Section 67. (a) The secretary of housing and economic development shall establish a financial services advisory council in the executive office of housing and economic development, the purpose of which shall be to advise the governor or the governor's designee on policies, strategies and initiatives designed to preserve and advance the competitiveness and leadership of the commonwealth's financial services industry, including the banking, investment management and insurance sectors.

(b) The council shall be comprised of: the secretary of housing and economic development, who shall serve as chair; the senate and house chairs of the joint committee on economic development and emerging technologies; the senate and house chairs of the joint committee on financial services; the commissioner of higher education; the executive director of the Massachusetts international trade office; and 8 representatives of the business community who shall be appointed by the secretary of housing and economic development, including not less than 2 business representatives from each of the following sectors: banking, investment management and insurance sectors; not less than 1 business representative from a company with its headquarters located in Suffolk, Middlesex, Essex, Norfolk or Worcester county or district; not less than 1 business representative from a company with its headquarters located in Hampshire, Hampden, Franklin or Berkshire county or district; and not less than 1 business representative from a company with its headquarters located in Bristol, Plymouth, Nantucket or Barnstable county or district or the county of Dukes County. The secretary, in making the appointments, shall consider the size of the business representative's company, including its employee base within the commonwealth and the amount of assets under management or premiums in force. Business representatives shall be appointed for 2–year terms and may be reappointed without limitation on the number of terms.

(c) The council shall convene at least 3 meetings per calendar year to exchange ideas and develop strategies for business and government to work together to strengthen the financial services industry in areas such as public policy, workforce development, international trade and direct foreign investment and industry promotion.