HARRISBURG, Pa., July 17, 2012 /PRNewswire-USNewswire/ -- Governor Tom Corbett today announced that the structure, duties and name of the Pennsylvania Securities Commission will change on Oct. 1, 2012, following his signing of House Bill 2438 (PN 3659) into law on July 2.
The law, Act 86 of 2012, consolidates functions and positions located in the Securities Commission into the Department of Banking to form a new Department of Banking and Securities. The Office of the Budget estimates that the merger will save taxpayers approximately $1 million, with even greater savings being realized in the longer term.
"I want to thank Rep. Mike Fleck for sponsoring this piece of 'good government' legislation as well as the many members of the General Assembly for their support," Governor Corbett said, noting that the bill was passed unanimously by the House and Senate. "Implementation of this legislation helps us to streamline our government functions to improve efficiency and effectiveness."
The makeup of the Securities Commission will be expanded from its current three members to five: three commissioners nominated by the governor and confirmed by the Senate (as is currently the case), plus the Secretary of Banking and another executive staff member and/or cabinet secretary appointed by the governor.
In addition, the expanded Banking and Securities Commission will be the final adjudicator of all administrative proceedings that are instituted by the department and require the appointment of a hearing officer.
"I am confident that Secretary of Banking Glenn Moyer and Securities Commissioners Robert Lam, Steve Irwin and Vincent Gastgeb will work together to ensure a smooth transition so that businesses, consumers and investors will continue to be served at a high level," Governor Corbett said.
Visit the Department of Banking online at www.banking.state.pa.us.
Kelli Roberts, Governor's Office; 717-783-1116
Ed Novak, Dept. of Banking; 717-783-4721
SOURCE Pennsylvania Office of the Governor