Bill Text: CT HB06496 | 2011 | General Assembly | Comm Sub

---

Bill Title: An Act Establishing The Finance And Banking Development Commission And The Connecticut Finance Center.

Spectrum: Committee Bill

Status: (Introduced - Dead) 2011-03-28 - File Number 250 [HB06496 Detail]

Download: Connecticut-2011-HB06496-Comm_Sub.html

---

General Assembly		Raised Bill No. 6496
January Session, 2011		LCO No. 4108
		*_____HB06496BA____031511____*
Referred to Committee on Banks
Introduced by:
(BA)

AN ACT ESTABLISHING THE FINANCE AND BANKING DEVELOPMENT COMMISSION AND THE CONNECTICUT FINANCE CENTER.

Be it enacted by the Senate and House of Representatives in General Assembly convened:

Section 1. (NEW) (Effective July 1, 2011) (a) There is established a Finance and Banking Development Commission consisting of eight members. The commission shall consist of six members appointed as follows: (1) One appointed by the president pro tempore of the Senate, who shall have expertise in banking; (2) one appointed by the majority leader of the Senate, who shall have experience in commercial lending; (3) one appointed by the minority leader of the Senate, who shall have experience in the business of investment advisers and broker-dealers; (4) one appointed by the speaker of the House of Representatives, who shall have experience in private equity or venture capital; (5) one appointed by the majority leader of the House of Representatives, who shall have experience in hedge funds and investment management; and (6) one appointed by the minority leader of the House of Representatives, who shall have experience in the marketing of finance and banking companies and investment services. The Banking Commissioner and the Commissioner of Economic and Community Development shall be ex-officio, nonvoting members of the commission. In the event of a vacancy for any member appointed pursuant to this subsection, such vacancy shall be filled by the appointing authority and such appointed member shall have the requisite expertise.

(b) Any member appointed pursuant to subsection (a) of this section shall serve for a term of two years beginning on October first in the year of such member's appointment. The commission shall elect a chairperson and a vice-chairperson from among its members who shall each serve in such capacity for a period of two years. Any person absent from (1) three consecutive meetings of the commission, or (2) fifty per cent of such meetings during any calendar year shall be deemed to have resigned from the commission, effective immediately.

(c) Members of the commission shall serve without compensation but shall, within the limits of available funds, be reimbursed for expenses necessarily incurred in the performance of their duties. The commission shall meet as often as deemed necessary by the chairperson or a majority of the commission.

(d) The Department of Economic and Community Development shall provide, within existing budgetary resources, any staff necessary for the performance of the functions and duties of the commission.

(e) The commission shall:

(1) Advocate for all necessary changes to the policies and laws of this state that will encourage banks and financial service companies, as defined in section 12-218b of the general statutes, to establish business operations in this state, relocate to the state and charter or organize under the laws of this state, provided a majority of the members of the commission shall be required to approve any specific advocacy before the General Assembly or any state agency;

(2) Make recommendations to the General Assembly and the Governor concerning legislation, policies, programs and services that will foster progress in achieving the desired results described in subdivision (1) of this subsection, provided any such recommendations shall be provided solely with the approval of a majority of the members of the commission;

(3) Review and comment on any proposed state legislation or recommendations that may affect the decision of banks and financial service companies to establish business operations in this state, relocate to this state and charter or organize under the laws of this state and provide copies of any such comments to members of the General Assembly; and

(4) Advise the General Assembly and Governor concerning the coordination and administration of state programs that affect progress in achieving the desired results described in subdivision (1) of this subsection.

(f) Not later than January 1, 2013, and annually thereafter, the commission shall report, in accordance with section 11-4a of the general statutes, to the joint standing committees of the General Assembly having cognizance of matters relating to banking, commerce and finance, revenue and bonding regarding the progress made in achieving the desired results described in subdivision (1) of subsection (e) of this section.

Sec. 2. (NEW) (Effective October 1, 2011) There is established a Connecticut Finance Center, which shall be a branch of the office of the Secretary of the State in lower Fairfield County, that shall encourage the formation and establishment of financial service companies, as defined in section 12-218b of the general statutes, and banks in Connecticut.

This act shall take effect as follows and shall amend the following sections:
Section 1	July 1, 2011	New section
Sec. 2	October 1, 2011	New section

BA

Joint Favorable