Connecticut House Bill HB05405

Connecticut 2014 Regular Session

• Introduced: 2/27/14
• Refer: 2/27/14

Caption

An Act Concerning Legislative Approval Of First Five Plus Program Investments.

Impact

If passed, HB 5405 will enforce that financial assistance associated with the First Five Plus Program must adhere to the legislative approval provisions specified in the state's general statutes. This change would alter the current process of granting financial support, potentially slowing down the pace at which such assistance can be disbursed, as legislative sessions would introduce an additional layer of scrutiny. Supporters argue that this measure will safeguard taxpayers' money, while critics might contend that enforced legislative approval could hinder timely support for start-ups during crucial growth phases.

Summary

House Bill 5405 aims to amend the existing provisions related to the First Five Plus Program by requiring legislative approval for financial assistance awarded under the program for eligible business development projects. The intention behind this amendment is to bring more oversight and scrutiny into the allocation of these public funds, ensuring that investments are made in a manner that aligns with the state's broader economic development strategies. The bill focuses on enhancing transparency and accountability regarding how state funds are used to support businesses.

Contention

During discussions, points of contention arose concerning the economic implications of stricter legislative oversight on business development funding. Proponents of the bill argue that it would foster greater accountability in the distribution of state resources, ensuring funds are utilized effectively to stimulate local economies. Conversely, opponents fear that this additional bureaucracy could stifle innovation and deter potential investors who require swift decision-making for financial assistance. These differing viewpoints highlight the challenge of balancing rigorous oversight with the need for agile responses in the business sector.