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Raimondo Statement on Central Falls

PROVIDENCE, R.I. – General Treasurer Gina M. Raimondo today released the following statement regarding the City of Central Falls.

“While today’s difficult decision by Governor Chafee to file for bankruptcy was not made lightly, I am hopeful this means the citizens of Central Falls can begin to move forward and rebuild their community.

“Given today’s action, the governor and I are even more resolved to pursue comprehensive pension reform this fall to protect other state and municipal retirees and employees as well as taxpayers from the heartache of the drastic measures being taken in Central Falls. None of these groups did anything wrong and allowing this to happen again is unacceptable.

“The Governor, General Assembly and I have an opportunity to move swiftly and thoughtfully to find a comprehensive pension solution that provides for retirement security as well as affordability. The time for state leaders to act is now, so we avoid future catastrophe.

“As Treasurer, I do not expect today’s move to hinder the state’s ability to access the bond markets in the coming months.”

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Related links

Department or agency: RI Office of the General Treasurer

Online: http://www.treasury.ri.gov/

Release date: 08-01-2011

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