FOR IMMEDIATE RELEASE 03/14/2017
CHAIRMAN TAN PARKER APPOINTS PHIL STEPHENSON AS CHAIRMAN OF SUB-COMMITTEE ON STATE AND LOCAL BONDED INDEBTEDNESS
Wharton Lawmaker Brings Accounting Background When Addressing Debt Management
(Austin, Texas) Today, Representative Tan Parker, Chairman of the House Committee on Investments and Financial Services, appointed Representative Phil Stephenson to the critical position of Chairman of the House Sub-Committee on State and Local Bonded Indebtedness. The sub-committee is charged with considering legislative measures dealing with the authority to issue bonds, the effects of bonded indebtedness on our economy, and the transparency provided to taxpayers regarding bond issuance and transactions.
In making the appointment, Chairman Parker stated, “Bonded indebtedness has always been a tool for state and local governments to finance public services. However, from time to time, we must also review this process so that we maintain transparency, fiscal discipline, and efficiency as our state grows and its bonded debt increases. As Representative Stephenson is evaluating this charge, I look forward to collaborating with him on how the Texas House will address this issue."
Observers have noted that bonded debt has grown substantially in Texas since 2000. As such, the time has come for legislators to take a serious look at this issue. Joining Representative Stephenson on the State and Local Bonded Indebtedness Sub-Committee are Representatives Oscar Longoria, Dustin Burrows, Justin Holland, and Jay Dean. Representative Stephenson also serves as the Vice-Chairman of the Investments and Financial Services Committee.
"I first would like to thank Chairman Parker for this appointment. Secondly, I believe we owe it to the taxpayers as well as future generations of Texans to take a serious look at this issue, as it is ultimately their burden," Stephenson commented.
Now in his 6th term in the Texas Legislature, Representative Parker is focusing his efforts on promoting fiscally responsible government spending, foster care reform, transportation investments, border security, mental health advocacy, property tax reform, and providing a vibrant education system. Parker will also continue his work and advocacy for the protection of children and has previously been highly recognized for his legislative successes related to abuse prevention, ending teenage homelessness, and public safety. Representative Parker is the current Chairman of the Investments and Financial Services Committee. He also serves on the House Committees on International Trade and Intergovernmental Affairs and Redistricting.