D.C. Code div. I, tit. 1, ch. 15, subch. XI, pt. C
Prepared by the Mayor and transmitted to the Council of the District of Columbia, pursuant to the provisions of section 422(12) of the District of Columbia Self-Government and Governmental Reorganization Act of 1973, approved December 24, 1973 (87 Stat. 790; Pub. L. 93-198; D.C. Code § 1-242(12) [1-204.22] (1992)), the Governmental Reorganization Procedures Act of 1981, effective October 17, 1981 (D.C. Law 4-42; D.C. Code § 1-299.1 through § 1-299.7 [§§ 1-315.01 through 1-315.07 ]), and § 128 of the Fiscal Year 1993 Budget Request Act (D.C. Act 9-186; 39 DCR 2674, 2686, April 17, 1992).
DISTRICT OF COLUMBIA OFFICE OF
BANKING AND FINANCIAL
INSTITUTIONS
The D.C. Office of Banking and Financial Institutions ("OBFI") is hereby transferred from the Deputy Mayor for Economic Development ("DMED") control center to a separate OBFI control center/responsibility center. OBFI will continue to be administered by the Superintendent and will remain a part of the economic development cluster reporting to the Mayor.
The purpose of this plan is to transfer the OBFI budget from the budget of the DMED to a separate OBFI responsibility/control center.
There will be a transfer of OBFI's budget to a separate control/responsibility center. No organizational staffing or funding changes will occur at OBFI as a consequence of this shift other than the transfer of the authorization for one full time employee from the Office of International Business, a transfer of $ 18,000 to fund that position from the Office of Business and Economic Development, plus an overall budget increase of $ 68,000, all of which was approved by the Council in the FY 93 budget.
OBFI's functions are contained in the District of Columbia Regional Interstate Banking Act of 1985 Amendments Act of 1985, D.C. Law 6-107, effective April 11, 1986, codified in chapters 1, 4, 5, and 8 of title 26 [chapters 1, 2, 7, 13 of title 26] of the D.C. Code. These statutory duties of OBFI will remain unchanged as a result of this transfer.
This Reorganization Plan No. 3 of 1992 becomes effective the later of the date of Council approval in accordance with § 128 of the Fiscal Year of 1993 Budget Request Act (D.C. Act 9-186), or on a date thereafter to be designated pursuant to Executive Order of the Mayor.
MAYOR'S STATEMENT
This Administration has made economic development a chief priority. As regulator of the District's financial institutions, the Office of Banking and Financial Institutions ("OBFI") has played a vital role in fostering economic development for the District, particularly for low- and moderate-income areas and those areas of the District which are traditionally underserved.
To further augment OBFI's pivotal role in effectuating the economic development cluster goals, we propose that OBFI become a separate control center, as distinguished from the current situation in which the OBFI budget is a part of the Deputy Mayor for Economic Development ("DMED") control center.
This shift will not result in any changes to the functions, staff or budget of OBFI. Nevertheless, it has become clear that OBFI's significant contributions to the economic development goals of the District warrant the creation of a distinct OBFI control center, comparable to other state banking regulators and on par with the other economic development cluster agencies.
I urge the Council to join me in establishing a separate control center for OBFI, by approving this Reorganization Plan.
D.C. Code div. I, tit. 1, ch. 15, subch. XI, pt. C