HB 7075 Summary

• Establishes a task force to study economic development and welfare in Connecticut, with focus on business growth, job retention, regional development, and financing availability issues resulting from banking system liquidity contraction and financial institution mergers or liquidations.

• Task force consists of 10 members: two appointed by the House Speaker, two by the Senate President Pro Tempore, one each by House and Senate majority and minority leaders, the Banking Commissioner or designee, and two appointed by the Governor.

• Appointments must be made within 30 days of the act's effective date, with the first task force meeting held no later than 60 days after passage.

• Task force shall submit a report with findings and recommendations to the joint standing committee on banking no later than January 1, 2020, and shall terminate on the date of report submission or January 1, 2020, whichever is later.

• Administrative support provided by the joint standing committee on banking staff.