Rodeo Austin
Keep Texas Strong
RECEIVED Tue., Oct. 21, 2014
Dear Editor,
In the wake of the debates between Attorney General Greg Abbott and outspoken contender Wendy Davis, questions about the utilization of the Texas Enterprise Fund (TEF) have come to light. The TEF, created by Gov. Rick Perry in 2003, lures businesses to Texas through a loan-type fund that awards companies who move from other states or countries. There are, unfortunately, many holes in the rules and regulations that allow the possibility for the misappropriation of money awarded.
According to the audit done by the Texas State Auditor's Office, $505 million has been awarded by the TEF since its establishment. $222 million (44%) of which was issued in its first two years, before applications for funds were required. And still, when an application was submitted, the office could not provide documentation that it consistently reviewed all required components of applications. Furthermore, it has been alleged that the Attorney General’s office awarded funds to companies who, in turn, used that money - taxpayer dollars - to fund Abbott’s campaign, which is unethical and corrupt.
However, I truly believe the TEF has the potential to bring billions of dollars in revenue to our ever-growing state. And, if regulated properly, we can assure that every dollar awarded continues to strengthen our rapidly expanding economy. Keep Texas strong, vote for success.
In the wake of the debates between Attorney General Greg Abbott and outspoken contender Wendy Davis, questions about the utilization of the Texas Enterprise Fund (TEF) have come to light. The TEF, created by Gov. Rick Perry in 2003, lures businesses to Texas through a loan-type fund that awards companies who move from other states or countries. There are, unfortunately, many holes in the rules and regulations that allow the possibility for the misappropriation of money awarded.
According to the audit done by the Texas State Auditor's Office, $505 million has been awarded by the TEF since its establishment. $222 million (44%) of which was issued in its first two years, before applications for funds were required. And still, when an application was submitted, the office could not provide documentation that it consistently reviewed all required components of applications. Furthermore, it has been alleged that the Attorney General’s office awarded funds to companies who, in turn, used that money - taxpayer dollars - to fund Abbott’s campaign, which is unethical and corrupt.
However, I truly believe the TEF has the potential to bring billions of dollars in revenue to our ever-growing state. And, if regulated properly, we can assure that every dollar awarded continues to strengthen our rapidly expanding economy. Keep Texas strong, vote for success.
Cathy Kelshaw
