Georgia Senate Press Office – Page 717

April 8, 2009

The People’s Business

By President Pro Tempore Tommie Williams
April 8, 2009

The 2009 Legislative Session has come to an end and was one of the toughest yet. State revenues declined, unemployment rose and the danger of increased foreclosures loomed as the Legislature worked toward stimulating the economy and balancing the state budget. Every decision made was done so with focus on getting Georgians back to work, growing business, improving transportation statewide, reducing government bureaucracy and improving education. The Georgia Legislature balanced the state’s budget while restoring the Homeowners Tax Relief Grants, maintaining public safety standards, and providing healthcare assistance for children and the elderly. Raising taxes to cover our budget shortfall was not an option; rather we chose to reduce the FY09 and FY10 budgets by nearly $4 billion combined.

Continue reading “The People’s Business”

April 7, 2009

Mullis: Giving the People What They Need

By Sen. Jeff Mullis
The 2009-2010 Legislative Session has come to an end. This session was one of the toughest yet. State revenues declined, unemployment rose and the danger of increased foreclosures loomed as the Legislature worked toward stimulating the economy and balancing the state budget. Every decision made was done so with a carful eye on getting Georgians back to work, growing business, improving transportation, reducing government bureaucracy and improving education. We addressed each of these issues without raising taxes.

Continue reading “Mullis: Giving the People What They Need”

April 7, 2009May 21, 2009

Senator Kasim Reed Supports bill to Improve State’s Public Retirement Systems Investment Law

ATLANTA (April 7, 2009) – State Sen. Kasim Reed (D-Atlanta) presented legislation that will give local pension funds more flexibility in meeting their current and long term goals by changing the definition of large versus small pension funds and changing the equity percentage allowed in large funds. The definition of large retirement system would be expanded to include any public retirement system that has assets in excess of $200 million.

“This bill will allow retirement systems to update the way they invest their assets, and improve overall return,” said Sen. Reed. “These systems will move away from focusing on bonds and will now focus on investing in stocks. History has shown that stocks perform much better over time than bonds.”

In an effort to modernize retirement systems and improve their investment structure, large retirement systems can now invest up to 20 percent of their assets in equities to foreign corporations in any fiscal year.

“Moving the focus to foreign investments will enhance diversification and yield better return for retirement systems,” Said Sen. Reed. “We have a vibrant economy in this country, but our equity market has shrunk form 70 percent of the total global market in the 1980’s to 45 percent today. We have to invest on a global scale.”

The bill has passed the House and Senate, and will now go to the Governor for signature. For additional information on the bill, contact Senator Reed or go to www.legis.ga.gov.

# # # #

Sen. Kasim Reed represents the 35^th Senate District which includes portions of Douglas and Fulton counties. He may be reached by phone at 404.463.1379 or by e-mail at kasim.reed@senate.ga.gov

April 6, 2009April 8, 2009

Notes from the Senate

ATLANTA (April 6, 2009)— Last week the Senate passed its most crucial legislation as we worked to finish out our duties on Day 40, Sine Die. We passed a responsible balanced budget, provided tax relief, and improved education and transportation.

Continue reading “Notes from the Senate”

April 6, 2009

Legislative Priorities Fulfilled in Final Days of Session

By Sen. Chip Pearson
ATLANTA (April 6, 2009) – Now that the gavel has fallen on the 2009 legislative session, Georgians will soon begin to see the product of the past 40 legislative days. They will see jobs being created, homes being sold, drivers moving easily on Georgia’s roadways and children receiving a better education. The focus of this session was on steering Georgia through the recession and laying the groundwork for its economic revitalization. To do this, we are using tools like housing, transportation, tax relief, and education. I am confident that the measures we passed this session will be beneficial toward these ends.

Continue reading “Legislative Priorities Fulfilled in Final Days of Session”