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Legislature 2001

By LUCY MORGAN

© St. Petersburg Times, published April 26, 2001


Today is the 52nd day of the 60-day session.

Today is the 52nd day of the 60-day session.

* * *

Regulatory change passes House

A bill that would put banking and insurance industry oversight in the hands of regulators who would not face election sailed through the House Wednesday night, 115-1.

The governor and Cabinet would name an executive director subject to Senate confirmation. That director would select regulators for insurance, banking and financial services.

The House bill is opposed by Insurance Commissioner Tom Gallagher, who supports a Senate bill that leaves regulation in the hands of an elected official.

The new chief finance officer is a position created by a 1998 constitutional amendment, which merges the duties of comptroller and insurance commissioner and reduces the size of the Cabinet.

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