BANGOR – A former state legislator from Bangor has been tapped to head the state agency charged with overseeing regulation of many fields, from financial institutions to pharmacists, elevators to insurance.

Gov.-elect John E. Baldacci on Friday nominated Robert “Buddy” Murray Jr., 43, to head the Maine Department of Professional and Financial Regulation.

Murray is a partner in the law firm Rudman and Winchell where he has worked since 1988, specializing in employment law. He has argued cases before some of the same boards he will oversee if approved as commissioner.

The department is composed of many financial, professional and occupational regulation boards. It regulates state-chartered banks, credit unions, bank holding companies, insurance companies, investment providers and more than 40 professions and occupations. The list includes the Board of Elevator and Tramway Safety and the Board of Pharmacy.

Murray served for two terms as a state representative in the 1980s and for two terms as a state senator in the late 1990s. He sat on the Banking and Insurance Committee during three of his four terms, a committee that has oversight of the department he has been picked to head.

In the mid-1980s he was the primary sponsor of changes to the Maine Securities Act that he shepherded through to passage.

In announcing the nomination, Baldacci pointed to Murray’s legal and legislative experience as affording him insight into the process and procedures of the institutions he’ll be overseeing.

“Buddy’s competence and ability to build consensus will guide the department in providing impartial and efficient regulations to further promote a healthy, law-abiding and financially sound Maine business climate,” Baldacci said in a prepared statement.

Murray acknowledged it will be a job of juggling responsibilities, both protecting the public interest while providing a climate that encourages the growth of those same industries and making sure that they are regulated properly and efficiently, while being minimally intrusive.

Compounding these issues will be the looming biennial budget gap estimated to be $1 billion for the budget that starts July 1, 2003. This so-called structural gap likely will require looking at ways of becoming more efficient, including increased emphasis on cooperation and collaborations among departments of state government.

As commissioner, Murray may be required to fill posts in bureaus and offices in the department.

While some have criticized the department for emphasizing southern Maine candidates when it comes to nominating people to these posts, Murray said he would be looking at making sure the interests of people all around the state are represented.

“Quality is certainly not limited to any geographic area,” he said.

If confirmed, Murray said, he will sever ties with his Bangor law firm to avoid any appearance of a conflict of interest.