Assemblymember Ted Lieu Named Chair Of Assembly Banking And Finance Committee

(Sacramento, CA) – Assembly Speaker Fabian Nuñez named Assemblymember Ted Lieu (D-Torrance) the Chair of the Assembly Committee on Banking and Finance. The move is effective immediately.

Lieu, who has served on the committee since January, was excited about the move. “I am very proud to be moving into this new role. Whether through mortgages, savings, or investing, issues of banking and finance touch everyone’s life at some point,” Lieu said. “It’s one of the pillars of our economy.”

Lieu brings with him to the job a professional background in corporate and securities law. Prior to his election to the Assembly, Lieu worked for UBS, a financial services firm.

Looking ahead, Lieu talked about some of the policy areas he thought the committee should tackle. “We need to find ways to get more people saving and investing, and to improve financial literacy” he said. “Too many Californians make poor financial decisions and lead a cash existence – that makes it almost impossible for them to lift themselves out of poverty.”

The primary jurisdictions of the Assembly Banking and Finance Committee are financial institutions, real property finance, and corporate securities law.

Lieu represents the 53rd Assembly District, which includes portions of Los Angeles, as well as all of El Segundo, Manhattan Beach, Hermosa Beach, Redondo Beach, Torrance, and Lomita.