My goal is to make us as good at promoting the growth and stability of our regulated industries as we are at protecting consumers.

I’ve been on the job as Commissioner for just more than a year. It has been exciting, interesting, some days frustrating and challenging, but never dull.

For example, during one week, on Monday I was standing with the New York skyline at my back at a press event for Ace Insurance Group, which was bringing 130 new jobs to Jersey City. A few days later I was teaching a class at Bayonne High School, talking to students about banking, credit cards, and identity theft.  Those were two very different events but both very important to our mission and both highly enjoyable.

Certainly one of the highlights of the year was Governor Chris Christie delivering the keynote remarks at our banking symposium in December. The Governor delivered a strong message that New Jersey is Open for Business, that all State agencies will work with businesses to streamline the regulatory process and cut red tape, and that private sector job growth is a top priority. 

Since becoming Commissioner, I’ve spoken to many groups, including those representing bankers and insurance companies, trade associations, consumers, regulators, businesses, realtors, appraisers, and members of the bar to name but a few. At every speaking engagement and meeting, I reinforce that the Christie Administration is the most pro-business administration in a generation. Businesses should know they have a friend and an ally in Trenton.

In this last year, I’ve also worked to repeal burdensome regulations, embarked on a plan to control auto insurance costs, reformed government banking deposit guarantees, heightened the focus on insurance fraud, and worked with the Legislature to develop legislation to expand the captive and reinsurance markets. 

This year should also be an exciting year. Among the goals we will be working towards include: bringing more national auto insurance companies into the New Jersey market; continuing to try and persuade some federally–regulated banks located in New Jersey to flip to state charters; bringing down the cost of health insurance and continuing to eliminate burdensome and unnecessary regulations.

So please stay tuned. We will do our best to keep you informed on these and many other initiatives.  

Tom