Senate Bill 280

Chair's Name: Terry Barnard

Committee: State Institutions & Property

Senate Sponsor: Dan Moody

SB 280 clarifies the ethical standards for employees of the Georgia Technology Authority. Rather than prohibiting any personal beneficial interest in any company with which the authority has contracts, it limits the ownership interest to less than 1%.

This bill received a Do Pass recommendation from the State Institutions & Property Committee and comes to the House Floor under the Open Rule. 

Chairman Barnard�s opinion of this legislation:

WHAT PROBLEM/OPPORTUNITY DOES THIS LEGISLATION ADDRESS?

Employees of the Georgia Technology Authority are currently prohibited from having any financial interest in any firm, corporation, partnership or association which is involved either directly or indirectly in doing business with the State of Georgia.  This is a unique provision among state authorities, as employees of other authorities are prohibited only from having a �substantial interest� in entities which do business with the state.  The absolute prohibition which applies to GTA has created difficulties in hiring qualified employees, as many GTA job candidates own mutual funds, stock option compensation plans or other investment instruments which may have holdings in companies that do business with the state.

WHAT IS THE DRIVING FORCE BEHIND THIS LEGISLATION?

The driving force is Georgia Technology Authority employees