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In Virginia’s Democratic legislature, campaign finance reform bills languish without votes – Virginia Mercury

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In Virginia’s Democratic legislature, campaign finance reform bills languish without votes – Virginia Mercury

As it gets more and more expensive to win a seat in the Virginia General Assembly, the state legislature continues to find new ways to stifle efforts to put limits on the state’s wide-open campaign finance laws.

This year, several bills meant to slow the flow of money into Virginia politics have been blocked without lawmakers taking a recorded vote showing that’s what they’re doing.

For the last decade, proposals have been introduced to create stricter campaign finance limits in Virginia and boost public confidence that the legislature can’t be bought by special interests writing checks of unlimited size. 

Some Democrats have been vocal about making campaign finance reform a priority, and many have accepted big checks from Clean Virginia, a well-funded advocacy group focused on energy and campaign finance reform that says its mission is to “fight corruption in Virginia politics.” 

But the party’s retaking of full control of the General Assembly this year doesn’t appear to be producing any breakthroughs on campaign finance issues as Tuesday’s crossover deadline approaches. As the two chambers rush to finish work on their own bills, no major campaign finance legislation has made it through both sides of the Capitol. If those positions hold in the second half of the session, none of the bills will win final passage.

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Instead, Democratic-sponsored campaign finance proposals are languishing in Democratic-controlled committees, where several bills have been allowed to expire without a hearing. 

When Del. Josh Cole, D-Prince William, presented a bill that would prohibit candidates from accepting campaign money from public utilities like Dominion Energy, the proposal died without a vote when no one on the 22-member House Privileges and Elections Committee made a motion for or against it. A bill sponsored by Del. David Bulova, D-Fairfax, that would have set caps on donations from both corporations and individuals was never docketed by the same committee.

In an interview, Cole said he’ll keep fighting for campaign finance reform, despite his latest bill failing in an unusual fashion.

“Time will tell what will happen,” Cole said. “The appetite is definitely there for it.”

On the Senate side, another utility-focused campaign finance reform bill sponsored by Sen. Danica Roem, D-Prince William, made it out of the chamber’s elections committee, but stalled when it was sent to the Finance and Appropriations Committee. It never got a hearing there, despite being projected to have no impact on the state budget.

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When asked why Roem’s bill wasn’t docketed, Sen. Louise Lucas, D-Portsmouth, who chairs the Senate Finance Committee, criticized the bill itself instead of offering any procedural explanation.

“The people who are complaining about Dominion being a monopoly want to replace them,” Lucas said. “They want to be the monopoly. So what’s the difference?”

Clean Virginia’s critics have often accused the organization and its main funder, wealthy Charlottesville investor Michael Bills, of engaging in a new form of influence-peddling by offering substantial checks to lawmakers who vow to stop accepting money from Dominion.

In an interview, Roem didn’t sound disheartened over her bill’s fate.

“This is the first time we’ve ever gotten out of committee. This still marks progress,” Roem said. “Clearly we have more steps to go.”

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Nancy Morgan, a campaign finance reform advocate with BigMoneyOutVA, said Democratic leaders appear to be “strong-arming the members to kill the bills in untransparent ways.”

“Not allowing bills to be voted on, or even heard by legislators, is anathema to our democratic process,” Morgan’s group said in a statement last week.

A seemingly less controversial proposal to prohibit spending campaign cash on personal uses unrelated to politics — something already banned at the federal level and in almost every other state — looked to be on track to pass this year after clearing the state Senate 35-4 and passing the House elections committee unanimously. But the House version was bottled up in the budget-writing committee after three state agencies estimated it would cost them more than $745,000 to add more staff to implement the law. 

However, the legislature’s own fiscal analysts sharply disagreed with that figure, saying the law would create virtually no new costs and wouldn’t substantially add to anyone’s existing workload.

“It just seemed highly inflated,” said Del. Cia Price, D-Newport News, who chairs the House elections committee and formally requested a second opinion on the steep cost estimate.

