Projo Biz Blog

By Benjamin N. Gedan
Journal Staff Writer

PROVIDENCE, R.I. -- The panel appointed by Governor Carcieri to review the Rhode Island Economic Development Corporation wants the corporation's entire board to resign immediately so new appointments can be made, according to details released just prior to a 10 a.m. news conference at the State House.

Led by Hasbro executive Alfred J. Verrecchia, the panel is also recommending a nationwide search for an "experienced, professional, economic development executive" to run the agency. The panel has been scrutinizing EDC operations since December.

In addition, the panel is calling for the abolishment of the Economic Policy Council, the governor's economic advisory board, which was recently folded into the Economic Development Corporation.

Verrecchia is expected to talk Tuesday about the committee's process as it developed the recommendations, according to the governor's office.

The EDC has been under tremendous pressure to enliven the state's slumbering economy. Rhode Island is suffering from a 10.5-percent unemployment rate, the highest level in three decades and the sixth worst in the nation.

The EDC held a closed-door meeting Monday at the State House, where board members spent two hours discussing the future of the agency.

-- Journal staff writer Kate Bramson also contributed to this report.

 Tags  economy EDC Governor Carcieri panel Providence RI resign Rhode Island Economic Development Corporation

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