The Pennsylvania House of Representatives recently approved legislation that would require the Commonwealth Financing Authority (CFA) to conduct business six times per year to ensure timely action on economic development project funding.
The CFA, an an independent agency of the Department of Community and Economic Development (DCED), administers Pennsylvania’s economic stimulus packages. The agency holds fiduciary responsibility over the funding of programs and investments in Pennsylvania’s economic growth.
Under current law, the chairperson, a gubernatorial appointee, schedules meetings of the board.
During the last nine years, CFA meetings have been delayed or cancelled for extended periods on five separate occasions, Speaker of the House Mike Turzai, who sponsored the bill, said.
“Such delays are problematic for everyone involved in project planning and development, right down to our residents who will benefit from proposed economic development,” Rep. Turzai said. “As I see it, there is no reason to delay or cancel meetings because board members intend to vote against certain proposed projects. Transparency is an important and required method of operation for this board.”
House Bill 1045 would require the board to meet on the second Tuesday of the months of January, March, May, July, September and November. The chairperson would still be able to call meetings more frequently if needed.
The bill now heads to the Senate for consideration.