Cuomo Blasted for Keeping Personal Net Worth Cap for Minority- and Women-Owned Firms

 

By Madina Toure

Brooklyn Assemblywoman Rodneyse Bichotte, chairwoman of the Oversight of Minority- and Women-Owned Business Enterprises Subcommittee, blasted Gov. Andrew Cuomo’s decision to veto legislation that would loosen wealth restrictions for minority- and women-owned businesses as “deeply troubling.”

In early June, the State Assembly passed legislation sponsored by Bichotte that removes a requirement that MWBE owners have a personal net worth of less than $3.5 million to get state certification. At the end of June, the Senate passed the bill. Republican State Senator Patty Ritchie was the Senate sponsor.

Cuomo vetoed the bill on Friday. In the veto message provided to Observer by the governor’s office, Cuomo states the bill contains “several fundamental flaws” they were unable to resolve with the legislature “that make the bill legally specious and practically unenforceable.”

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Source: Observer (via Empire Report New York)