The structure, duties and name of the Pennsylvania Securities Commission will change on Oct. 1, under a law Gov. Tom Corbett signed at the end of the legislative session.

The law consolidates functions and positions in the Securities Commission into the Department of Banking to form a new Department of Banking and Securities.

The Office of the Budget estimates that the merger will save taxpayers about $1 million, and envisions even greater long-term savings.

The makeup of the Securities Commission will be expanded from its current three members to five.

It will consist of three commissioners nominated by the governor and confirmed by the Senate, as happens now, plus the secretary of banking and another executive staff member and-or cabinet secretary appointed by the governor.

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