Madison
65° F
Overcast
Overcast
Advertisement

Committee signs off on Wis. venture capital bill

Published On: May 10 2013 12:15:57 PM CDT
Updated On: May 10 2013 12:23:27 PM CDT
MADISON, Wis. -

A bill that would put $25 million in state money into Wisconsin startups passed its first hurdle in the Assembly despite controversy surrounding Gov. Scott Walker's jobs-creation agency.

The Assembly Committee on Jobs, Economy and Mining approved the bill on an 8-6 vote Friday.

The legislation from Rep. Mike Kuglitsch, R-New Berlin, would put the money into a fund that invests in young Wisconsin companies. It would require the Wisconsin Economic Development Corp. to contract with a fund manager to manage the investments.

Some Democrats said the state shouldn't trust the WEDC after a scathing audit found that the agency didn't adequately track loans it awarded and gave money to unqualified companies.

Kuglitsch said those complaints are political.

The full Assembly will take up the bill Tuesday.

Advertisement
  • Emma

    Emma

    Look Who's 3

    Check out who's turning 3, and send in your photo.

  • Call for Action logo

    Submit a Complaint to Call For Action

    Have a consumer complaint? Click here to contact our Call For Action team.

  • C3K-EVENTS

    Events calendar

    Looking for something to do? Visit Channel 3000's events section featuring dining, food, music and family-friendly events throughout Madison and the surrounding area.

Advertisement