|Posted:||December 7, 2020 09:54 AM|
|From:||Representative Francis X. Ryan|
|To:||All House members|
|Subject:||LEGISLATION: ESTABLISH A BIPARTISAN KEYSTONE SOLVENCY OPERATING STUDY COMMISSION|
|In the near future, I intend to reintroduce legislation (former HB1995) to establish a bipartisan commission to analyze past and projected economic conditions to secure the solvency of our Commonwealth for years to come.
As elected officials, we must remain cognizant of the economic trends that are playing out not only in Pennsylvania, but across the country. As illustrated by events that unfolded in the State of Illinois and other financially vulnerable states, including our neighbors in New Jersey, we cannot take for granted that a state cannot become bankrupt – we are receiving alarming news to the contrary. To make certain that we do not follow in the same footsteps, I believe it is imperative that we understand how these other states arrived at the situations they currently find themselves in and take appropriate measures to prevent the Commonwealth from doing the same. Colleagues, because of the missteps of others, we have a great opportunity before us. Now is the time for action.
I will be introducing legislation to establish the Keystone Solvency Operating Study Commission. Comprised of appointees from each caucus and the administration, the commission will be charged with studying the solvency issues that led to the demise of other states’ economic health and other indicators that are vital to the longevity of future operating ability. Similar to the pension commission that was established under Senate Bill 1 of 2017, the commission will be required report its findings and recommendations within six months of its first meeting, at which time members of the General Assembly may decide to pursue legislation.
Time is of the essence. We must take action now to ensure Pennsylvanians will continue to grow and prosper. I respectfully ask that you join me in co-sponsoring this important piece of legislation.
Introduced as HB120