– Legislation authored by state Rep. Sheryl Delozier (R-Cumberland) that would support the integrity of Pennsylvania’s banking system, passed the House unanimously today and is now in the hands of the state Senate.
“House Bill 859
would prevent state government from accessing dedicated revenue in order to balance budgets,” said Delozier, a former majority chairman of the House Commerce Committee. “Moving the assessment dollars to a trust fund with the sole purpose of paying for the regulation and oversite of the industry and protecting the consumer in the case of a failure is good fiscal policy and consumer protection.”
Delozier’s bill references the Banking Fund, which holds semi-annual assessments that are paid by Pennsylvania’s state-chartered banks and credit unions, to finance the regulation of the industry. In recent years, over $40 million dollars from the fund has been transferred for use in balancing operating budgets for state agencies.
“The changes made by House Bill 859 would work to keep our banking industry regulated appropriately, without taxpayer dollars, while allowing the institutions to remain good community partners, as they were this past year administering millions of dollars to our small businesses through the federal loan programs during the COVID-19 pandemic,” she added.
Questions about this or any legislative issue should be directed to Rep. Delozier’s district office at 717-761-4665.