July 27, 2005
Academy for Excellence in Financial Services Policy to Debut at NCSL Annual Meeting
Curriculum gives legislators, legislative staff knowledge to craft sound policies
WASHINGTON, D.C. – As global and cyber forces complicate financial services, they challenge state legislators’ comprehension of the ever-changing marketplace. In effort to promote the creation of sound public policy in areas such as banking, insurance, securities and credit unions, the National Conference of State Legislatures and Networks Financial Institute at Indiana State University have developed a program to educate state legislators and legislative staff on fundamental financial services principles.
The Academy for Excellence in Financial Services Policy will debut at NCSL’s Annual Meeting in Seattle, August 16-20. The certification program is designed to give state lawmakers and staff – especially those newly elected and those assigned to financial services committees – the necessary knowledge to set policies that meet the needs of the modern economy, which is being increasingly affected by e-commerce, integration, consolidation and globalization. Twenty-nine percent of state lawmakers serve on committees with some jurisdiction over banking and insurance.
“Financial services policy has become ever more important at the state level,” said state Representative Donna Stone, who chairs the Economic Development/Banking and Insurance Committee in the Delaware House and serves on the NCSL Executive Committee. “As consumers face issues such as identity theft, payday lending, burgeoning consumer debt and ever changing mortgage rates, the more state lawmakers know about financial services policy, the better off consumers will be.”
The Academy is free to all of the nation’s 7,382 state legislators and legislative staff. Others pay a small fee. Its curriculum of 15 courses will focus on five areas: market principles; supervision and regulation; product lines; company operations; and current topics in financial services. Enrollees can earn an Associate Certification after six courses, or an Advanced Certification after 12 courses.
Courses will be offered at NCSL’s regular meetings and forums. It is possible to obtain a certification in as few as two or three meetings. The courses offered in Seattle at NCSL’s Annual Meeting will be"The Financial Services Marketplace: A Primer" on Wednesday at lunch and "The ABCs of Protecting Financial Consumers" on Thursday at 3:30 pm.
"State lawmakers are bombarded with thousands of complex policy concepts during each legislative session. Creating a core curriculum to better prepare them for such an intricate issue as financial services will only help them craft better state financial services policy,” said Illinois state Representative Frank Mautino, who chairs the NCSL Financial Services Committee in addition to the House Insurance Committee in his home state.
NCSL is the bipartisan organization that serves the legislators and staffs of the states, commonwealths and territories. It provides research, technical assistance and opportunities for policymakers to exchange ideas on the most pressing state issues and is an effective and respected advocate for the interests of the states in the American federal system.
Networks Financial Institute was is a non-profit organization that serves as an outreach program of Indiana State University and focuses efforts on improving financial literacy, advancing important financial issues impacting Indiana through research, education and outreach. Networks Financial Institute is headquartered in Indianapolis with offices on the campus of Indiana State University and outreach in Washington, D.C., and internationally.
"NCSL and NFI are uniquely positioned to bring together state lawmakers with policy experts in the financial services arena," said NFI Executive Director Elizabeth Coit. "We are honored to collaborate with NCSL on this important new initiative."
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