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House Co-Sponsorship Memoranda
House of Representatives
Session of 2023 - 2024
Regular Session
MEMORANDUM
| Posted: | March 28, 2024 11:05 AM |
|---|---|
| From: | Representative Brad Roae |
| To: | All House members |
| Subject: | Financial Interests in Corporate Owned State Symbols |
| Hershey stock was at $190.90 on Tuesday but jumped to $193.71 on Wednesday after the PA House voted to give an advantage to just one chocolate company in PA at the expense of the others by making the Hershey Kiss the official state candy. It appears that the market recognized that with all the free advertising in taxpayer funded pamphlets about state symbols, the state symbol section of taxpayer funded state websites, taxpayer funded schools teaching kids about state symbols, etc., that potential sales and potential profits for Hershey from free advertising will be higher. Stock prices reflect future earnings. I will soon introduce legislation to mandate that legislators disclose any Hershey stock and the stock of any other company with ownership interest in state symbols that they own similar to the way that legislators have to disclose any financial interest in casino ownership. In addition to the Statement of Financial Interests, legislators currently must report on a separate form any casino ownership interest. A separate form would also be required with my legislation regarding ownership in Hershey stock. The only state symbol owned by a company so far would be Hershey if the state candy legislation becomes law and a disclosure form would be required. If we make Straub or Yuengling the official state beer, ownership interests would have to be made for that as well. As we shift to corporate ownership of state symbols, we need a system in place to have complete transparency that the disclosure forms would provide. I would greatly appreciate your co-sponsorship of this legislation. |
Introduced as HB2262
Memo Updated: March 28, 2024 11:07 AM