CT HB06496

Establishes an 8-member Finance and Banking Development Commission (6 appointed members with expertise in banking, commercial lending, investment advisory, private equity, hedge funds, and finance marketing; 2 ex-officio nonvoting members from Banking and Economic Development departments) effective July 1, 2011.

Commission members serve 2-year terms with automatic resignation if absent from 3 consecutive meetings or 50% of meetings in any calendar year; elect their own chairperson and vice-chairperson.

Commission shall advocate for state policy and law changes to attract banks and financial service companies to establish operations, relocate, or charter in Connecticut, with majority approval required for any advocacy before the General Assembly or state agencies.

Commission required to review proposed state legislation affecting financial companies' decisions to establish in Connecticut and provide annual reports to relevant General Assembly committees starting January 1, 2013.

Establishes Connecticut Finance Center as a branch of the Secretary of the State's office in lower Fairfield County to encourage formation and establishment of financial service companies and banks in Connecticut, effective October 1, 2011.