We need more outside, industry trained and experienced board members--legislators have not proven to be the proper watch dogs.
* This is why Bob supports a reduction in the number of legislators on the PHEAA board of directors and adding private-sector individuals who are experienced with higher education finance.
Here again, board members without proper industry experience and/or training have made terrible financial decisions that will cost our taxpayers dearly. We need to close the loopholes and make our board members more accountable. Part of that accountability can be delivered simply by limiting board members from making self serving decisions.
* He also believes the General Assembly should adopt recommendations made by the state Auditor General to prohibit risky financial practices by many school and local governments which have cost taxpayers millions and millions of dollars. These include using interest rate swaps, noncompetitive hiring processes for financial advisors and carrying out a lack of oversight of those financial advisors.
* He has put his name on legislation to reform campaign finance in Pennsylvania by limiting certain monetary and "in-kind" contributions from individuals, political committees, political action committees and political party committees.
Bonuses need to be tied to performance standards and not to simply being involved in a process. These performance standards need to be tied directly to their fiduciary responsibilities.
* Bob opposes SERS and PSERS, the Commonwealth's pensions systems for state and school employees, from giving bonuses to investment professionals or system officers and employees.