”Let us not seek the Republican answer or the Democratic answer, but the right answer. Let us not seek to fix the blame for the past. Let us accept our own responsibility for the future.” - John F. Kennedy

FOR IMMEDIATE RELEASE                                                          
April 4, 2006
Contact: Jennifer Flatter,

FINGERHUT RELEASES IMPACT ANALYSIS OF TEL AMENDMENT

COLUMBUS - Today, Senator Eric Fingerhut (D-Cleveland) released a fiscal impact analysis of the proposed Tax Expenditure Limitation (TEL) amendment [see analysis, see spreadsheet]. The analysis, performed by the Ohio Legislative Service Commission (LSC), examined the potential impact the TEL would have had on overall state and local government spending had it been in place for fiscal years 1994 to 2002. The proposed constitutional amendment limits state and local government annual spending growth to 3.5 percent or the sum of the rate of inflation plus population growth. 

“The TEL amendment is one of the most consequential matters to come before the voters in the history of our state. It is critical that we have as much objective analysis of its potential impact as possible,” Fingerhut said. 

“The study that I requested from the Legislative Service Commission, a non-partisan body, considers what would have happened in our state had the TEL been in effect during a large part of the last decade. I believe this exercise adds some useful perspective to the debate.”

The analysis shows that the TEL would have restricted expenditures of both state and local governments by hundreds of millions of dollars in its first years of operation and by billions of dollars in later years. In FY 2002, the difference between actual and simulated expenditures would have been $5.6 billion for state government and $4.4 billion for local governments. 

“It is clear from the LSC study that TEL would have a dramatic impact on the funds available to state and local governments and therefore, on the range of services government could provide,” Fingerhut said. “It is not within the scope of LSC’s mandate to suggest what programs and services would need to be altered or reduced to meet this lower expenditure level.  Such an explanation should, however, be a requirement for any political figure that supports this initiative.” 

Additional Information:
The Ohio Legislative Service Commission TEL Analysis (PDF)
The Ohio Legislative Service Commission Spreadsheet (PDF)

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FOR IMMEDIATE RELEASE                 
March 6, 2006                        

FINGERHUT ANNOUNCES LEGISLATION
TO PROMOTE OHIO EXPORTS

COLUMBUS – Senator Eric D. Fingerhut (D-25) announced today that he will introduce legislation to increase Ohio’s efforts to promote Ohio exports around the world. 

In making his announcement, Fingerhut referred to an economic forecasting study performed by Global Insight which predicts that United States’ exports will grow 8.3% annually from now until 2010, up from 1.7% from 2001 to 2005.This increase in exports comes at a time when the domestic market for consumer goods may be slowing. In short, the future growth in the economy is more likely to come from sales abroad than sales at home.

Currently, Ohio is the sixth largest exporting state, with a total dollar value of $31.2 billion in products exported to 205 countries and territories, according to the Ohio Department of Development. However, Ohio exports only increased about 1/3 as fast as the U.S. as a whole from 2003 to 2004. 

“Not only is it alarming that Ohio’s exports are growing below the national level, but the two largest export markets for Ohio products are Canada (receiving 49.8% of all Ohio exports) and Mexico (receiving 7.7%), hardly the world’s fastest growing economies," said Fingerhut.

"China and India, the two largest developing markets in the world, represent only 3.1% and 0.6% respectively of Ohio exports," Fingerhut continued. “If we want our economy to grow, we must focus on exports to growing nations.”

Global Insight estimates that China will have 149 middle class families by 2010, while India will have 45 million middle class homes. The current middle class households in China and India are 52 million and 20 million respectively. 
 
“With all the anxiety about Ohio’s economy, it would seem that this is one area we could all agree represents a great opportunity for future growth, and that an increase in our efforts in the emerging economies of China and India in particular will pay huge dividends in jobs and increased wealth for the people of our state,” Fingerhut said. 

Sen. Fingerhut will introduce two separate pieces of legislation. The first bill will require the Department of Development to immediately move to add two new trade offices in China and two offices in India. The second bill will encourage the Ohio Business Development Council (OBDC), an organization funded by the state to promote Ohio as a business friendly state, to create “export councils” led by Ohio business leaders with strong ethnic and commercial ties to nations with high export potential.

“The only way we are going to be able to provide for the needs of this state in the coming years is to generate vigorous economic growth,” Fingerhut said. “Increasing exports are key to this growth.” 

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FOR IMMEDIATE RELEASE                                                          
2.23.06                                                                                

Senator Fingerhut Calls for Support of Workers' Compensation Oversight Commission Legislation

COLUMBUS – State Senator Eric D. Fingerhut (D-25) announced today that he will introduce legislation to create an independent oversight body for the Ohio Bureau of Workers’ Compensation (BWC).  His announcement comes in response to the BWC special audit released by State Auditor Betty Montgomery yesterday which examines the activities of the Capital Coin Fund Limited and Capital Coin Fund Limited II from 1998-2005, and contained findings of over $13 million in misappropriated funds. The audit makes it clear that a major contributing factor to the scandal was the gross failure of the current Workers’ Compensation Oversight Commission (WCOC) to perform its vital role.  

“The newly released audit reminds us once again of the absolute necessity for independent oversight of the BWC.  Despite the various changes made to the WCOC over the past year, the commission still remains an arm of the BWC, and dependent on the BWC for information and administrative support," said Fingerhut. "This system may work while everyone involved is still scared of the fall out from the coin scandal, but, with the passage of time, the system will sink back to its old ways. We can not let that happen.” 

Fingerhut’s legislation will do the following:

• Establish the WCOC as an independent body, with its own professional and clerical staff;
  
  
• Empower the WCOC to assess the BWC and Ohio Industrial Commission (OIC) for fees to pay for professional and clerical assistance for an amount up to one-half of one percent of the BWC and OIC budgets—but not more than $2 million; 
  
  
• Require that excess funds not used by the WCOC for staffing purposes be returned to employers; 
  
  
• Require the WCOC to promulgate administrative rules codifying into state law its investment oversight policies and procedures. 

“My bill would do nothing to disturb the changes made to the WCOC by the General Assembly in H.B. 66 (clarifying that the WCOC voting members are trustees of the State Insurance Fund and that the Attorney General is the WCOC’s legal advisor),” Fingerhut said.  “My legislation would fully empower the WCOC to independently determine whether BWC’s investments are made in full compliance with the policies adopted by the WCOC, and to otherwise provide independent oversight without having to rely on the BWC staff.” 

Fingerhut is currently seeking co-sponsors for the legislation, which will be formally introduced next week.   

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