The Kansas securities commissioner is proposing a constitutional amendment to prevent federal government takeovers of the state's businesses.
Commissioner Aaron Jack said Tuesday the amendment would protect private property rights. He says the federal government should not be a vested owner in private enterprise.
Jack told The Topeka Capital-Journal the amendment would have inhibited the federal government from acquiring shareholder stakes in more than 900 businesses — including 17 banks in Kansas — four years ago during the recession.
The proposed constitutional amendment has been introduced in the House and Senate. It would need a two-thirds majority of both chambers before it would be placed on a statewide ballot. A simple majority of Kansas voters would need to approve it to amend the constitution.