Davis Believes the PACT Hearing Was a Failure

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Candidate for governor and U.S. Rep. Artur Davis believes the PACT board hearing today was a failure. Here is the full text of his statement:

I am concerned that when 48,000 Alabama students and their families were waiting for a solution, the PACT Board’s actions were limited to three things: they hired lawyers for themselves; they appointed a committee; and they put a band-aid on a festering problem. Left unaddressed was the question of whether the Board accepts a moral obligation to the parents and students who contributed to PACT, and whether any explanation can be provided for how a fund advertised as a prudent, conservative investment is apparently the only fund in the country in jeopardy of collapse.

I have proposed to allow families who made contributions but whose children are not currently enrolled to exit the program in exchange for a refundable tax credit that matches the value of their contribution. That way, our families could make their own choice about whether they wanted to bear the risk of future losses. I would also renew my call for a special audit that answers the hard questions of how Alabama families were left in this predicament. Finally, and most importantly, the Board should have issued an ironclad commitment that any students currently enrolled will have the cost of their tuition borne by the State. There is no question that there needs to be a searching debate over how to fund the state’s commitment, but that debate must begin with a statement that Alabama keeps its promises. For parents waiting for that commitment, today’s hearing was a failure.

I’m not sure that the board could make an ironclad commitment without legislative action, but I certainly agree that the PACT board didn’t do enough today in offering options and in the area of accountability. Lt. Gov. Folsom claiming this is going to be fixed in the legislature leaves me less than satisfied. Our legislature isn’t known for getting the right thing done, as evidenced by the inability to remove the sales tax on groceries again today.

The saga continues…

Davis: PACT hearing “a failure” – Breaking News from the Press-Register – al.com.