For Release: July 16, 2007
Contact: J. Tucker Martin or David Clementson
Email: tucker.martin@oag.state.va.us or dclementson@oag.state.va.us
Phone: 804-786-2071
Virginia Ranked #2 in Nation for Business Liability Climate
Pro-Business Policies Provide Foundation for Continued Economic Growth
Richmond - Attorney General Bob McDonnell announced today that Directorship magazine, a prominent national publication in the business community, has ranked Virginia #2 in the nation for its pro-business climate. The 50-state survey, conducted by the American Justice Partnership, found that Virginia’s liability policies make the state one of the best in the country when it comes to ensuring a positive environment for free enterprise. The survey was released in late June.
Specifically, the “Directorship” national survey notes of Virginia: “The liability climate in Virginia is conducive to growth and job creation. Virginia has the second lowest insurance loss ratios in the nation. The Commonwealth abolished joint liability and enacted reasonable limits on punitive damages among other reforms. The Virginia Supreme Court, which is elected by the General Assembly, has a rule-of-law majority. Since 1993, Virginia has elected attorneys general who were all active legal reform leaders, including the incumbent Attorney General Bob McDonnell. As a member of the House of Delegates, General McDonnell introduced several liability reform bills that were signed into law."
Speaking about the ranking, Attorney General McDonnell noted, “Expensive and excessive litigation leads to higher costs for consumers, less jobs for our citizens, and slowdowns in economic growth. It discourages investment and has a negative effect on the expansion of the free market. Money that Virginia companies spend fighting lawsuits is money not spent expanding facilities, conducting research, and hiring Virginia workers. This ranking is a bipartisan achievement. Virginia’s pro- business climate and policies will continue to attract new companies to the Commonwealth in the years ahead, to the benefit of all who call Virginia home.”
In addition to the “Directorship” ranking, both CNBC and Forbes magazine have recently ranked Virginia as the best place in the country to do business.
As Attorney General, McDonnell has put a focus on promoting and protecting the free market. His Government and Regulatory Reform Task Force meets regularly in an ongoing effort to identify and remove excessive and burdensome regulations in the state code. Last month the Task Force produced 63 new recommendations for regulations that should be eliminated or streamlined.
Click here to read the full article on the survey and Virginia’s ranking.
