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.