An executive order, signed by Governor Matt Blunt, has consolidated the state agencies that manage and regulate financial services and provide professional oversight. Blunt is acting on a recommendation of the State Government Review Commission to move the Department of Economic Development’s Divisions of Finance, Credit Unions, Professional Regulation, and the State Banking Board to the Department of Insurance. One of the recommendations not being acted on is a call to transfer the Securities Division from the Secretary of State’s office into the expanded Department of Insurance. Blunt says that while he thinks such a move would be in the best interest of consumers, he acknowledges it would be very difficult to do without bipartisan cooperation. Secretary of State Robin Carnahan has opposed the proposal from the outset.
Related web sites:
Missouri State Government Reform Commission