5791-S2 AMS STEV GORR 428

2SSB 5791 - S AMD 228

By Senator Stevens

    On page 10, after line 23, insert the following:

"NEW SECTION. Sec. 12. The director shall establish a financial services advisory group to evaluate the impact of the program on financial services firms and professionals that provide 401(k) and other retirement and investment products and services to the public.  The advisory group shall consist of nine representatives to be appointed by the director, in consultation with the director of the Washington State department of financial institutions.  The advisory group shall consist of three members representing banks, savings and loan associations, and credit unions, three members representing life insurers, and three members representing licensed securities professionals.  The director shall convene the advisory group not less than quarterly.  On or before December 15, 2009, and on or before December 15 of each succeeding year, the director shall submit a report from the financial services advisory committee to the Governor and the majority and minority leaders of the House of Representatives and the Senate.  The report shall include comments, analysis and recommendations regarding the impact of the program, including, but not limited to, fiduciary responsibilities, the effects of state competition and lost tax revenue

EFFECT: Establishes a group to evaluate the impacts of the program on state competition and lost tax revenue.  

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