An Act For The Department Of Commerce - State Securities Department Appropriation For The 2022-2023 Fiscal Year.
Impact
If passed, HB1049 would allocate a total of approximately $3.6 million to the State Securities Department, covering regular salaries, temporary help, and operational expenses including travel and professional fees. The funding is essential for the department to sustain its activities, including oversight of securities investors and ensuring compliance with existing laws. This financial appropriateness is anticipated to enhance the department's capability to serve its stakeholders effectively and improve overall investor protection in the state.
Summary
House Bill 1049 aims to make appropriations for the personal services and operating expenses of the Department of Commerce, specifically the State Securities Department, for the fiscal year ending June 30, 2023. This bill is crucial for maintaining operational continuity within the department, which is tasked with regulating the securities industry in Arkansas. The appropriations under this bill empower the department to function effectively and uphold its responsibilities, including investor education and enforcement activities related to securities regulations.
Sentiment
The sentiment around HB1049 appears largely supportive, as it secures necessary funding for a key regulatory body. Legislators recognize the importance of the State Securities Department's work, particularly in safeguarding investors and maintaining the integrity of Arkansas's financial marketplace. The absence of recorded opposition during the voting process suggests broad bipartisan agreement on the necessity of these appropriations, indicating a collaborative approach to financial regulation and oversight.
Contention
While there were no significant points of contention publicly noted during discussions of HB1049, it is important to understand that appropriations bills often face scrutiny regarding budget allocations and fund efficiency. Stakeholders may express concerns over whether the funds will adequately address the evolving needs of the securities industry and if accountability measures are in place for the expenditures. Overall, the bill reflects a consensus on the importance of sustained financial support for the operations of the State Securities Department.
To provide appropriations from the General Fund for the expenses of the Executive, Legislative and Judicial Departments of the Commonwealth, the public debt and the public schools for the fiscal year July 1, 2023, to June 30, 2024, and for the payment of bills incurred and remaining unpaid at the close of the fiscal year ending June 30, 2023; to provide appropriations from special funds and accounts to the Executive and Judicial Departments for the fiscal year July 1, 2023, to June 30, 2024, and for the payment of bills remaining unpaid at the close of the fiscal year ending June 30, 2023; to provide for the appropriation of Federal funds to the Executive and Judicial Departments for the fiscal year July 1, 2023, to June 30, 2024, and for the payment of bills remaining unpaid at the close of the fiscal year ending June 30, 2023; and to provide for the additional appropriation of Federal and State funds to the Executive and Legislative Departments for the fiscal year July 1, 2022, to June 30, 2023, and for the payment of bills incurred and remaining unpaid at the close of the fiscal year ending June 30, 2022.