Tag Archives: crony

Gov’s Cash Grant Bill Passes; Campfield Sees ‘Crony Capitalism’

Sen. Stacey Campfield cast the sole vote against Gov. Bill Haslam’s proposal to begin giving corporations cash grants for expanding or locating in Tennessee after declaring they could be a step toward “crony capitalism.”
The bill (HB2344) was approved by the Senate 29-1 and now goes to the governor for his signature. It was approved 96-0 in the House. The “FastTrack” grants would be in addition to tax credits and infrastructure improvements that no go to companies moving into Tennessee.
Campfield, R-Knoxville, defined crony capitalism in a floor speech as “when governments start using taxpayer dollars to gamble with.”
Couching some of his comments in the form of questions to the bill’s sponsor, Senate Majority Leader Mark Norris of Collierville, Campfield compared the proposal to the national controversy over Solyndra Inc., which received huge federal grants and then went bankrupt.

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