AR
Arkansas House Bill HB1378

Arkansas 2025 Regular Session

Arkansas House Bill HB1378

Introduced
2/3/25  
Refer
2/3/25  
Report Pass
2/5/25  
Engrossed
2/6/25  
Refer
2/6/25  
Report Pass
2/25/25  
Enrolled
2/26/25  
Chaptered
2/27/25  

Caption

To Amend The Composition And Meeting Requirements Of The State Board Of Finance; And To Repeal The Requirements For The Employment Of A Chief Compliance Officer By The State Board Of Finance.

Impact

One of the prominent aspects of HB1378 is its alteration of the quorum requirements for meetings of the State Board of Finance. The bill reduces the number of members required to constitute a quorum from seven to six, potentially facilitating quicker decision-making processes within the board. This change could impact the efficiency and responsiveness of the board while aligning it more closely with the practicalities of its operations, enabling it to act swiftly on important financial matters.

Summary

House Bill 1378 proposes significant amendments to the laws governing the State Board of Finance in Arkansas. The bill aims to modify the composition of the board by introducing new membership requirements and qualifications. It emphasizes the need for members who possess knowledge in commercial banking and financial areas, ensuring that the board is equipped with relevant expertise to handle financial matters more effectively. The proposed changes reflect a broader push towards enhancing the financial governance structures within the state.

Contention

Furthermore, the bill seeks to repeal the current requirement for the employment of a chief compliance officer by the State Board of Finance. This provision has raised concerns among some stakeholders about potential reductions in oversight capabilities and compliance responsibilities within the board. Critics argue that eliminating the chief compliance officer position could lead to less accountability and increase the risk of financial mismanagement, undermining the integrity of the state’s financial governance.

Notable_points

Overall, HB1378 reflects the evolving nature of the State Board of Finance's function and authority within Arkansas. The bill is indicative of an effort to modernize the state's financial management apparatus while addressing ongoing concerns about accountability and compliance. As deliberations continue, it will be essential to weigh the benefits of streamlined operations against the necessity for robust oversight mechanisms.

Companion Bills

No companion bills found.

Previously Filed As

AR SB514

To Amend Various Provisions Of The Law That Relate To Topics Covered By, The Composition Of, And The Meeting Requirements For A School District's Committee On Personnel Policies For Classified Employees.

AR HB1096

An Act For The Department Of Finance And Administration - Disbursing Officer Appropriation For The 2023-2024 Fiscal Year.

AR HB1065

An Act For The Department Of Finance And Administration - Disbursing Officer Appropriation For The 2024-2025 Fiscal Year.

AR HB1824

To Amend The Laws Concerning The Budgets And Financial Statements Of Municipalities; And To Require A City Of The First Class And A City Of The Second Class To Publish A Budget And A Financial Statement Online.

AR SB356

To Abolish Inactive State Entities; To Amend The Law Concerning The Reporting Of Boards And Commissions; And To Declare An Emergency.

AR HB1766

To Abolish The State Fire Prevention Commission; To Amend The Duties And Membership Of The Arkansas Fire Protection Services Board; To Create The Position Of State Fire Marshal; And To Declare An Emergency.

AR HB1243

To Amend Retirement Eligibility Requirements Under Various Public Retirement Systems Of The State Of Arkansas For Certain Police Officers, Firefighters, Public Safety Members, And Sheriffs.

AR SB354

To Transfer The Duties Of Certain Boards To The State Board Of Appraisers, Abstracters, And Home Inspectors; And To Declare An Emergency.

AR SB413

To Amend The Requirements And Procedures For Appointments And Confirmation Of Appointments To Boards And Commissions; And To Declare An Emergency.

AR HB1359

To Abolish Certain Boards; To Create The Arkansas State Board Of Mental Health Professionals; And To Declare An Emergency.

Similar Bills

No similar bills found.