the most profitable company in history are helping the Saudi kingdom shake up the global economyand the old geopolitical order.
THE [FOREVER] FOUNDER
Michael Dell turned his dorm-room PC company into the go-to hardware provider for 99% of the Fortune 500. Now the longest-standing founder-CEO in tech has a chance to cash in on the AI bbom—and make himself and his company bigger than ever.
HOW BOEING BROKE DOWN
Boeing's strategy sent the stock soaring more than 1,000% over 20 years. But it contained dangerous flaws that are only now coming into view amid a drumbeat of terrible news.
The Art of Banking
To appeal to the ultrawealthy, banks like UBS keep fine art-and art expertsclose at hand.
Is the Bitcoin Bull Market Safe to Buy?
ETFs have made Bitcoin investing easier than ever. But they may be adding air to a bubble.
Goodbye, Tough Guy
More executives are going on all-male retreats to open up, feel less lonely, and build empathy.
Memo to Silicon Valley: Bring It On
New York City's Runway was the pioneering leader in Al-generated video for years. Now ChatGPT maker OpenAl is coming for it.