Date: 03/13/2012

Final
BILL SUMMARY for SB12-058

HOUSE COMMITTEE ON ECONOMIC AND BUSINESS DEVELOPMENT

Votes: View--> Action Taken:
Moved to postpone Senate Bill 12-058 indefinitely.
Moved to refer Senate Bill 12-058 to the Committee		PASS
FAIL



09:48 AM -- Senate Bill 12-058

Representative Ryden, prime sponsor, presented Senate Bill 12-058 concerning the creation of the Venture Capital Advisory Board. The board, serving under the state Economic Development Commission, will review the feasibility of state-supported venture capital programs, as it pertains to the state of Colorado. The board consists of nine members, five to be chosen by the Governor, two to be chosen by the Senate leadership and two to be chosen by the House leadership. It will present its findings on or before March 1, 2013 to the relevant committees of the General Assembly. Representative Ryden distributed a fact sheet about the bill (Attachment A).

120313 AttachA.pdf

09:52 AM

Representative Balmer talked about the number of studies that are conducted by government and asked why this government board is necessary and why the private sector cannot do this on its own. Representative Soper stated that he has similar concerns as Representative Balmer.

09:58 AM -- Jim Linfield, representing himself, a private practice lawyer, testified in support of the bill and distributed a copy of his testimony (Attachment B). Representative Balmer asked about other states and Representative Soper asked about the current economy in Colorado. Representative Liston asked about Mr. Linfield's comments regarding capital in the early 2000s and asked how much of that was affected by the technology bubble during that time. Mr. Linfield continued to respond to questions from the committee regarding the role the board will play in developing legislation next session and funding. A discussion ensued on federal legislation.

120313 AttachB.pdf

10:30 AM -- Jennifer Cassell, legislative liaison for OEDIT, testified in support of the bill. Representative Tyler questioned the need for the board. Representative Liston brought up the concerns the banks have regarding loaning money to businesses.

10:36 AM

Representative Ryden gave some closing remarks about the bill. Committee members commented on the bill.

BILL:SB12-058
TIME: 10:49:48 AM
MOVED:Tyler
MOTION:Moved to refer Senate Bill 12-058 to the Committee of the Whole. The motion failed on a vote of 6-7.
SECONDED:Soper
VOTE
Balmer
No
Holbert
No
Miklosi
Yes
Priola
No
Singer
Yes
Soper
Yes
Swerdfeger
No
Szabo
No
Tyler
Yes
Williams A.
Yes
Wilson
Yes
Swalm
No
Liston
No
YES: 6 NO: 7 EXC: 0 ABS: 0 FINAL ACTION: FAIL


BILL:SB12-058
TIME: 10:50:27 AM
MOVED:Holbert
MOTION:Moved to postpone Senate Bill 12-058 indefinitely. The motion passed on a vote of 7-6.
SECONDED:Swerdfeger
VOTE
Balmer
Yes
Holbert
Yes
Miklosi
No
Priola
Yes
Singer
No
Soper
No
Swerdfeger
Yes
Szabo
Yes
Tyler
No
Williams A.
No
Wilson
No
Swalm
Yes
Liston
Yes
YES: 7 NO: 6 EXC: 0 ABS: 0 FINAL ACTION: PASS




10:53 AM

The committee recessed.