Sen. Petruccelli Re-appointed Chairman of the Joint Committee on Financial Services

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

Petruccelli will serve Chairman for the Joint Committee on Financial Services. Senate President Therese Murray made Petruccelli’s appointment.

”Last Thursday I was appointed by the Senate President to serve another term as the Chairman of the Joint Committee on Financial Services,” said Petruccelli. “It is a great honor to serve in such an important role and I am looking forward to working on the multitude of important issues that come before the committee. I am deeply humbled and honored to be chosen to chair the Committee on Financial Services.

Petruccelli thanked the Senate President for again having the confidence in his 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 health care, 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) in a statement. “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 role as Senate chairman of the Financial Services committee very seriously and will continue do great work.”