FINANCE COMMISSION OF TEXAS
FINANCE COMMISSION OF TEXAS. The Finance Commission of Texas was established in 1943 to act as the supervisor and policy maker for the state Banking Department, Savings and Loan Department, and Office of the Consumer Credit Commissioner. A nine-member board, consisting of two banking executives, two savings and loan executives, and five business representatives, is appointed by the governor for overlapping six-year terms. The commission appoints the executive directors of the three agencies and conducts examinations of their financial activities to submit an annual report to the governor. The board also approves departmental budgets and reports to legislative committees about financial issues. The commission is generally responsible for determining regulation policies for the state financial industries. The agencies of the Banking and Savings and Loan departments and the Consumer Credit Commissioner furnish support services and operating funds to the Finance Commission. Almost thirty employees worked for the commission in 1991.