The Honorable Thomas V. Mike Miller, Jr.
President of the Senate
State House
Annapolis MD 21401

Dear Mr. President:

In accordance with Article II, Section 17 of the Maryland Constitution, I have today vetoed Senate Bill 346 - Commissioner of Financial Regulation and the Banking Board - Sunset Extension and Program Evaluation.

This bill extends the sunset date for provisions of the Financial Institutions Article related to the Office of the Commissioner of Financial Regulation and the Banking Board from July 1, 2002 to July 1, 2012 and requires an evaluation of the commissioner's office and the board by July 1, 2011. The bill also requires the commissioner to report annually on: (1) the operations of the commissioner's office; (2) amendments proposed by the commissioner to the laws that the commissioner administers; (3) licensee failures; (4) a summary of the composite ratings of banking institutions and State-chartered credit unions; and (5) a breakdown by license category of the number of penalties assessed and instances of consumer recovery.

House Bill 449, which was passed by the General Assembly and signed by me, accomplishes the same purpose. Therefore, it is not necessary for me to sign Senate Bill 346.

Parris N. Glendening