Letter: McKendall Wrong About Oversight

Sen. James Sheehan responds to a recent letter from his Republican opponent.

Dear editor, I was puzzled by the recent letter submitted by my Tea Party Republican opponent Tina McKendall. She correctly stated that I championed new laws to regulate quasi-public agencies like the Economic Development Corporation (EDC).  But, she somehow twists that to suggest I support more regulation on non-governmental, private sector businesses, which is absurd. The EDC is a publicly owned, privately-acting government agency. I was surprised that my opponent apparently did not know the difference. The 38 Studios debacle clearly showed us we need to assert more oversight, not less on quasi-public agencies, particularly the EDC!  The gross lack of fiduciary responsiblity also made obvious to everyone what I've been saying for years…

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Jack Brophy

5:23 pm on Monday, October 15, 2012

NK_Voter, in general, I agree. We all know that guy in Washington loves big government and we don't need more of that on the state level. But, a quasi-gov entity can work when those making the calls are business people. It does work and is not a matter of opinion. Mass has done it well and has created thousands of jobs and millions in tax revenue. Oversight is key, as well. Sheehan advocates for …   more ›

Letter: RI Needs to Be Bold in Rebuilding Our Economy

Sen. James Sheehan speaks about RIPEC's proposal and the future of the state's economy.

To the editor,   In a presentation to the General Assembly’s Joint Committee on Economic Development, the Rhode Island Public Expenditure Council outlined proposals for a restructuring of the way the state pursues economic growth. RIPEC – an independent, nonprofit public policy research organization, recently released a report on its study of the Rhode Island Economic Development Corporation that focused on the essential functions, structure and resources of the EDC. The report was prompted, in large part, by the collapse of 38 Studios, which received $75 million in EDC-backed loans. As a co-chair of the joint committee, I welcomed the RIPEC report and presentation, and compliment the organization for its initiative and effort and its …

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AP: NK Senators Butt Heads Over 38 Studios Oversight

North Kingstown's two state senators butt heads over the 38 Studios debacle.

North Kingstown's two state senators' differing opinions on probing the failed 38 Studios have come to light following a review of legislative correspondence by the Associated Press. AP reports that Sen. Dawson Hodgson (R - North Kingstown, East Greenwich, Narragansett, and Exeter) asked Sen. James Sheehan (D- North Kingstown and Narragansett) twice in August to convene hearings into 38 Studios. This summer, the video game studio led by former Boston Red Sox pitcher Curt Schilling collapsed after receiving a $75 million loan guarantee from the state. Sheehan – who heads the State Senate's government oversight committee – denied the requests, citing the inquiries into the controversy could interfere with the current investigations. …

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Hodgson Warns of Backroom Deals

Senator Dawson Hodgson (R - North Kingstown, East Greenwich) warns constituents to pay attention to backroom and last-minute deals.

EDC Official Resigns; 38 Studios Staff Laid Off

Helena B. Foulkes is the second state official to resign in the last week amidst the 38 Studios controversy.

Economic Development Corporation Vice Chairwoman Helena B. Foulkes has resigned, reports the Providence Journal, the second state official to resign amidst the controversy surrounding 38 Studios, which reportedly has laid off its staff. "I have discussed with the governor his plans for the Board at the EDC, and I think it is best at this time I resign. I wish him good luck in this very difficult challenge," Foulkes said. Gov. Lincoln Chafee appointed Foulkes to the EDC last year. Foulkes' resignation comes after EDC Chairman Keith Stokes stepped down last Thursday in the wake of the controversy surrounding Curt Shilling's video game company. The company, headed by the former Red Sox pitcher, defaulted on a $1.125-million payment to the …

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Concerned Resident

10:11 am on Thursday, May 31, 2012

Guessing it's difficult to reason in one area when it is lacking in other aspects especially when he feels he is among the chosen few as a king with RI being his disciples.   more ›

EDC Head Resigns, Ehrhardt Calls For Loan Caps Following 38 Studios Controversy

The head of the state's Economic Development Corporation has stepped down following the controversy of Curt Schilling's 38 Studios.

Keith Stokes has stepped down as the head of the Rhode Island Economic Development Corporation amid the controversy surrounding Curt Schilling’s videogame company 38 Studios, according to the Providence Journal. The company, headed by the former Red Sox pitcher, defaulted on a $1.125-million payment to the state on May 1. On Wednesday, Schilling and members of 38 Studios met with state and EDC officials in an emergency meeting that was closed to the public. In 2010, EDC approved a $75-million guaranteed loan to the videogame company following 38 Studios’ promise to bring 450 jobs to the state by the end of 2012 and moved its business from Massachusetts to Providence. Stokes, a longtime board member of the EDC, was appointed by former Gov. …

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