CT HB05562

Establishes a task force to study economic development and state welfare, including methods to encourage business growth and retention for companies unable to obtain financing due to banking system liquidity contraction.

Task force shall examine ways to stimulate job growth, develop all geographic regions of the state, increase state and municipal tax revenue, and address financing gaps caused by financial institution mergers, takeovers, or liquidations.

Task force composition includes 11 members: two each appointed by the House Speaker and Senate President Pro Tempore; one each from House and Senate majority and minority leaders; the Banking Commissioner; and two appointed by the Governor.

All task force appointments must be made within 30 days of the effective date, with the first meeting scheduled within 60 days of the effective date.

Task force shall submit findings and recommendations to the joint standing committee on banking by January 1, 2017, and shall terminate upon report submission or January 1, 2017, whichever is later.