Representative Anthony Giarrusso To Testify Before House Finance Committee On Legislation To Rein in Spending by the RI Commerce Corporation
STATE HOUSE -- On Tuesday, May 16, 2017, Senior Deputy Minority Leader Anthony Giarrusso (R-District 30 East Greenwich, West Greenwich) will testify before the House Finance Committee on legislation (H-6149) he has submitted, to amend the current “Rhode Island Commerce Corporation” law, to protect taxpayers from unnecessary spending by the Rhode Island Commerce Corporation.
Under Representative Giarrusso’s legislation, the Rhode Island Commerce Corporation would be required to seek approval from the General Assembly before loaning any funds or providing financial assistance of more than five million dollars.
Representative Giarrusso stated, “I am sick and tired of seeing taxpayer money wasted. Our state cannot afford to spend money at the whim of a state agency with a literal blank check. My legislation is designed to help make our government more open and transparent, by giving state Representatives, the opportunity to vet state investments before the state spends taxpayer money. It’s the perfect checks and balances system.”
He added, “It’s clear we need this mechanism in place. Recently, and most unfortunately, the Rhode Island Commerce Corporation agreed to pay a $50,000.00 penalty to settle a lawsuit brought against it by the U.S. Securities and Exchange Commission over the agency’s role in issuing a $75 million bond for 38 Studios. We all know who pays for this, the Rhode Island taxpayer who never signed up for it, to begin with. My legislation will stop this from happening ever again.”
“My legislation would mandate the General Assembly to review any loans over $5,000,000.00 to make sure the Rhode Island Commerce Corporation is making sound investments, so they don’t run into the same trouble as we’ve seen in the past, because Rhode Island simply cannot afford it,” he concluded.
House bill 6149 is co-sponsored by House Minority Leader Patricia Morgan (R-District 26 Coventry, Warwick, West Warwick) and Representatives Kenneth Mendonça (R-District 72 Middletown, Portsmouth), Robert Nardolillo (R-District 28 Coventry), and Bob Quattrocchi (R-District 41 Scituate, Cranston).
For more information, contact:
Raina C. Smith, House Minority Office
State House Room 106
Providence, RI 02903