Texas Senate Bill SB1279

Texas 2011 - 82nd Regular

• Introduced: 3/8/11
• Refer: 3/16/11

Caption

Relating to the members of the State Securities Board.

Impact

The bill significantly impacts the regulatory framework governing the financial sector in Texas, particularly regarding appointments to the State Securities Board. By defining eligibility more strictly, SB1279 aims to enhance the integrity and effectiveness of the Board, which is essential for overseeing the securities industry and protecting investors. This change is expected to improve the Board’s judgment and decision-making processes given that members will have more direct experience in the areas they regulate.

Summary

SB1279 seeks to amend the composition and qualifications of members of the State Securities Board in Texas. The bill stipulates that two members must be registered dealers, agents, or investment advisers, while three members must be from the general public with specific disqualifications relating to direct financial interests in securities businesses. This modification aims to ensure that the Board consists of members with relevant professional backgrounds while also encompassing public representation.

Sentiment

The sentiment around SB1279 appears to be generally supportive among financial and regulatory stakeholders who believe that having qualified members will enhance regulatory oversight. However, there may be concerns regarding the implications of restricting board membership, potentially limiting the diversity of perspectives that can benefit the board's deliberations.

Contention

One point of contention regarding SB1279 could arise from the stricter qualifications for public members, which some stakeholders might view as limiting inclusivity. While proponents argue that this will lead to a more knowledgeable board, critics may contend that it could marginalize valuable voices from the public sphere who might not fit the new criteria but can offer important insights based on their experience or consumer perspective.