Governor Lynch Signs Law Aimed at Bringing More Financial Services Jobs to New Hampshire

For Immediate Release

June 20, 2006

Contact: Communications Director
Office of the Governor

Law Will Make NH One of the Most Attractive States in the Nation for Emerging Trust Industry

CONCORD - Gov. John Lynch today signed a law aimed at attracting more good-paying jobs to New Hampshire by modernizing the state's trust laws. The legislation, known as the Trust Modernization and Competitiveness Act, would make New Hampshire a national leader in the market for trust services.

"As Governor, I want to make sure we are doing everything possible to strengthen our economy even further and to create new opportunities for our citizens," Gov. Lynch said. "This law is about economic development and attracting good financial services jobs to New Hampshire for our citizens."

Gov. Lynch was joined by a bipartisan coalition of lawmakers, state Banking Commissioner Peter Hildreth, and former Gov. Walter Peterson, a strong supporter of efforts to update the state's trust laws.

"This law will make us one of the most attractive states in the nation for trust companies and trusts to do business," Gov. Lynch said. "It will make New Hampshire first in the country in the new national market for trust services and the good, high-paying jobs in that industry."

Citing an independent study, Gov. Lynch noted that the law could create as many as 3,900 jobs in New Hampshire over the next four years-and could result in expanded business tax revenues of nearly $4 million.

Gov. Lynch last week signed legislation to reduce New Hampshire's insurance premium tax, another move aimed at making New Hampshire more competitive nationally in attracting new jobs.

The legislation, SB 394, is sponsored by Senators Lou D'Allesandro, Bob Clegg, Dick Green, Bob Odell, and Representatives Sheila Francoeur, Michael O'Neil, Edward Moran, and John Hunt.