Wallingford, Francis named to Missouri House chairmanships

Wayne Wallingford (R-147) of Cape Girardeau and Rick Francis (R-145) of Perryville were named this week by House Speaker Rob Vescovo of Arnold, Missouri, to chair two committees dealing directly with financial issues in the Missouri General Assembly's 163-member lower chamber.

Tax policy

Wayne Wallingford

Wallingford, 74, elected to the House in November following eight years in the state Senate, will head the Ways and Means Committee.

"I'm excited to be in this influential role because we deal with all tax policy, about lowering taxes and raising taxes," he said.

According to the description on the Missouri House website, Wallingford's panel deals with "revenue and public debt of the state ... and the administration of taxation and revenue laws."

Rick Francis of Perryville (R-145)courtesy Missouri House of Representatives

Ways and Means was Wallingford's second choice for a committee chairmanship, noting his top choice was Public Safety, Law Enforcement and Veterans Affairs.

Wallingford is a Vietnam veteran credited with more than 300 missions as a combat navigator in the U.S. Air Force.

Lender oversight

Rick Francis

Francis, 62, has been in the House since 2017 and was named by Vescovo to lead the Banks and Financial Institutions Committee.

According to a description on the House website, Francis' panel will consider all bills related to "banks, banking, savings and loans and other financial institutions."

One of his areas of concern are payday loan vendors.

"Some states are removing the ability for these (vendors) to operate," Francis said, "but the fact is there are people who don't have a relationship with a bank, a credit union or an S&L."

Francis said people deserve to have the opportunity, if they choose, to obtain a payday loan.

"These loans are regulated (and) so long as the (vendors) are transparent and above board in their dealings, our job is to ensure our residents are not taken advantage of in these situations," he said.

Francis, a farmer and a former teacher, coach and school administrator, also wants to "tighten up" so-called PACE loans.

PACE, the Property Assessed Clean Energy program, allows local governments to raise money mainly through issuing bonds to fund energy efficiency and renewable energy projects to eligible property owners.

The improvements, according to the Missouri Department of Natural Resources (DNR), are financed through a special assessment on property tax bills payable over 20 years.

"Let's say your furnace goes out, you don't have the money to fix it but you don't want to be cold either, a program like PACE can make it happen," Francis said, adding some homeowners may not realize repayment must be made.

"I'm struggling with this," he added, noting his office is drafting a bill "to clear up the confusion."

The PACE loans, according to DNR, do not require an upfront payment but they do create debt collateral and possible default for the property owner if the real estate tax assessment is not paid.