TO AMEND THE COMPOSITION AND MEETING REQUIREMENTS OF THE STATE BOARD OF FINANCE; AND TO REPEAL THE REQUIREMENTS FOR THE EMPLOYMENT OF A CHIEF COMPLIANCE OFFICER BY THE STATE BOARD OF FINANCE.

HB 1378 modifies Arkansas' State Board of Finance by changing its membership structure, reducing the required quorum for meetings, and eliminating a specific administrative role. The bill adds two new membership positions requiring expertise in commercial banking and securities (with specific licensure and experience requirements) and adjusts the board's composition to include the Insurance Commissioner as a voting member only for health benefit plan votes. It lowers the quorum needed for meetings from seven to six members and repeals the requirement for the board to employ a Chief Compliance Officer. These changes directly affect how the board operates, its decision-making process, and its administrative structure. The bill focuses on procedural and organizational adjustments to the board's governance framework.