Arkansas House Bill HB1026

Arkansas 2024 Regular Session

• Introduced: 4/2/24
• Refer: 4/10/24
• Report Pass: 4/16/24
• Engrossed: 4/18/24
• Enrolled: 4/24/24
• Chaptered: 4/25/24
• Passed: 4/25/24

Caption

An Act For The Department Of Commerce - State Bank Department And State Securities Department Appropriation For The 2024-2025 Fiscal Year.

Impact

This bill has significant implications for state law as it directly affects the operational budgets of key regulatory departments within the Arkansas government. By ensuring that these departments have the necessary resources, the bill facilitates their capability to oversee banking and securities operations, which are crucial for maintaining financial stability and protecting investors. This form of legislative support reinforces the state's commitment to economic governance and regulatory oversight, indicating a proactive approach to managing commerce and securities in Arkansas.

Summary

House Bill 1026 is an appropriations bill for the 2024-2025 fiscal year aimed specifically at funding the Department of Commerce, including the State Bank Department and the State Securities Department. The bill outlines the necessary funding for personal services, operating expenses, and allowances for temporary and part-time employees. The total amount appropriated is $12,551,051, which includes various provisions for salaries, operational expenses, and grants to support the functioning of these departments during the specified fiscal year.

Sentiment

The sentiment around HB 1026 appears to be predominantly positive among legislators, as evidenced by its unanimous passage with no opposing votes recorded (33 yeas to 0 nays). Such overwhelming support suggests a recognition of the importance of adequately funding these departments to ensure their effective operation. While there may be a lack of vocal opposition documented, budgeting discussions typically invoke a range of opinions, highlighting that all stakeholders recognize the value in maintaining robust state banking and securities frameworks.

Contention

A notable point of contention that may arise in relation to this bill includes discussions surrounding budget efficiency and the allocation of funds toward potentially underperforming segments of the departments. Legislators may advocate for more stringent accountability measures to ensure that funds are utilized effectively. Additionally, the approval of temporary employees raises discussions on the state's approach to staffing during peak operational periods, further supporting the need for review of staffing efficiency and effectiveness within state departments.