PROVIDENCE, R.I. – Governor Lincoln D. Chafee held a signing ceremony on September 7 to mark the recent passage of two important bills by the General Assembly at the request of General Treasurer Gina M. Raimondo. House Majority Leader Nicholas Mattiello and bill sponsors attended.
H. 5585 and S.858 created the Ocean State Investment Pool which will help the state and municipalities better manage and improve the investment performance of their liquid assets. Liquid assets are used by the state, cities and towns for day-to-day operations, such as payroll and operating expenses.
In the House, the bill was sponsored by Majority Leader Nicholas Mattiello (Cranston), Rep. Lisa Tomasso (Coventry and West Warwick), Rep. Jon Brien (Woonsocket), Rep. Michael Marcello (Scituate and Cranston) and Rep. Joy Hearn (Barrington and East Providence). In the Senate, Senator Walter Felag (Bristol, Tiverton, Warren) sponsored the legislation.
Amendments to H. 5787 and S. 741 increases the emergency compensation amount for burial expenses from $5,000 to $8,000 and provides up to $2,000 for crime scene clean-up. This funding is administered by the Crime Victim Compensation program, which is part of the Treasurer’s office.
In the House, the bill was sponsored by Rep. Patrick O’Neill (Pawtucket) and Raymond Johnston Jr. (Pawtucket). Senator Donna Nesselbush (Pawtucket) sponsored the legislation in the Senate.