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In a written analysis attached to the personal use bill, staffers at the Joint Legislative Audit and Review Commission said they concluded the proposal wouldn’t substantially burden state agencies after looking at similar laws in Georgia and Tennessee. Both states already have systems for investigating complaints and issuing advisory opinions similar to what the Virginia proposal envisioned, JLARC found, and the strain on staff is minimal because there are usually just a few cases to handle per year.

“JLARC estimates the fiscal impact of the bill would be negligible,” the General Assembly’s analysts said in their rebuttal to the estimates from the Virginia Department of Elections and Virginia Department of Corrections.

The JLARC statement didn’t address an additional $429,426 estimate from the office of Attorney General Jason Miyares, which claimed it would need two additional attorneys and a paralegal to help implement the law.

Despite JLARC disputing the projected costs of the personal use bill, Del. Marcus Simon, D-Fairfax, said its chances of passage are now “slim to none” after failing to pass the House. The House can still take up the Senate version of the bill, but Simon said it’s unlikely to be a priority for the body late in the session as lawmakers try to finalize more big-ticket items.

Despite Simon’s less-than-optimistic prediction about the fate of efforts to ban the personal use of campaign money, Clean Virginia said it still hopes a “commonsense ban” can pass this year after clearing the Senate with an “overwhelming bipartisan majority.”

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Passage of this bill would represent a strong first step towards comprehensive campaign finance and ethics reform in Virginia,” said Clean Virginia Legislative Director Dan Holmes.

General Assembly members and statewide officeholders are prohibited from raising campaign funds during legislative sessions, but the latest effort to extend that ban to special sessions also appears to be on track to die without lawmakers attaching their names to a vote.

A bipartisan bill banning fundraising during “active” special sessions made it to the Senate floor. But in an unrecorded voice vote last week, the Senate chose to send the bill back to its elections committee, a maneuver that killed the bill because the panel was already done with its work on Senate bills.

On the floor, Senate Majority Leader Scott Surovell, D-Fairfax, said the bill “had a lot of issues.”

“It’s going to create more problems than it’s going to solve,” Surovell said.

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Sen. David Suetterlein, R-Roanoke, the bill’s sponsor, objected to the move, saying his legislation appeared to be heading for the same death by unrecorded vote that often befalls bills to ban the personal use of campaign funds.

“Every year it found a different way to die on an unrecorded vote,” Suetterlein said.

Mercury reporters Nathaniel Cline and Charlie Paullin contributed to this story.

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Hong Kong reasserts role as safe haven in global finance amid Iran conflict

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Hong Kong reasserts role as safe haven in global finance amid Iran conflict
The US-Israeli war on Iran has unleashed sharp swings across global energy and financial markets, fuelling demand for safe-haven assets, with Hong Kong emerging as a potential beneficiary across gold, property and capital markets. In the third of a three-part series, we look at Hong Kong’s position as a stable base where demand for property has held firm despite the global turmoil.

The seven-week military conflict in the Middle East will redefine Hong Kong’s role as a global financial centre, positioning the city as a safe harbour for capital and investments.

Anecdotal evidence suggested that more banks had turned to Hong Kong to protect their businesses and committed themselves to expanding their presence in the city. At the same time, inquiries about adding allocations of mainland Chinese assets among global investors had recently increased, potentially enlarging the customer base for the city’s asset-management industry and family offices and driving demand for offshore yuan-linked financial products.

For years, Hong Kong’s status as a financial centre in the Asia-Pacific region has been challenged by Dubai, which has risen to prominence as a gateway linking Asia and Europe in capital flows, transport and logistics. With the war destabilising the Middle East – at one point forcing the closure of the Dubai International Airport and sending stocks in the Gulf region plunging – Hong Kong has re-emerged due to its geographical location, a pegged exchange rate, free capital flows and support from China’s economic strength.

