SENATE BILL REPORT

SB 5257

BYSenators Moore, Metcalf, Bottiger and Bender

Establishing the banking advisory council.

Senate Committee on Financial Institutions

Senate Hearing Date(s):January 29, 1987; March 6, 1987

Majority Report:  That Substitute Senate Bill No. 5257 be substituted therefor, and the substitute bill do pass.

      Signed by Senators Moore, Chairman; Bender, Vice Chairman; Bottiger, Fleming, McDermott, Metcalf, von Reichbauer.

Senate Staff:Stephanie Yates (786-7416)

                  March 6, 1987

AS REPORTED BY COMMITTEE ON FINANCIAL INSTITUTIONS, MARCH 6, 1987

BACKGROUND:

Presently, no independent body exists to provide analysis to the Governor and Legislature on diversification of financial services within the financial institutions industry.

SUMMARY:

A banking advisory council is created consisting of five members to be 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.

The banking advisory council shall analyze all aspects of the financial institutions industry pertaining to diversification of financial services, and shall submit a report to the Governor and Committees on Financial Institutions in the Senate and House of Representatives at least one month prior to the convening of each regular session of the Legislature.

In addition to the five regular members, the Governor shall appoint a nonvoting ex officio member from the staff of the Division of Banking.

EFFECT OF PROPOSED SUBSTITUTE:

A provision is added requiring the chairperson and ranking minority member of the Financial Institutions Committees of the Senate and House of Representatives to serve as nonvoting ex officio members on the banking advisory council.

Fiscal Note:      none requested

Senate Committee - Testified: No one