Baldacci nominates state banking chief

AUGUSTA – Gov. John Baldacci said Thursday he was nominating former state lawmaker Lloyd LaFountain, a Biddeford lawyer, for the post of superintendent of the Bureau of Financial Institutions.

The superintendent serves as the state’s chief regulator of state-chartered banks, savings and loan associations and credit unions. His appointment is subject to legislative committee review and Senate confirmation.

From 1994-1996, LaFountain represented Biddeford in the Maine House of Representatives.

As a state senator, LaFountain served from 1996 to 2004 as chairman of the Insurance and Financial Services Committee and its predecessor, the Banking and Insurance Committee.

The superintendent serves a five-year term and is an ex officio commissioner of the Maine Municipal Bond Bank and the Maine Health and Higher Education Facilities Authority and a trustee of a variety of state of Maine trusts.

“The financial services sector has changed dramatically in the past decade as federal legislation has removed barriers to competition. Lloyd has been deeply involved in the development of state policies to ensure that Maine’s financial institutions compete on a fair and level playing field. He understands the importance of creating a regulatory environment that encourages the growth of financial institutions and attracts new institutions to the state,” Baldacci said.