Investments bill finally moves, after push from the Post
DENVER — Behold the power of the press.
After languishing in limbo for over a month, legislation to allow local governments to reinvest in downgraded securities flew through the state House and Senate in just a week and is now on its way to Gov. John Hickenlooper’s desk.
The Denver Post’s Tim Hoover wrote an article — that’s what.
“Put in simple terms, Colorado taxpayers lose out on $164,383 every day House Bill 1005 isn’t signed into law, yet the legislation has languished on the floor of the state House for weeks,” wrote Hoover in his lede sentence on Feb. 29.
As Hoover explained, the legislation aimed to bypass a statute that was preventing counties and other local governments from investing in government-backed securities that have been downgraded — even though such investments continue to produce high earnings.
Democrats had been unsuccessful in getting the Republican House majority to bring the bill to the floor. But after the article in the Post, the bill was fast-tracked through the House. Lawmakers took less than four minutes to debate and approve the bill on the floor.
In a press release following that vote, House Democrats couldn’t resist poking Republicans for letting the bill “gather dust” for so long.
On Wednesday, the Senate followed suit, giving final, unanimous approval to the measure with a 35-0 vote and sending it to Hickenlooper for a signature.