Tags

, , , , ,

In the Kansas City Star:

January 13, 2017 9:55 AM
New fraud watchdog for Missouri comes from company under investigation by state
[….]
JEFFERSON CITY – The man chosen by Missouri Secretary of State Jay Ashcroft to lead the agency that protects consumers from securities fraud is a former executive of a company currently under investigation by the state.
David Minnick served as general counsel and senior vice president of St. Louis-based Stifel Financial Corp. from 2004 until this week, when Jay Ashcroft took over for outgoing Secretary of State Jason Kander.
Now, Minnick is the commissioner of securities, a job that puts him in charge of the division responsible for protecting Missouri investors from fraud and ensuring that companies comply with state securities law.
[….]

Tracy McCreery (D) [2017 file photo].

Tracy McCreery (D) [2017 file photo].

A bill introduced today in the House:

HB 663  
Prohibits a person employed by an entity that has been investigated by state or federal authorities from being appointed as the commissioner of securities
Sponsor: McCreery, Tracy (088)
Proposed Effective Date: 8/28/2017
LR Number: 1431H.01I
Last Action: 01/19/2017 – Introduced and Read First Time (H)
Bill String: HB 663
Next Hearing: Hearing not scheduled
Calendar: HOUSE BILLS FOR SECOND READING
[….]

The bill text:

FIRST REGULAR SESSION
HOUSE BILL NO. 663 [pdf]
99TH GENERAL ASSEMBLY

INTRODUCED BY REPRESENTATIVE MCCREERY.
1431H.01I D. ADAM CRUMBLISS, Chief Clerk

AN ACT

To repeal section 409.6-601, RSMo, and to enact in lieu thereof one new section relating to the commissioner of securities.
Be it enacted by the General Assembly of the state of Missouri, as follows:
Section A. Section 409.6-601, RSMo, is repealed and one new section enacted in lieuthereof, to be known as section 409.6-601, to read as follows:
409.6-601. (a) This act shall be administered by the commissioner of securities who shall be appointed by and act under the direction of the secretary of state, and shall receive compensation as provided by law. After December 31, 2017, the secretary of state shall not appoint as the commissioner of securities anyone who was employed, within one year of the appointment, by an entity that was under investigation by a state or federal governmental unit within one year of the appointment, if the existence of the investigation of the entity was made known to the general public. [….]

Alrighty then. What are the chances this bill passes?