Representative Bob Quattrocchi to Testify on Legislation Focused On Bringing Accountability to State Spending
STATE HOUSE -- On Tuesday, May 16, 2017, Representative Bob Quattrocchi (R-District 51 Scituate, Cranston) will testify before the House Finance Committee on legislation he has submitted, which would remove politics and political favors from state government spending. Quattrocchi will testify on House bills 5244 and 5372.
House bill 5244 would prohibit the general assembly and any governmental or quasi- governmental entity created by it, from issuing moral obligation bonds not secured by the full faith and credit of the state or revenues.
According to Representative Quattrocchi, “It’s high time we stop using moral obligation bonds. In 2010, the state of Rhode Island offered a $75 million financing package, using moral obligation bonds, to attract Curt Schilling’s video game company to Rhode Island. Two years later, Schilling’s company, 38 Studios went bankrupt. It caused hundreds of people to lose their jobs and put the state’s credit rating at risk. Now, because of these moral obligation bonds, we have to pay this money back, even though we have nothing to show for it. We cannot continue to run our state in this manner, it’s not responsible to taxpayers.”
House bill 5372 would prohibit legislative grants awarded by the general assembly through the state budget.
“Legislative grants are nothing more than a tool for politicians to ingratiate themselves to their constituents, who are potential future votes. Taxpayers should not be forced to pay for financial handouts, which primarily benefit them,” said Quattrocchi.
For more information, contact:
Raina C. Smith, House Minority Office
State House Room 106
Providence, RI 02903