“In that context, China and Hong Kong are attracting renewed attention,” said Gary Dugan, CEO of The Global CIO Office in Dubai, which advises family offices and ultra-high-net-worth individuals globally. “There is growing interest among some clients in increasing exposure to China and Hong Kong. It is less a simple flight to safety and more a reassessment of where investors see relative value, policy consistency and long-term strategic opportunity.”

Dubai now relies on trade, tourism and finance as the pillars of its economy, reflecting the success of its four-decade diversification away from oil for sustained growth. The United Arab Emirates city is home to Jebel Ali Free Zone, the biggest free-trade zone in the Middle East, and the second-largest stock market in the region, with combined market values of US$1.01 trillion. The city, also a global hub for gold trading, has a population of 4 million, about 80 per cent of which are foreign expatriates. Dubai’s economy grew by 4.7 per cent in the January-to-September period last year.

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Budget crisis is top concern for MPS leader Cassellius | Opinion

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Budget crisis is top concern for MPS leader Cassellius | Opinion


Before seeking a new referendum MPS needs to rebuild trust in the community through completing state audits, putting in place controls to prevent overspending and routine reports to the public.

For MPS Superintendent Brenda Cassellius, who just wrapped up her first year leading Milwaukee’s public school system, her tenure has been punctuated by some very big numbers.

The first is $252 million. That is the amount of new spending voters narrowly approved in an April 2024 referendum to support operations in Wisconsin’s largest school district. Just months later, MPS was rocked by revelations the district was months behind in filing key financial reports to the state, which led to former Superintendent Keith Posley’s resignation.

The second is $1 billion. MPS faces a deferred maintenance backlog exceeding $1 billion. The district’s enrollment has declined 30% over the last 30 years, leaving many schools at less than 50% full. That, in part, is driving a plan to close some schools and to improve others to help lower costs.

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The final is $46 million, the deficit MPS was running for the 2024-25 school year, an unexpected shortfall which has led to hundreds of staff layoffs.

Getting the district’s accounting, budgeting and financial reporting back on track has dominated Cassellius’s first year at MPS. In an April 15 interview with the Journal Sentinel’s editorial board, she talked in detail about the challenges putting that into order and progress she sees in restoring transparency into its operations.

State funding and aging buildings create budget nightmares

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Cassellius says state needs to keep up its share of school funding

In an interview with the Journal Sentinel editorial board, MPS leader Brenda Cassellius says budgets and buildings are her two top worries.

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Cassellius said the on-going budget crisis is her top concern. She said the state’s failure to live up to its share of funding is exacerbating MPS’ budget woes. A group of school districts, teachers and parents filed suit against the state Legislature and its Joint Finance Committee claiming the current state funding system is unconstitutional and prevents schools from meeting students’ educational needs.

Funding for special education is especially critical. About 20% of MPS students have disabilities, almost twice the share of the city’s charter schools, and the average of 14% across Wisconsin.

“What’s keeping me up now, you know, is really just the budget crisis we’re in, with not only this year but multiple years going out without additional state aid, we’ve been not getting funding for what our needs are for our students, and particularly our students with special needs,” she said.

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Although the state budget increased special education funding to a 42% reimbursement rate, the actual rate has been about 35%. Another component to the budget headache is the age of MPS buildings. The average age is 85 years-old compared to 45 across the nation.

“We have just kicked this can down the curb or kicked it down the street or whatever you call it for too long. And it’s time that we really take on a serious conversation about the conditions of the learning environments in which we send our children,” she said. “Particularly in Milwaukee Public Schools, we serve the most vulnerable children. Children who have language barriers, children who have disabilities, children in high-concentrated poverty.”

What needs to happen before MPS seeks another referendum

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Voters need to be comfortable MPS has made tough budget decisions

In an interview with Journal Sentinel editorial board, Brenda Cassellius said voters will need to see budget improvements before seeking more spending

Cassellius said MPS will definitely need to go back to voters for a new referendum in the future. In addition to the 2024 measure, voters approved an $87 million plan in 2020.

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Before doing that, she said the district first needs to rebuild trust in the community through completing required state audits, putting into place controls to prevent overspending and routine reports to the school board and public about finances.

