To the Editor,
On March 29th, Louisiana voters wisely rejected a State Constitutional Amendment that would have destroyed a multi-million-dollar educational savings account. This account, the Louisiana Educational Excellence Fund, has purchased classroom needs in our state’s public and private schools for 34 years. I led the fight to establish this savings account as a member of the Louisiana Senate in the 1990s.
Louisiana people have seen too much bad public policy favoring special interests. LEEF is the opposite. It originated from the state’s successful lawsuit against big tobacco companies whose products kill thousands of our state’s residents. With help from legislators of both parties, I was able to devote $1 billion of the $4-billion tobacco settlement to education. This money is carefully invested in secure, government-backed securities, and the resulting interest is made available to public and private school systems throughout our state.
Bobby Jindal raided LEEF during his tenure, and with Amendment No. 2 Jeff Landry and his Legislature tried to finish the job. Despite their misguided efforts, LEEF survives with a balance of $482 million. Its earnings buy computers, art supplies and other classroom enhancements for teachers throughout Louisiana each year.
I think most Louisiana residents agree with me that our teachers deserve better pay. But we are smart enough not to liquidate a trust fund that consistently benefits schoolchildren in our public and private schools.
FOSTER CAMPBELL
Public Service Commissioner
Bossier City