Arkansas House Bill HB1072

Arkansas 2023 Regular Session

• Introduced: 1/4/23
• Refer: 1/9/23
• Report Pass: 1/24/23
• Refer: 1/25/23
• Report Pass: 3/30/23
• Engrossed: 4/3/23
• Enrolled: 4/5/23
• Chaptered: 4/10/23
• Passed: 4/10/23

Caption

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.