S-2419               _______________________________________________

                                         SUBSTITUTE SENATE BILL NO. 5257

                        _______________________________________________

State of Washington                              50th Legislature                              1987 Regular Session

By Senate Committee on Financial Institutions (originally sponsored by Senators Moore, Metcalf, Bottiger and Bender)

Read first time 3/6/87.

AN ACT Relating to the banking advisory council; and adding a new chapter to Title 43 RCW.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:

NEW SECTION. Sec. 1.     The banking advisory council is created, consisting of five members appointed by the governor with the advice and consent of the senate.  Members shall be qualified and experienced in matters pertaining to the financial institutions industry.  Members shall serve at the pleasure of the governor and without compensation, but shall be reimbursed for travel expenses in accordance with RCW 43.03.050 and 43.03.060.

NEW SECTION. Sec. 2.     The banking advisory council shall analyze all aspects of the financial institutions industry pertaining to diversification of financial services.  The council shall submit a report to the governor and the committees on financial institutions of the senate and house of representatives at least one month prior to the convening of each regular session of the legislature.

NEW SECTION. Sec. 3.     The governor shall designate one member as chairperson of the banking advisory council.  The council at its first meeting shall elect a vice-chairperson.  Meetings shall be held at times and places determined by the chairperson.  In addition to the regular members, the governor shall appoint two nonvoting ex officio members from the staff of the department of general administration.  In addition, the chairperson and ranking minority member of the financial institutions committees in the senate and house of representatives shall serve as nonvoting ex officio members of the banking advisory council.

NEW SECTION. Sec. 4.     Sections 1 through 3 of this act shall constitute a new chapter in Title 43 RCW.