"The rich rules over the poor,
And the borrower is servant to the lender."
Last week we highlighted a local debt transparency bill being heard in the House. In news that will probably surprise no one, the Senate had apparently already been working on a similar measure. We had been unaware of this effort until the full chamber passed it out of the full chamber today.
SB 461: Relating to the notice required before the issuance of certain debt obligations by political subdivisions.TPPF released the following statement:
“The Texas Senate took an important step today to make sure that voters have important tax information about bond propositions up for a vote,” said Quintero. “By giving voters more details about new debt, the Senate has improved the process and put Texans in a better position to make informed decisions.”We still think Shaheen's house bill is stronger, but SB 461 is significantly better than the status quo. And passing anything along these lines out of a full chamber is noteworthy. Even more interesting, it was passed unanimously.
The taxpayer funded lobbyists will hate this.
Bottom Line: They're far from perfect, but this is another example of the Senate delivering tangible action in the right direction.....