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Gov. Malloy Announces First Meeting of the Newly Formed Commission on Fiscal Stability and Economic Growth

(HARTFORD, CT) – Governor Dannel P. Malloy today announced that the newly formed Commission on Fiscal Stability and Economic Growth will hold its first meeting on Friday, December 15 at 1:00 p.m. in Room 1D of the Legislative Office Building in Hartford. The 14-member group was created as part of the bipartisan state budget that Governor Malloy signed into law on October 31 and will be responsible for developing and recommending policies to achieve state government fiscal stability and promote economic growth and competitiveness within the state.

“This commission will serve to give the private sector a greater voice in strengthening our state’s fiscal foundation,” Governor Malloy said. “In particular, it is my hope that they specifically focus on efforts to fund our transportation system in a way that best makes the needed infrastructure investments so our communities can thrive, and help Connecticut adapt to a changing world that includes a new federal tax policy and less federal spending. I look forward to hearing their thoughts and ideas and thank each of them for their participation.”

The adopted statute requires the group to study and make recommendations on issues regarding state revenues, tax structures, spending, debt, and administrative and organizational actions, including relevant municipal activities, to achieve consistently balanced and timely budgets that are supportive of the interests of families and businesses and the revitalization of major cities within the state, and materially improve the attractiveness of the state for existing and future businesses and residents.

The commission must submit a report of its findings and recommendations to the Governor and the General Assembly by March 1, 2018, and one of the legislative committees that has cognizance over such matters must draft legislation containing its recommendations.

All of the members – who were each appointed by Governor Malloy and legislative leaders – are volunteers who are not compensated for their services and have expertise in public finance, economic growth, job creation, and public administration.

The members include:

  • Jim Smith [Co-Chair]: CEO, Webster Bank (Governor Malloy appointee)
  • Bob Patricelli [Co-Chair]: Former Chair and CEO, Women’s Health USA (Governor Malloy appointee)
  • Pat Widlitz [Vice Chair]: Former state representative and co-chair of the legislature’s Finance, Revenue and Bonding Committee (Governor Malloy appointee)
  • Bruce Alexander: Vice President of State Affairs and Campus Development, Yale University (Representative Klarides appointee)
  • Cindi Bigelow: President and CEO, Bigelow Tea (Governor Malloy appointee)
  • Greg Butler: Executive Vice President and General Counsel, Eversource Energy (Senator Fasano appointee)
  • Roxanne Coady: President and Owner, R. J. Julia Booksellers; Chair, Read To Grow, Inc. (Governor Malloy appointee)
  • David Jimenez: Principal, Jackson Lewis P.C.; Member, Connecticut Board of Regents for Higher Education (Governor Malloy appointee)
  • Jim Loree: President and CEO, Stanley Black & Decker (Governor Malloy appointee)
  • Paul Mounds, Jr.: Vice President for Communications and Policy, Connecticut Health Foundation (Governor Malloy appointee)
  • Christopher Swift: Chairman and CEO, The Hartford (Representative Ritter appointee)

Three additional legislative appointments are still to be announced.

“This is a time in the history of our state when leaders, particularly from the private sector, have to get more deeply involved in the process of government to help our elected officials find solutions to Connecticut’s serious fiscal problems,” Smith, Patricelli, and Widlitz said in a joint statement. “The commission is committed to making solid recommendations for achieving structural fiscal reforms that can guide the biennial budgeting process going forward and make Connecticut more competitive.

“Improving the longer-term outlook is crucial to enabling public infrastructure investment and stimulating both private investment and public private partnerships that re-ignite economic growth and create good jobs. The commission will focus on workforce attraction and training, better investment incentives, expansion of business start-up activity, city revitalization, and transportation investment. Connecticut has wonderful strengths upon which to capitalize, and our Commission members have great energy and enthusiasm around solving these challenges. Our goal is to make Connecticut a growth state again – an attractive place to live, work, locate a business, and raise a family.”

The group plans to hold a number of public hearings throughout the state to solicit input and discuss research. A second meeting is being planned for January 8 in New Haven.
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