New York Attorney General Eliot Spitzer over the weekend called on the state's banking and insurance regulators to do a better job of protecting citizens from abusive financial practices, The Buffalo News reports.

The regulators have the power to protect people but don't exercise it, Spitzer said. "The banking department and the insurance department can do more than they have been," Spitzer said. "The agencies have not been digging as aggressively as they should have been to protect consumers. I would like to see state agencies be more aggressive in those domains."

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.