Committee clears bill transferring State Securities Department functions to State Bank Department

The committee passed SB 418, a bill that transfers certain administrative functions of the State Securities Department to the State Bank Department.

Senator Dizmang (transcript spelling varies) introduced the bill, saying it was requested by the executive branch and that “not all functions” are transferred — the change pertains to administrative functions. He said both boards agreed to the transfer and that combining the two departments is expected to yield minimal savings.

Senator Johnson asked whether the securities board and the bank board were “cool with this.” The sponsor replied that the bill originated with those boards, and Johnson praised the measure as a possible blueprint for future administrative consolidations to save money.

Committee action: No one registered to speak for or against the bill in the transcript; a motion to pass was made and seconded, and the committee approved SB 418 by voice vote.

Next steps: The committee passed SB 418 and sent it forward; the transcript contains no roll-call vote or fiscal figures.