María Elvira Salazar: “I agree with Senator Allard on his understanding and our intent. Once an organization is required to retain holdings in…”

“I agree with Senator Allard on his understanding and our intent. Once an organization is required to retain holdings in any business enterprise at the direction of an attorney general, those holdings will not constitute excess business holdings as a result of some future directive or another authority coming in and saying something different. That is precisely the kind of uncertainty we are attempting to avoid with these modifications. The special rule continues to apply. Otherwise, these organizations and their benefit to the community could be put at risk by future inconsistent actions driven by political gain rather than by the benefit to the community. And we must not lose sight of the fact that the primary goal of these organizations is to benefit their community. We all agree it is necessary for an organization to have certainty about its status and its exemption from the excess business holdings rules. I commend my colleague from Colorado for his work in having this much needed clarification included in the manager's amendment.”