Connecticut State Senate OKs Deficit Mitigation Bill

May 31, 2017

The Connecticut Senate has passed a bill that would close the state’s fiscal deficit for this year. The unanimously approved measure plugs a $317 million hole, mostly by drawing on the state’s rainy day fund.

The Senate decided to reject plans by Governor Dannel Malloy to make cuts to state parks and hospitals, or claw back funds from towns. The House must now debate the bill.

Cohen Plans Comeback

A Connecticut-based disgraced hedge fund manager is ruffling feathers among securities regulators, by apparently planning a big time comeback.

Steve Cohen, the former manager of SAC Capital, was never the subject of criminal charges, but the Securities and Exchange Commission wanted him barred from money management for life, after an extensive investigation of insider trading at SAC. Instead, in a settlement, he was banned for five years.

Now he’s reported to be attempting to begin a new fund with as much as $20 billion under management.

Rate Hearings Set

The state’s Insurance Department has announced a public hearing on some of the rate increases proposed by health insurers.

Anthem and ConnectiCare, the two companies providing plans on Connecticut’s health care exchange, will be asked to outline why they’ve requested double digit increases at the hearings on June 14.

The public will have an opportunity to respond -- the events will be held at the insurance department’s headquarters in Hartford.