Conn. GOP Slams $22 Million Loan Package For Hedge Fund

May 24, 2016

Connecticut Senate Minority Leader Len Fasano (R-North Haven) addresses the Senate at the state Capitol in Hartford, Conn., in 2015.
Credit Jessica Hill / AP

Republican leaders in the Connecticut General Assembly are criticizing plans by Democratic Governor Dannel P. Malloy's administration to approve a $22 million loan and grant package for one of the world's largest hedge funds.

On Monday Senate Minority Leader Len Fasano (R-North Haven) questioned why Bridgewater Associates will receive "tens of millions of dollars in handouts" while programs that serve vulnerable citizens are being cut.

Department of Economic and Community Development Commissioner Catherine Smith says the loan and grant package is a great investment that will create 750 new, well-paying jobs and retain 1,400 existing jobs.

Smith says Bridgewater is spending $527 million to upgrade its Connecticut facilities, which will benefit the construction industry.

The State Bond Commission is expected to approve the funding Friday.