FOR IMMEDIATE RELEASE

Statement of Comptroller Peter Franchot Applauding Signing of Maryland Tax Preparers Act and Bill to Expand Minority Business Opportunities

Both Bills among Comptroller's Top Legislative Priorities

Annapolis, MD (May 22, 2008) - Comptroller Peter Franchot issued the following statement regarding the signing of Senate Bills 817 and 606:

"I want to applaud the General Assembly for passing and commend the Governor for signing two very significant pieces of legislation today that protect Maryland consumers and are fiscally sound and socially responsible - measures which send the right message about how we want to conduct ourselves here in Maryland.

The Maryland Tax Preparer's Act was one of my top legislative priorities and I was proud to join with Maryland consumer advocates, non-profit financial literacy groups and the lead sponsors, Senator Conway and Delegate Krysiak to get this bill passed. This is a pro-consumer measure that will help protect taxpayers against unscrupulous tax preparers and give the state a method of tracking problem preparers. It also helps protect taxpayers from fraudulent and misleading marketing schemes that target the most vulnerable taxpayers in our state. Marylanders deserve the highest quality tax preparation services possible and they deserve to be protected from fraudulent prepares who seek only to enrich themselves at the expense of working families. This law makes it clear that Maryland will no longer allow this kind of deceitful business practice.

Senate Bill 606 is an important piece of legislation that reconfirms our commitment to expand economic opportunities for everyone here in Maryland. I commend its lead sponsors Senators Pugh and Delegate Walker, along with all of its supporters in the Senate and House of Delegates. This new law requires state agencies responsible for the management of funds to attempt to use minority business enterprise brokerage and investment management services firms and requires them to adopt specified guidelines and to submit an annual report updating their use of minority firms. Just as I have teamed with Governor O'Malley on the Board of Public Works to affect real change in the area of MBE contracting, I am proud to have worked with him and Treasurer Kopp to expand our efforts to the State's Pension Fund. I believe strongly that the doors of opportunity should be open all, and this legislation helps to open those doors even wider."

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Contact: Joe Shapiro: 410-260-7305, office; 443-871-2244, cell