HOUSE CONCURRENT RESOLUTION 38
(By Delegate R. M. Thompson)
[Introduced March 29, 2001; referred to the
Committee on Rules.]
Requesting the Joint Committee on Government and Finance to make a
study of the implications of the Gramm-Leach-Bliley Act of
1999, Pub. L. 106-102, 106th Congress, 1st Session, November
12, 1999, known as the "Financial Services Modernization Act
of 1999."
Whereas, The implications of the Gramm-Leach-Bliley Act of 1999
need to be examined in connection with existing law in West
Virginia; and
Whereas, The federal act eliminates preexisting federal and
state restrictions that prohibited common ownership of entities in
insurance, securities and banking activities and preempts state
agent licensing laws that prohibit or interfere with a depository
institution's ability to sell insurance; and
Whereas, The federal act also expands activities available to
national banks and grants flexibility to federal banking regulators but preempts certain state laws and prevents certain banks or bank
affiliates from selling and underwriting insurance and securities;
and
Whereas, The impact of the Gramm-Leach-Bliley Act of 1999 on
West Virginia law, how the impact affects West Virginia's
regulatory authority over financial institutions and any
inconsistencies between current West Virginia law and the federal
act needs to be studied; therefore, be it
Resolved by the Legislature of West Virginia:
That the Joint Committee on Government and Finance is hereby
requested to review, examine and study the implications of the
Gramm-Leach-Bliley Act of 1999, and to make recommendations to the
Legislature regarding the same; and, be it
Further Resolved, That the Joint Committee on Government and
Finance report to the regular session of the Legislature, 2002, on
its findings, conclusions and recommendations, together with drafts
of any legislation necessary to effectuate its recommendations;
and, be it
Further Resolved, That the expenses necessary to conduct this
study, to prepare a report and to draft necessary legislation be paid from legislative appropriations to the Joint Committee on
Government and Finance.
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