An Act For The Department Of Commerce - State Bank Department Appropriation For The 2023-2024 Fiscal Year.
Impact
If passed, HB 1072 will impact state laws by defining and securing a specific budget for the activities of the State Bank Department. The provisions seek to ensure that the department has adequate funding to fulfill its mandate, which includes oversight of state banking institutions and related services. This targeted financial support is essential to maintain the efficacy and stability of financial regulations and consumer protection measures facilitated by the department.
Summary
House Bill 1072 aims to facilitate the necessary appropriations for the Department of Commerce, specifically the State Bank Department, for the fiscal year ending June 30, 2024. The bill details the operational budget, which includes provisions for personal services and operational expenses necessary for the efficient functioning of the department. This appropriative measure is framed under the legislative intent to ensure that sufficient funds are allocated to support the departmental activities and to comply with existing financial and regulatory frameworks governing state spending.
Sentiment
The sentiment surrounding HB 1072 appears to be positive among proponents, who regard it as a necessary measure to ensure the financial stability and operational efficacy of the State Bank Department. It has received broad support within legislative discussions, reflecting a shared agreement on the importance of funding government operations to uphold the service levels expected by the public. There is an expectation that with appropriate funding, the department can continue to provide robust oversight and support for the banking industry.
Contention
While generally viewed as a technical and necessary appropriations bill, potential points of contention may arise regarding the specifics of appropriated amounts and resource allocation within the Department of Commerce. Stakeholders may debate the adequacy of funding provided for various operational needs against the backdrop of the overall state budget and competing fiscal priorities. Careful consideration will need to be given to ensure that the appropriations align with the department's strategic goals and public expectations for regulatory efficacy.
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.