By: Sen. Bill Hamrick
ATLANTA (Feb. 9, 2009) – Last week, I introduced Senate Bill 57, which reforms the Georgia Fair Lending Act (GFLA). As Georgia continues to set record foreclosures, I am reaching out to homeowners, renters and lenders to make a positive difference. Georgia needs to protect its homeowners and tenants in the event of foreclosures. It also needs to prevent unscrupulous mortgage brokers from encouraging their clients to take on loans with higher interest rates than they really qualify for.
Last week, the Banking and Financial Institutions Committee, which I chair, held a hearing on the reforms I am proposing to GFLA. On hand to speak about the bill were mortgage brokers, consumer advocates, code enforcers, city government officials, AARP and the Atlanta Legal Aid Society, which advocates on behalf of home owners. Even with such different viewpoints represented, a consensus seemed to develop that sub-prime and non-traditional loans need to be clearly defined in law, so we can regulate both in the interest of borrowers, possibly by requiring income verification by lenders offering such loans. With such a complex subject, it is inevitable that people will disagree on the best course of action to take, but the discussion was extremely cordial and I am confident in our ability to balance competing interests for the ultimate good of ordinary people.
I also voted in support of the “Waste Reduction Act,” which would implement a system of zero-based budgeting for state government. Georgia currently prepares its budget on a “continuation” basis, which assumes that all current spending will be carried forward to the next year. Unfortunately, this doesn’t work well when tax revenues decrease, and it allows possibly wasteful spending to become status quo. We need a clear and transparent government that runs effectively and efficiently. This legislation would require that one-fourth of the budget be zero-based each year, so that over a four year term, the entire budget would be scrutinized by the General Assembly. As a steward of taxpayer money, I believe in promoting financial responsibility in this time of economic hardship, and I believe zero-based budgeting would help us achieve that.
Last week, an overwhelming number of my colleagues voted in support of the transportation special-purpose local-option sales tax (TSPLOST). This bill would allow Georgia voters to decide on a constitutional amendment in 2010 that would help our state fund transportation improvements. It creates special transportation districts within the state, allowing for local control and voter choice on whether to levy a tax in each district, and how to spend the revenue. This is a very important bill for Georgia, as Atlanta currently ranks as the second most congested city in the U.S. The bill will soon be considered in the Georgia House, and is slightly different from the plan the House has proposed, which collects and distributes money statewide and makes use of more centralized planning. Please let your House representatives know how you feel about these bills.
Finally, I had some special visitors from our area at the Capitol last week. I was honored to recognize Pastor Joy Griffin of Thursday as she served the Senate as Pastor of the Day. Also joining me were members of Operation Beautiful Feet from Carrollton First United Methodist Church. These outstanding young people were recognized by the Senate for their missionary work in Kenya. They shared about constructing a two-story schoolroom for a community to use for school and church, and getting to visit an orphanage their church had raised money for. One of the highlights of the trip was taking the 24 orphaned boys to buy their first pair of shoes. Numerous people at the Capitol mentioned how interesting and moving their testimony was, and I hope they enjoyed their visit as much as I did.
Thank you for the opportunity to work for you to make a better Georgia. If I can do anything to assist you as my constituents, please drop me a line.
Sen. Bill Hamrick serves as Chairman of the Banking and Financial Institutions Committee. He represents the 30th Senate District which includes portions of Carroll, Douglas, and Paulding counties. He may be reached at 404.656.0036 or via e-mail at bill.hamrick@senate.ga.gov.
Column
For Immediate Release:
February 9, 2009
For Information Contact:
Joy Fethe, Legislative Aide
joy.fethe@senate.ga.gov
404.656.0036