Governor McDonnell Issues Executive Order Establishing Task Force on Economic Competitiveness and Versatility
– Follows Call for Creation of Federal Action Contingency Trust Fund to Help Prepare the Commonwealth for Future Federal Spending Actions –

RICHMOND – Governor Bob McDonnell has issued Executive Order #39 establishing a multidisciplinary task force to analyze Virginia's economic competitiveness and versatility in advance of the potential for federal spending cuts in the future.  The task force will be led by Lieutenant Governor and Chief Jobs Creation Officer Bill Bolling.  Other members will include the Secretary of Commerce and Trade, Secretary of Technology, Secretary of Veterans Affairs and Homeland Security, Senior Economic Advisor, Director of the Office of Intergovernmental Affairs, President and CEO of the Virginia Economic Development Partnership, as well as other economic development leaders. This executive order follows the announcement during McDonnell's address to the General Assembly Joint Money Committees in August requesting the General Assembly authorize the creation of the Federal Action Contingency Trust (FACT) Fund to help prepare the Commonwealth for future federal spending actions, and authorize $30 million from the surplus be used to begin the Fund. 

Speaking about the task force, Governor McDonnell commented, "As Washington looks to rein in its out of control spending and identify where much needed cuts can be made, we must be prepared for inevitable spending cuts impacting federal contractors, which are a large economic driver in the Commonwealth.  We have long benefitted from contractors choosing to locate in Virginia because of our proximity to Washington, DC, our strong business environment, and our highly-skilled workforce.  This task force will enable us to look at how we can continue to diversify and maintain competitive advantage."

Lieutenant Governor Bill Bolling added, "I commend Governor McDonnell for being proactive in addressing this important issue.  While we all recognize that spending reductions will be necessary to help address federal budget deficits, we want to make certain that we do everything we can to position Virginia to manage these cuts and their impact on our economy and take full advantage of the potential consolidation of federal services and programs that could arise out of these cuts.  While reductions in federal spending could threaten certain industries within our economy, there may also be ways to create economic opportunity that could ultimately benefit our state."

The full text of Executive Order #39 can be found here: http://www.governor.virginia.gov/PolicyOffice/ExecutiveOrders/2011/EO-39.cfm

Text of Governor McDonnell's address to the Joint Money Committees can be found here: http://www.governor.virginia.gov/utility/docs/Address-JMC-081811.pdf

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