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House panel approves bill changing composition and quorum rules for State Board of Finance
Summary
House Bill 1378 would lower the State Board of Finance quorum from seven to six, replace the securities commissioner seat with the secretary of Transformation and Shared Services, and repeal the required employment arrangement for the board's chief compliance officer; the committee passed the bill.
Representative Howard Beatty presented House Bill 1378 to amend the composition and meeting requirements of the State Board of Finance and to repeal the requirement that the board employ a chief compliance officer.
Nut graf: The bill makes four changes: it lowers the quorum requirement from seven to six, replaces the securities commissioner’s designated seat with the secretary of Transformation and Shared Services (TS&S), clarifies membership qualifications (including a bank or securities-experience member and a certified public accountant), and removes the requirement that the chief compliance officer be employed directly by the board.
Beatty said the board has struggled to reach a quorum because members have competing obligations and that Act 475 of 2023 consolidated some functions and affected which official serves where. “House Bill 13 78 basically makes 4 updates to the State Board of Finance,” Beatty said, summarizing the quorum and membership changes and the compliance-officer employment issue.
Committee members asked about the qualifications and experience of the TS&S secretary and whether securities experience would be sufficiently represented; Beatty said the change reflected the administrative consolidation and provided flexibility for attendance if the governor’s designee or secretary could attend. Representative Bluntstra asked whether securities experience could be split out; Beatty said reversing Act 475 of 2023 would be the route to restore separate securities commissioner representation.
No recorded opposition testimony appeared in the transcript. The committee moved to a voice vote and passed HB 1378.
