House Representative

Parker, Tan

FOR IMMEDIATE RELEASE 03/10/2015

CHAIRMAN TAN PARKER APPOINTS GIOVANNI CAPRIGLIONE AS SUB-COMMITTEE CHAIRMAN OF STATE AND LOCAL BONDED INDEBTEDNESS

Southlake Lawmaker Brings Strong Financial Background Into the Debt Management Conversation

(Austin, Texas) Today Representative Tan Parker, Chairman of the Investments and Financial Services Committee, appointed Representative Giovanni Capriglione to the important position of Sub-Committee Chairman on State and Local Bonded Indebtedness. Created this session, the sub-committee will have five members and be 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, “There is no doubt in my mind that Representative Capriglione is the right man for this very critical job. Bonded indebtedness has always been a tool for state and local governments to finance certain aspects of public services, however the time has come for us to take a step back, examine our processes and see if reform is necessary. Representative Capriglione will bring a fresh and thoughtful perspective to this issue, and I look forward to working with him as the Texas House addresses debt management.”

Observers have noted that bonded debt has grown substantially in Texas since 2000. A 2012 Texas Comptroller report on local debt cited that Texas’s local debt per-person exceeded $12,400 at that time. As such, the time has come for legislators to take a serious look at this issue. Joining Representative Capriglione on the State and Local Bonded Indebtedness Sub-Committee are Representatives Dan Flynn, Brooks Landgraf, Phil Stephenson and Oscar Longoria.

"I am honored to serve as the chairman of an Investments and Financial Services subcommittee, and I thank Chairman Parker for the appointment,” Representative Capriglione commented. “My background in private equity will prove useful to the subcommittee, and I am eager to work with my colleagues to facilitate thoughtful discussions and work towards solid financial solutions for all Texans. "

Serving in his 5th term in the Texas Legislature, Representative Parker is focusing his efforts on economic development, job creation, strengthening border security, promoting fiscally responsible government spending, providing a strong education system, enhancing public safety and protecting family values. Representative Parker is the current Chairman of the Investments and Financial Services Committee. He also serves on the Ways and Means Committee, the Redistricting Committee and the Select Committee on State and Federal Power and Responsibility.