2009 IVCA Legislator Meeting Series Kicks Off With Senate Republican Leader Radogno

2009 IVCA Legislator Meeting Series Kicks Off With Senate Republican Leader Radogno

March 11, 2009

CHICAGO - “ Senate Republican leader Christine Radogno (R-District 41) joined 13 IVCA members on March 2, 2009 for a wide-ranging luncheon discussion that included:
  1. prospects for key IVCA legislative issues (TDA II and ethics reform)
  2. the new cooperative climate in Springfield, Ill.
  3. upcoming budget debates
Radogno reported a new spirit of cooperation in Springfield especially with regard to the new governor. She says the governor has been meeting with all the legislative caucuses and discussing key issues with the leadership, which is something she notes the previous governor never did.

She also indicated that she has been working well with the new Senate President John Cullerton who was also just elected to his caucus' most senior position. Radogno believes the Republicans will continue to have significant differences with the Democrats in how to address the pressing problems facing the state today.

She highlighted this point in discussing the upcoming budget debate where she believes the Democrats will focus primarily on revenue enhancement (which likely will include an increase in the state income tax) and where the Republicans will focus on:
  1. program cuts (though she acknowledges opportunities for significant reductions simply aren't there)
  2. increased efficiencies
  3. fostering economic growth.
Radogno then asked the IVCA for its input on ways to foster economic and job growth in the state. We will be submitting our input soon regarding legislation to help increase private equity and venture capital investing in Illinois via a Technology Development Account (TDA II).

Radogno said that Republicans will have a strong voice in the budget negotiations because their votes are needed on the overall package if it contains an income tax increase (as expected). It would be politically untenable for Democrats to pass an income tax increase without a single Republican vote.

Finally, she discussed the mood of the Illinois General Assembly to enact some ethics reform legislation. She noted that the newer rank-and-file members are much more likely to support far-reaching ethics reform (including campaign contribution limits) than longer-serving, more-established legislators who appear to be seeking more modest reforms.

Stay tuned for more information on the 2009 IVCA legislator meeting series. These small luncheons, which are hosted by the IVCA-PAC, feature a key legislator and IVCA members engaged in an open dialogue on issues that concern the venture capital and private equity community.

At these events, we also learn a great deal about the concerns and direction of Illinois government. If you have an interest in attending any of these meetings, please let Maura O'Hara know.