Petruccelli named chair of financial services committee

By John Lynds

john@eastietimes.com

East Boston Senator Anthony Petruccelli was appointed chairman of the second most important committee in theMassachusetts Senate aside from Ways and Means late last week.

Petruccelli will serve

as Chairman for the Joint Committee on Financial Services. Petruccelli’s appointment was made by Senate President Therese Murray.

“I am deeply humbled and honored to have been chosen to chair the Committee on Financial Services,” said Petruccelli. “I am grateful to the Senate President for having the confidence in my abilities to lead  a committee covering such vital interests in the Commonwealth.”

The Committee on Financial Services deals with a wide array of issues, mostly involving banking, health care and insurance legislation.

“As chair I will be dealing with all of the laws and regulations having to do with banks, credit unions, hedge funds, auto and life insurance as well as the issues these financial institutions face,” said Petruccelli. “When you think of Massachusetts’ economy you think of healthcare, education, biotechnology but the state is one of top in financial services in all of the country just behind New York and California.”

Petruccelli pointed out that 170,000 Massachusetts residents are employed in the financial industry and the industry accounts for 10 percent of the gross state product.

“I know how important the issues are that affect the industry and how it impacts the state’s economy,” said Petruccelli. “For me it’s a great opportunity to tackle some of those issues.”

Petruccelli added that his district, like many others, face serious challenges when it comes to finance-related matters and that he hopes to use his position in the Senate to help make those issues easier for the residents of the Commonwealth to navigate and understand.

“Senator Petruccelli is a dynamic member of the Senate who shows great poise and responsibility in all matters,” said Senate President Therese Murray (D-Plymouth). “Working intimately on issues essential to the neighborhoods of the First Suffolk and Middlesex District has helped Senator Petruccelli understand the needs of the people and the process for getting things done. I know he will take his new role as Senate chairman of the Financial Services committee very seriously and will do great work. He is ready for this challenge,”

Senator Petruccelli was also named Vice-Chairman of the Joint Committee on Consumer Protection and Professional Licensure and will serve on the Senate Committee on Ways and Means and the Joint Committee on Health Care Financing.