“I am honored that Speaker DeLeo has entrusted me with the responsibility of chairing this committee and again has offered me an opportunity to be a part of his leadership team,” Representative Costello said. “Some of the Commonwealth’s largest businesses, like State Street, Fidelity and Arbella Insurance operate in the financial services and insurance industries. These are dynamic areas that are vital drivers of economic activity.”
“Within The First Essex District, local banks are the backbone of the community, providing opportunities for new businesses and support for community organizations,” Costello added.
Costello previously served for two terms as the Chairman of the Joint Committee on Public Safety & Homeland Security and for one term as the Vice Chair of the Committee on Post Audit & Oversight. His first committee assignment as a legislator was to service on the Committee on Banks and Banking and Insurance, which was renamed Financial Services.
During his time in the Legislator, Costello assumed a lead role in writing identity theft legislation, which created critical consumer protections in cases of data breaches and new tool to prosecute those who perpetrate identity theft crimes. He appeared on WGBH’s Greater Boston, WBUR radio and NPR radio to discuss the problems of identity theft and protecting sensitive consumer information.
While on the Banks and Banking and Insurance Committee, Costello helped shape the Massachusetts Anti-predatory Lending Law of 2004, which established tougher standards for consumers victimized by deceptive and predatory home lending. In 2008, the Legislature passed landmark auto insurance reform, which introduced managed competition to Massachusetts with better rates and more options for responsible drivers.