SB229
To Create The Department Of Financial Services Within The Department Of Commerce.
Last Action (Feb. 19, 2025): Sine Die adjournment
Sponsors
AI-Generated Summary
Senate Bill 229 proposes the creation of a new Department of Financial Services within the Arkansas Department of Commerce. This new department would encompass both the State Bank Department and the State Securities Department. The bill designates the Bank Commissioner to serve concurrently as the Director of the Department of Financial Services. The legislation updates the organizational structure of the Department of Commerce to reflect these changes by including the new department and placing the State Bank Department under its authority.
Potential Impact Analysis
Who Might Benefit?
The primary beneficiaries include the State of Arkansas and its regulatory infrastructure, as the consolidation is intended to streamline administrative oversight of banking and securities. The Bank Commissioner and government officials involved in the Department of Commerce may also benefit from the consolidated management structure.
Who Might Suffer?
There are no groups clearly identified as being directly and negatively impacted by this organizational restructuring. However, the existing administrative entities, specifically the State Bank Department and State Securities Department, will be subject to new reporting structures and the oversight of the newly created department head, which may necessitate internal procedural adjustments.
Vote Records
Third Reading
Feb. 19, 2025View individual votes (35)
| Legislator | Party | Chamber | Vote |
|---|---|---|---|
| Jane English | Republican | Senate | Absent |
| Jonathan Dismang | Republican | Senate | Yea |
| Greg Leding | Democrat | Senate | Yea |
| Missy Irvin | Republican | Senate | Yea |
| Bryan King | Republican | Senate | Yea |
| Kim Hammer | Republican | Senate | Yea |
| Stephanie Flowers | Democrat | Senate | Absent |
| Frederick Love | Democrat | Senate | Yea |
| Terry Rice | Republican | Senate | Yea |
| Reginald Murdock | Democrat | Senate | Absent |
| Gary Stubblefield | Republican | Senate | Yea |
| Jim Dotson | Republican | Senate | Yea |
| John Payton | Republican | Senate | Yea |
| Alan Clark | Republican | Senate | Yea |
| Ronald Caldwell | Republican | Senate | Absent |
| Bart Hester | Republican | Senate | Yea |
| Jimmy Hickey | Republican | Senate | Yea |
| Dan Sullivan | Republican | Senate | Yea |
| David Wallace | Republican | Senate | Yea |
| Blake Johnson | Republican | Senate | Yea |
| Justin Boyd | Republican | Senate | Yea |
| Clarke Tucker | Democrat | Senate | Yea |
| Scott Flippo | Republican | Senate | Yea |
| Clint Penzo | Republican | Senate | Yea |
| Mark Johnson | Republican | Senate | Yea |
| Ricky Hill | Republican | Senate | Yea |
| Jamie Scott | Democrat | Senate | Yea |
| Breanne Davis | Republican | Senate | Yea |
| Ben Gilmore | Republican | Senate | Yea |
| Joshua Bryant | Republican | Senate | Absent |
| Matt McKee | Republican | Senate | Yea |
| Jim Petty | Republican | Senate | Yea |
| Steve Crowell | Republican | Senate | Yea |
| Tyler Dees | Republican | Senate | Absent |
| Matt Stone | Republican | Senate | Yea |
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