The bill amends the composition and meeting requirements of the State Board of Finance in Arkansas. It updates the membership to include the Governor or their designee, the Treasurer of State, the Auditor of State, the Bank Commissioner, the Secretary of the Department of Finance and Administration, the Secretary of the Department of Transformation and Shared Services (replacing the Securities Commissioner), and various other members with specific qualifications in banking and accounting. Additionally, it changes the quorum requirement from seven to six members for conducting business.

Furthermore, the bill repeals the requirement for the State Board of Finance to employ a Chief Compliance Officer, which previously mandated that this officer be selected from nominations by the Treasurer of State and serve under the board's direction. The removal of this requirement streamlines the board's operations and reduces administrative obligations.

Statutes affected:
HB 1378: 19-3-701(b), 19-3-703(b), 19-3-704(b)