August 16, 2017 10:01am
Legislative Heavy Hitters Address GLI Groups
On Monday, U.S. Representative Trey Hollingsworth (IN-9) and Kentucky Senate Majority Floor Leader Damon Thayer (Scott County-17) both visited GLI to discuss important legislative issues facing our region on both the federal and state levels.
The day began with a special Issues & Influencers Roundtable, presented by Government Strategies. Representative Hollingsworth, who serves on the House Financial Services Committee, addressed a group of 20 GLI Investors, primarily from the banking and financial industries. The House Financial Services Committee oversees many issues including banking, consumer credit and monetary policy, international finance, insurance, public and private housing, securities and exchanges, and urban development.
Rep. Hollingsworth focused on the Financial CHOICE Act and many other pieces of legislation that have passed through the committee. He emphasized the need for fewer regulations on businesses to increase economic growth.
He also took the time to reflect on his experience as a freshman legislator in Washington, expressing a desire for Congress to assert itself over the powers of the Executive Branch to restore the constitutionally-protected balance of power. In addition, Rep. Hollingsworth emphasized the need to pursue term limits in Congress. He took questions from the investors in attendance about the specifics of pending financial legislation as well.
In the afternoon, Kentucky’s Senate Majority Leader Damon Thayer addressed GLI’s Public Policy Council. He focused on the potential for pension reform in an anticipated special session later this year.
Sen. Thayer said that 8 percent of Kentuckians are currently in the public employee pension systems and that in the last budget cycle an additional $1.2 Billion went into the pension fund. He said that he expects the third phase of a comprehensive audit on Kentucky’s pension system and shortfall to be public at the end of August. He said the audit will also include recommendations for reform to the pension system.
Sen. Thayer discussed how the pension system could be shored up to improve Kentucky’s bond rating without raising revenue. He said that suggestions like ending the accrued sick leave payouts currently in place could generate $30 to $50 Million annually.
GLI is pleased to be able to offer access to such important legislators to our investors and we thank both Rep. Hollingsworth and Sen. Thayer for taking time to speak one-on-one with Greater Louisville’s business leaders.