Pub. 6 2016-2017 Issue 1

6 O V E R A C E N T U R Y : B U I L D I N G B E T T E R B A N K S - H E L P I N G C O L O R A D A N S R E A L I Z E D R E A M S A Word From CBA... Colorado Ballot Initiatives: Banks Have a Lot at Stake C olorado has a long history of wedge issues showing up on the ballot in election years when key races are close. With the 2016 presidential election ex- pected to activate and polarize voters potentially more than ever, this November’s ballot will be no different. It likely will be crowded with proposals, a few of which are designed to drive certain kinds of voters to the polls. Some initiatives could prove devastating to the state’s economy. 157 initiatives have been filed on various issues this year hoping to stand for a vote in November – we suspect 10 or fewer will be able to gather the 98,000 valid signatures need- ed to get there. So far, just one has qualified to appear on the ballot and is potentially the most dangerous: Amendment 69, a single-payer health care plan funded by a new 6.7% payroll tax on all employers and 3.3 percent payroll tax for employees. For banking statewide that totals $80 million in new taxes; $40 million for bank employees. Every two years Colorado businesses spend millions (usu- ally $5 million to $9 million per major issue) just to stay the same, to maintain the status quo - by beating back unwise ballot initiatives. The CBAGovernment Affairs Committee (20 bankers) and Board of Directors (22 bankers) unanimously oppose Amend- ment 69 and support the Build a Better Colorado initiatives, and urge contributions to the campaigns - with suggested amounts. (No on 69 W-9 and contribution form.) Rather than continuing to be defensive on the bad ballot initiatives, CBA is going on the offensive to fight ballot reform, semi-open primaries and state fiscal reform. CBA supports the