Economy and Economics

Photo: Small Business Association

Governor McAuliffe has signed an executive order to increase the opportunities for small, women- and minority-owned companies to conduct business with the state. 

The goal is to promote equity—and maximize the participation of small businesses in work that’s obtained through procurement and state contracts.  He also set a high goal for the number of participants.

McAuliffe directed Secretary of Commerce and Trade Maurice Jones to raise the state share of spending that goes to small, women- and minority-owned businesses to 42%.

The return on Virginia Retirement System investments fell 21% in 2009—but the pension fund has now rebounded and is exceeding expectations. That’s the message delivered by VRS officials to state lawmakers.

VRS investments yielded returns that increased by double digits in the last two fiscal years, with a 15.7% return last year alone.  VRS Board Vice Chairman Robert Greene said the fund set a record.

“The fund amount, $66.1 billion, makes an historic high for the fund, exceeding all previous fund balance amounts.”

Image from namm.org

Another national debate is taking center stage in Virginia—this time over a potential Internet sales tax. One group that’s opposed to out-of-state e-commerce taxation and the federal Marketplace Fairness Act says they have overwhelming proof that Virginians don't want it.

The U.S. Attorney for Virginia’s Western District has won a settlement with Sun Trust Mortgage, which was under investigation for failing to help struggling homeowners as promised.  Those customers may now be getting payments from Sun Trust.

Full Disclosure: Bending Not Breaking

Jul 2, 2014

National business correspondent Roben Farzad has launched a new radio podcast recorded in Richmond. The program is called Full Disclosure, and in the months ahead we'll share his weekly effort to translate the language of finance and investing.  The theme of this week’s program?  Bending, Not Breaking.

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