Legislation has been signed into law merging the state Department of Banking and the Pennsylvania Securities Commission, reports State Rep. Jim Cox (R-129)
Act 86 of 2012 will transfer the functions of the Securities Commission to the Department of Banking, with the securities division to be overseen by a deputy secretary, Cox said. The combined agency will be known as the Department of Banking and Securities and will be led by the Secretary of Banking.
Current Securities Commission members will be retained in the merged department, with the addition of two new members. The new five-member commission will consist of the secretary of Banking, a governor’s designee, and three individuals appointed by the governor with the advice and consent of the Senate.
The function of the Securities Commission is to protect consumers from deceptive practices in connection with offers, sales and purchases of securities in Pennsylvania while encouraging availability of equity and debt financing to legitimate businesses and industries.
The Office of the Budget estimates that the merger will save taxpayers approximately $1 million, with even greater savings being realized in the longer term.