“I don’t think that the voters are going to want us to bring something forward until they feel comfortable that we have done the cleanup that is necessary,” she said. “And we’ve built the trust that we have the sufficient controls in place.”

In the interim, she’s hoping the state will meet its constitutional responsibility to adequately fund public schools.

“What the public expects is you know where the money is, you’re spending it as close as you can to children, you’re getting good on the promise around art, music, and PE, and the things the public said they wanted to fund,” Cassellius said. “And they want their kids to have so that they have a quality education and an excellent education in Milwaukee Public Schools, and that they had the right amount of staff that they actually need. In the school to be safe and to run a good operation.”

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Rebuilding finance staff in wake of $46 million in overspending

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MPS is rebuilding school finance staff in wake of reporting lapses

In an interview with the Journal Sentinel editorial board April 15, MPS superintendent discusses accountability for district’s financial problems.

The $46 million budget shortfall from the 2024-25 school year started coming into view last fall and was confirmed in mid-January. Cassellius noted that in addition to hiring a new superintendent, MPS also parted ways with its comptroller and CFO.

“We are really rebuilding the personnel and staff of the finance department. That is what’s critical, is having the right people in the right seats doing the work,” she said. “Also critical is making sure that you have the right controls in place. The audit findings found that we did not have proper controls in place and now we have those proper controls in place and when we find things we put new SOPs in place and that is what any business does.”

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Identifying that shortfall, though painful, was the result of better accounting.

“Being three years behind in auditing means that you don’t have full sight on your actual revenues and expenditures. And so we have now full sight of our revenues and our expenditures and that’s why we were able to see this new deficit of $46 million,” she said. “And we still continue to work with DPI on those processes to make sure that every month we’re doing monthly to actuals and doing those accounting, reporting that to the board. In a way that is consumable to the public that they can understand.”

Jim Fitzhenry is the Ideas Lab Editor/Director of Community Engagement for the Milwaukee Journal Sentinel. Reach him at jfitzhen@gannett.com or 920-993-7154.

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Psychological shift unfolds in soft Aussie housing market: ‘Vendors feel pressure’

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Psychological shift unfolds in soft Aussie housing market: ‘Vendors feel pressure’
Is it becoming a buyers market? (Source: Getty)

Property markets move in cycles, and with interest rates rising and other pressures like high fuel costs, some markets are clearly slowing down. Many first-home buyers who have only ever seen markets going up are conditioned to think that when purchasing, competition is always intense and decisions need to be made quickly.

In those times, buyers often feel they need to act fast, stretch their budget and secure a property at almost any cost. But things have definitely changed.

In a softer market, the dynamic shifts. Properties take longer to sell, competition thins, and it’s the vendors who begin to feel pressure.

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For buyers who understand how to navigate that change, the balance of power quickly moves in their favour. The opportunity is not simply to buy at a lower price. It is to negotiate from a position of strength.

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If that’s you right now, these are the key skills first-home buyers need to take advantage of in softer market conditions.

The most important shift in a soft market is psychological. In a rising market, buyers often feel like they are competing for limited opportunities. In a softer market, the opposite is true. There are more properties available, fewer active buyers and less urgency overall. This gives buyers options.

When buyers understand that they are not competing with multiple parties on every property, their decision-making improves. They are more willing to walk away, compare opportunities and avoid overpaying. Negotiation strength comes from not needing to transact immediately. When that pressure is removed, buyers are able to engage more strategically.

One of the most common mistakes first-home buyers make is continuing to apply strategies that only work in rising markets. Auction urgency is a clear example. In strong markets, auctions often attract multiple bidders and create competitive tension. In softer conditions, properties are more likely to pass in, shifting the process away from a public bidding environment into a private negotiation.

This is where leverage increases.

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Private negotiations allow buyers to introduce conditions that protect their position. These may include finance clauses, longer settlement periods or price adjustments based on due diligence. Opportunities that are rarely available in competitive markets become standard in softer ones.

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