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Committee pauses bill to create Department of Financial Services after members press for more detail on costs, boards and structure
Summary
Representative Acre presented Senate Bill 229 to create a Department of Financial Services as an umbrella over the State Bank Department and the State Securities Department. Committee members questioned costs, stakeholder consultation and whether the change merely renames existing structures; sponsor pulled the bill for further work.
Representative A. Acre introduced Senate Bill 229 to create a Department of Financial Services within the Department of Commerce and to place the State Bank Department and the State Securities Department under that umbrella. Supporters said the change would formalize a structure that has already consolidated leadership: the bank commissioner currently serves as both bank and securities commissioner following 2023 legislation.
Committee members pressed on several points. Representative Dolby and others asked about the cost and outreach needed to…
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