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21 October 2011

Allen: Bankers Accountability Act

Bankers Accountability Act of 2012

On December 1, I will prefile the Bankers Accountability Act of 2012. The State Auditor is currently being sued by the Missouri Bankers Association to block attempts by the Auditor to ensure that the Division of Finance is conducting its proper oversight function of Missouri chartered banks. This bill would clarify the Auditors authority to conduct such a performance audit of the Division of Finance as well as performance audits of any state departments and divisions.

The need for an audit of this kind became apparent when a recent audit of the division’s oversight of four failed banks suggested that the division had not performed timely and adequate examinations of savings and loans associations, had not followed established criteria during the examinations, and had overcharged all Missouri chartered banks by a total of $1.5 million over the past 3 years for examinations.

Such an apparent failure on the part of the Division of Finance clearly warrants such action so that the health of our banking system can be accurately gauged. The Act does not thrust new regulations on banks; it simply allows the Auditor to make sure that lawful oversight is done effectively.

Special Session Update

House Continues Efforts to Negotiate with Senate on Jobs Package

This week the Missouri House overwhelmingly approved a motion to continue efforts to reach a compromise on an economic development bill. My colleagues and I approved a motion to send the economic development bill (SB 8) to conference where selected members from both sides would work together to find common ground. While we have concerns about some of the provisions in the Senate version that prevent us from passing the bill, we are willing to sit down together with our Senate colleagues to iron out our differences.

House Approves Constitutional Amendment to Authorize Tax Credit Reviews

The House also approved a constitutional amendment (HJR 1) that would create a tax credit review process if approved by voters. HJR 1 would require an up or down vote on our various tax credit programs every four years. The key difference between this and traditional sunsets is that the amendment we passed would require a vote be taken by the 50th legislative day every four years. This would prevent a Senate filibuster and ensure the will of the majority ultimately determines the fate of each tax credit.

House Members Urge Congress to Continue Support for F/A-18 Fighter Jet

Also this week we approved a resolution (HR 4672) to urge Congress to recognize the importance of the F/A-18E/F Super Hornet program to our state. The plane is made by Boeing, which is one of the biggest employers in our state with more than 15,000 employees. More than 5,000 employees are directly associated with production of the F/A-18. For the year 2010 alone, Boeing contributed significantly to our economy by purchasing more than $764 million of materials from 969 Missouri suppliers. The company’s impact on our economy cannot be overstated and the importance of the F/A-18 Super Hornet to our nation’s security cannot be denied.

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