S-4929               _______________________________________________

                                         SUBSTITUTE SENATE BILL NO. 6371

                        _______________________________________________

State of Washington                               51st Legislature                              1990 Regular Session

By Senate Committee on Financial Institutions & Insurance (originally sponsored by Senators von Reichbauer, Moore, Johnson, McMullen, West, McCaslin, Rasmussen, Sellar, Niemi and Conner)

Read first time 2/2/90.

AN ACT Relating to financial institutions and administration of securities laws; and creating new sections.

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

NEW SECTION. Sec. 1.     The legislature shall establish a joint select committee comprised of the house of representatives and senate standing committees on financial institutions and insurance to conduct a study that reviews the creation of a new state agency that consolidates various regulatory functions.  The study shall include an analysis of the costs and benefits of such consolidation, duplications in functions, and potential effect upon impacted industries and consumers.  In particular, the study shall review the consolidation of those state regulatory functions concerning the oversight of financial institutions, corporations, securities, and other related activities.

NEW SECTION. Sec. 2.     The joint select committee established under this act shall report its findings to the legislature no later than December 1, 1990.