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Committee advances bill to move securities oversight to Banking and Finance amid questions about a $140 million fraud probe
Summary
A Rules Committee discussion of HB 934 focused on transferring securities and commodities authority from the Secretary of State to the Department of Banking and Finance and whether the move would disrupt an ongoing investigation into a roughly $140 million fraud labeled 'First Liberty.' The sponsor said staff and investigations would transition and the change is planned for 07/01/2026.
The House Rules Committee considered HB 934, a bill to transfer authority over securities and commodities from the Secretary of State to the Department of Banking and Finance.
Sponsor and committee members spent the bulk of the hearing on questions about continuity of an ongoing fraud investigation referred to in the record as the 'First Liberty' matter, described in the hearing as roughly a $140,000,000 scheme. Whip Parks asked, "Is it not true that this would hinder an ongoing investigation into First Liberty, a $140,000,000 Ponzi scheme?" The bill's sponsor responded that it would not: "That is…
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