MADISON, Wisconsin (WKOW) - On Tuesday (02/05) a State Senate Committee confirmed the appointment of Reed Hall as the CEO of the Wisconsin Economic Development Committee.
It comes as more questions about the agency's credibility are starting to surface.
Late last year, the board, which manages the state's pension system, turned down Hall's request for a $200-million loan which the WEDC would have used to fund start up businesses.
Hall answered questions about that request during his confirmation hearing.
The State of Wisconsin Investment Board told Hall that such a plan was too risky for the pension system. The agency's track record may have played a role. Last summer, WEDC officials revealed they had lost track of $56-million in unpaid business loans.
Hall says, "I think we need to re-establish our credibility, which we are. The SWIB that was a long-shot that they would invest $200 million in this type of operation."
While Representative Peter Barca, the Democratic Assembly Minority Leader and WEDC Board Member says, "One more time, the board is left in the dark. And there's not a discussion around whether or not that would be appropriate, and if so what shape or form it might take."
On the heels of that news, Republican lawmakers decided Monday (02/04) to pull a measure from their mining bill which would have sent 40% of all mining tax revenue to the WEDC for job creation.
It will instead go into the state's general fund.
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