Rhode Island To Restructure Economic Development Corporation
Governor Donald L. Carcieri today joined Senate President M. Teresa Paiva Weed, House Majority Leader Gordon Fox, Senator Walter Felag, Representative Donna Walsh, Al Verrecchia, chairman of the Governor’s Economic Development Review Panel, and members of the business community at a ceremony to officially sign into law S 945 Substitute A & H 6245 Substitute A, as amended, legislation that reconstitutes the Economic Development Corporation (EDC) board of directors and defines the term of employment for an EDC executive director.
The legislation expands the board of directors from nine members to 13 members, and shall reflect the geographic diversity of the state, with one member representative of higher education. The Governor will continue to serve on the Board, as chairperson, and shall appoint the remaining members, subject to the advice and consent of the senate.
The legislation also defines the term of employment for the position of executive director of three years, allowing for the state to better attract and retain a candidate and to maintain a consistent economic development policy free from political changes.
“Throughout the course of my administration, we have made it a priority to put forward-thinking measures in place to make both government and our state work better. This legislation will serve as a strong foundation for us to foster progressive economic change for Rhode Island,” said Governor Donald L. Carcieri. “It will also help us chart a more stable course of action to make Rhode Island more competitive, create jobs and spur the growth of a knowledge-based economy.”
“Additionally, it will assist us in our collective efforts to attract new growth industries to our state. All told, this legislation will put Rhode Island on stronger economic footing, and it will have long-term benefits for our business community and for our residents. It has taken a lot of hard work to bring us to where we stand today. This was a collaborative process and the spirit of cooperation we have seen has served as a great model for public-private partnerships,” continued Governor Carcieri.
In December 2008, Governor Carcieri established the Rhode Island Economic Development Corporation Review Panel, chaired by Al Verrecchia and comprised of leaders from all sectors of our community including business, labor and government. The review panel was charged with conducting a comprehensive assessment EDC’s mission, organizational structure, governance and staffing, and to develop a set of strategic recommendations to improve the EDC and its role in our economy.
In April, the review panel completed its review, and put forth a series of recommendations which included drafting legislation to reconstitute the EDC Board and provide for continuity of leadership at EDC by providing a three year contract to the agency’s director.
President of the Senate M. Teresa Paiva Weed (D – Dist. 13, Newport, Jamestown) said, “The signing of this legislation represents the culmination of many months of effort to improve the effectiveness of the EDC. I commend Senator Felag and all of the panel members for their dedication to economic development and job growth in Rhode Island. It is absolutely vital that we ensure EDC is a vibrant, effective agency focused on building a robust Rhode Island economy.”
House Majority Leader Gordon Fox said, “This legislation will enable us to strengthen our economic development efforts and guide us toward a more prosperous future. This bill will solidify our commitment to job growth and create the conditions that attract large and small businesses to invest in Rhode Island. I am confident that the reconstituted EDC will be extremely aggressive in creating the jobs we need to help bolster our economy.” Senator Walter S. Felag, Jr. (D – Dist. 10, Bristol, Tiverton, Warren) said, “This legislation implements some of the recommendations of the review panel to create a stronger, more effective economic development agency. It is a result of a cooperative effort among a diverse group with common objectives: job growth; a vibrant Rhode Island economy; and an EDC that is focused on and effective at helping existing companies – large and small – retain and create jobs as well as attracting new companies to the state.”
“I asked to serve on the review panel and sponsored this legislation because I recognize that economic development and a strong EDC are paramount in creating the jobs we need to improve our state’s financial fortunes,” said Representative Donna Walsh.
Al Verrecchia, review panel chair, said, “We are very pleased with this new legislation as the EDC Review Panel felt strongly that the new director should have a 3 year term and the EDC board should be expanded in order to provide stronger, more focused governance.”
The review panel members included Al Verrecchia, Chairman of the Board of Directors and former President and CEO of Hasbro; Ed Cooney, Vice President and Treasurer of Nortek and Chairman of the Greater Providence Chamber of Commerce; Paul Choquette, Chairman of Gilbane, Inc.; George Nee, President of the Rhode Island AFL-CIO; Marc Crisafulli, partner at the law firm of Hinckley, Allen & Snyder, LLP; Stephen Lane, Co-founder and CEO of Item Group; and Sue Stenhouse, Director of Community Relations for Governor Carcieri. In addition, Representative Donna Walsh and Senator Walter Felag served on the panel as representatives of the House and Senate respectively.
Topics: Economic Development Corporation, economic growth, econoomic development policy, EDC, employment, Governance, growth industries, jobs, knowledge based economy, political changes, politics, Rhode Island, U.S., United States
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