Exclusive Breaking News: State Controller Chiang Supports Anderson IOU Legislation
Adding significant muscle to a bill that appeared to have some legs already, State Controller John Chiang on Friday sent a letter to Assemblyman Joel Anderson in support of AB 1506. The Anderson legislation, a badly-needed piece of creative juice in the midst of another protracted State budget mess, would require the State of California to accept as payment its own registered warrants, otherwise known as IOUs.
Quite simply, for Controller Chiang to support this legislation is…well…huge. He is, after all, the one forced to issue IOUs in lieu of real monetary payments owed by the state to several thousand taxpayers, state contractors, and service providers.
For Democrat Chiang to agree with Republican Anderson that "if it’s good for the goose, it’s good for the gander" makes AB 1506 as credible as it is compelling. Until now, even though many legislators of both parties have jumped on board as bill co-authors, there has been a lingering question for some: "What does the Controller say about the idea? He will have to implement it." Chiang answered the question with a letter to… Read More