Financial Interests in Corporate Owned State Symbols
March 28, 2024 11:05 AM to All House Members
Circulated By
Representative Brad Roae
R House District 6
Memo
Hershey stock was at $190.90 on Tuesday but jumped to $193.71 on Wednesday after the PA House voted to give an advantage to just one chocolate company in PA at the expense of the others by making the Hershey Kiss the official state candy. It appears that the market recognized that with all the free advertising in taxpayer funded pamphlets about state symbols, the state symbol section of taxpayer funded state websites, taxpayer funded schools teaching kids about state symbols, etc., that potential sales and potential profits for Hershey from free advertising will be higher. Stock prices reflect future earnings.
I will soon introduce legislation to mandate that legislators disclose any Hershey stock and the stock of any other company with ownership interest in state symbols that they own similar to the way that legislators have to disclose any financial interest in casino ownership. In addition to the Statement of Financial Interests, legislators currently must report on a separate form any casino ownership interest. A separate form would also be required with my legislation regarding ownership in Hershey stock.
The only state symbol owned by a company so far would be Hershey if the state candy legislation becomes law and a disclosure form would be required. If we make Straub or Yuengling the official state beer, ownership interests would have to be made for that as well.
As we shift to corporate ownership of state symbols, we need a system in place to have complete transparency that the disclosure forms would provide.
I would greatly appreciate your co-sponsorship of this legislation.
I will soon introduce legislation to mandate that legislators disclose any Hershey stock and the stock of any other company with ownership interest in state symbols that they own similar to the way that legislators have to disclose any financial interest in casino ownership. In addition to the Statement of Financial Interests, legislators currently must report on a separate form any casino ownership interest. A separate form would also be required with my legislation regarding ownership in Hershey stock.
The only state symbol owned by a company so far would be Hershey if the state candy legislation becomes law and a disclosure form would be required. If we make Straub or Yuengling the official state beer, ownership interests would have to be made for that as well.
As we shift to corporate ownership of state symbols, we need a system in place to have complete transparency that the disclosure forms would provide.
I would greatly appreciate your co-sponsorship of this legislation.
Legislation
Document - Introduced as HB 2262
Last updated on March 28, 2024 11:07 AM
Financial Interests in Corporate Owned State Symbols
March 28, 2024 11:05 AM to All House Members
Circulated By
ROAE
Memo
Hershey stock was at $190.90 on Tuesday but jumped to $193.71 on Wednesday after the PA House voted to give an advantage to just one chocolate company in PA at the expense of the others by making the Hershey Kiss the official state candy. It appears that the market recognized that with all the free advertising in taxpayer funded pamphlets about state symbols, the state symbol section of taxpayer funded state websites, taxpayer funded schools teaching kids about state symbols, etc., that potential sales and potential profits for Hershey from free advertising will be higher. Stock prices reflect future earnings.
I will soon introduce legislation to mandate that legislators disclose any Hershey stock and the stock of any other company with ownership interest in state symbols that they own similar to the way that legislators have to disclose any financial interest in casino ownership. In addition to the Statement of Financial Interests, legislators currently must report on a separate form any casino ownership interest. A separate form would also be required with my legislation regarding ownership in Hershey stock.
The only state symbol owned by a company so far would be Hershey if the state candy legislation becomes law and a disclosure form would be required. If we make Straub or Yuengling the official state beer, ownership interests would have to be made for that as well.
As we shift to corporate ownership of state symbols, we need a system in place to have complete transparency that the disclosure forms would provide.
I would greatly appreciate your co-sponsorship of this legislation.
I will soon introduce legislation to mandate that legislators disclose any Hershey stock and the stock of any other company with ownership interest in state symbols that they own similar to the way that legislators have to disclose any financial interest in casino ownership. In addition to the Statement of Financial Interests, legislators currently must report on a separate form any casino ownership interest. A separate form would also be required with my legislation regarding ownership in Hershey stock.
The only state symbol owned by a company so far would be Hershey if the state candy legislation becomes law and a disclosure form would be required. If we make Straub or Yuengling the official state beer, ownership interests would have to be made for that as well.
As we shift to corporate ownership of state symbols, we need a system in place to have complete transparency that the disclosure forms would provide.
I would greatly appreciate your co-sponsorship of this legislation.
Document
Introduced as HB 2262
Last Updated
March 28, 2024 11:07 AM
Generated 03/24/2025 01:26 PM