Hartford Business Journal

24 Hartford Business Journal • January 27, 2020 • www.HartfordBusiness.com OPINION & COMMENTARY OTHER VOICES A 2020 legislative wish list to spur economic growth in New England By James T. Brett O ur leaders in Congress ended 2019 with a flurry of activity. In their final week on Capitol Hill, Congress passed a $1.4-billion spending bill that will fund the gov- ernment through September. Included in that bill were several mea- sures that will support contin- ued growth in our region, in- cluding a boost to retirement savings, re- authorization of the terrorism risk insurance program, and renewal of the Export-Import Bank charter. As our leaders return to Wash- ington this month, the general expectation is that — like in all presidential election years — it will not be a terribly productive year on Capitol Hill. However, 2020 did get off to a strong start with the Senate recently approving the U.S.-Mexico- Canada Agreement. This will be a boon to New England, where more than 600,000 jobs are supported by trade with these two key partners. There are several other actions Congress could take that would support continued economic growth in our region. 1. Promote investment in renew- able energy — In recent years, New England has become a leader in the development and deploy- ment of offshore wind energy. Our region is home to the na- tion's first offshore wind farm and more are in development, helping reduce our carbon footprint while also creating hundreds of jobs. This tremendous growth is due in part to tax credits for the devel- opment and production of offshore wind, which have unfortunately expired. Several proposals have been introduced to reinstate and extend these credits, with support from many members of the New England delegation. Congress should extend these incentives to promote the growth of the offshore wind industry. 2. Invest in infrastructure — There are nearly 1,600 bridges in "poor" condition across New England. Last year, Washington could not reach agreement on a bipartisan all-encompassing in- frastructure package even as most recognize that such investments are critically needed. This fall, a renewal of the 2015 FAST Act — America's surface- transportation law — must occur. A key Senate Committee last July approved a $287-billion replace- ment, but more work remains. Perhaps Congress can aim higher in 2020 and address our region's additional infrastructure require- ments as well. 3. Ensure banking for the can- nabis industry — In New England, marijuana has been legalized for medical and/or recreational use in all six states. However, because marijuana is illegal under federal law, legitimate cannabis enterprises can't bank at federally insured financial institu- tions, and are forced to operate as cash businesses, at risk for theft and fraud. Fortunately, last year, with the support of many New England rep- resentatives, the House passed the SAFE Banking Act, which would establish protections for banks that provide financial services to legal cannabis businesses. The Senate should follow suit and pass this bill to ensure that this new industry continues to thrive, and to open a new line of business to our region's banking sector. James T. Brett is president and CEO of The New England Council, a non-partisan alliance of businesses and nonprofits focused on economic growth. EDITOR'S TAKE HBJ expands nonprofit- sector coverage in 2020 C onnecticut's news media and nonprofit sectors are experiencing significant change and challenges. Yet, the services both industries provide are needed now more than ever. Nonprofits, many of which rely on government funding, have seen their state and federal revenues decline in recent years amid Connecticut's perpetual budget crises and changing priorities in Washington, D.C. That's forced many tax-exempt organizations to rethink their business models just as demand has increased for the social and other important services they provide, includ- ing community safety and skills-training programs. Many news media companies have seen a steady decline in advertising revenue as more readers get their news, and more companies shift their marketing budgets, online. Meantime, the need for trusted, independent journalism has never been greater, especially as disinformation spreads like wildfire on the internet and in our national discourse. It's amid that backdrop that Hartford Business Journal recently formed a new partnership with the Hartford Foundation for Public Giv- ing. The Foundation will sponsor HBJ's coverage of the nonprofit sector in 2020. Starting in this week's issue you'll notice a refreshed "Nonprofit Note- book" that will appear in 13 HBJ print editions this year. The Notebooks, which will also appear online, will include news stories spotlighting impor- tant issues impacting nonprofits and the role charitable organizations play in tackling societal problems. We'll also explore the business and economic impact of nonprofits and individuals and companies that fund them. If you have story ideas you think are relevant to our business audience feel free to email me at gbordonaro@hartfordbusiness.com. This week's Nonprofit Notebook highlights the industry's role in work- force development, which has become a hot-button issue as our population shrinks, high schools graduate fewer pupils and droves of Baby Boomers head toward retirement. HBJ has always covered the nonprofit sector, but the Hartford Foundation's sponsorship provides us the resources to do it more regularly. That's signifi- cant because nonprofits have an outsized impact on Connecticut's economy. According to Independent Sector — a national coalition of charitable orga- nizations, foundations and corporate-giving programs — nonprofits employ 14 percent of the state's workforce (or 209,356 people) and generate $37 billion in annual revenues. They also hold $121 billion in assets, while Connecticut residents donate about $3.4 billion annually to charitable organizations. That is a lot of money floating around Connecticut's economy. Our Nonprofit Notebook coverage will be the same type of independent and fair-minded journalism readers have always expected from us. The Hartford Foundation will not be involved in story selection in any way. In recent years, foundations all over the country have begun to fund im- portant journalism as news media outlets search out new revenue streams. We value our partnership with the Hartford Foundation. Hartford Foundation President Jay Williams said he's pleased "to work in partnership with the Hartford Business Journal to highlight stories of Greater Hartford's robust nonprofit sector." "Nonprofits are not just charities; they are employers, economic drivers and advocates for opportunity," he added. "Now more than ever, we need to support fact-based reporting so that, collectively, we can help address the state's significant challenges, ensure more equitable opportunities for our residents and build a more prosperous future for Connecticut." Greg Bordonaro, Editor James T. Brett

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