HB1378
To Amend The Composition And Meeting Requirements Of The State Board Of Finance; And To Repeal The Requirements For The Employment Of A Chief Compliance Officer By The State Board Of Finance.
AI-Generated Summary
This bill proposes changes to the State Board of Finance in Arkansas. It aims to amend the composition of the board by changing the title of one of its members from 'Securities Commissioner' to 'Secretary of the Department of Transformation and Shared Services'. The bill also reduces the number of members required to constitute a quorum for board meetings from seven to six. Additionally, it repeals the requirement for the State Board of Finance to employ a Chief Compliance Officer. The bill clarifies that the Insurance Commissioner's voting power is limited to health benefit plans. The main purpose is to modify the operational structure and staffing requirements of the State Board of Finance.
Potential Impact Analysis
Who Might Benefit?
The primary beneficiaries of this bill, if enacted, would likely be the State Board of Finance itself, as it would experience altered quorum requirements potentially leading to more efficient meetings. The Department of Transformation and Shared Services would also benefit from its Secretary being an official member of the board. The Treasurer of State's office might also see a change in its compliance oversight structure due to the repeal of the Chief Compliance Officer position, potentially reallocating responsibilities or resources.
Who Might Suffer?
The primary entity that could be negatively impacted by this bill is the position of Chief Compliance Officer as it currently exists within the Treasurer of State's office, as the bill repeals the requirement for its employment by the State Board of Finance. This could lead to a reduction in dedicated compliance oversight or a shift in where that responsibility lies. Additionally, if a quorum is more easily achieved with fewer members, it could potentially reduce the breadth of viewpoints or input from the board on certain decisions, though this impact is speculative and dependent on board dynamics.