Not ready for prime time
Policy Matters Ohio - June 6, 2012
Contact your state senator to let them know that HB 511 should not pass until it contains new, stronger accountability measures for the Ohio Capital Fund. The Ohio Senate will be considering this issue as early as June 12.
Of the venture-capital funds that have received money from the Ohio Capital Fund, more than a third have not invested as much in Ohio as state law requires. That’s what Zach Schiller told the Ohio House Ways and Means Committee in recent testimony. The House shot down some good amendments before sending the bill to the Senate, where it now awaits action. The House increased reporting requirements, a change we supported, but not enough has been done to make this program accountable before it expands, increasing the potential liability for Ohioans.
In his testimony, Schiller advised that lawmakers install a clawback mechanism that would have venture funds repay money, with interest, if they don’t invest enough here. He also suggested that the committee postpone action until it ensures the maximum benefit to Ohio. The House missed its chance, but it’s not too late for the Senate.
Tell your state senator that this bill should not pass until it includes new, stronger accountability measures for the Ohio Capital Fund.
Gas states unite! With partners in West Virginia and Pennsylvania, we wrote this op-ed about the need to ensure that hydrofracking causes the least harm and the greatest long-term benefit to residents of our three states.
Thanks from Amy Hanauer and the Policy Matters team.