PROVIDENCE, R.I. -- On the final day of the 2013 session, the Rhode Island House and Senate have struck a compromise on their competing proposals to overhaul the much-maligned Economic Development Corporation in the wake of the 38 Studios fiasco.
The plan, introduced Wednesday by Sen. Ryan Pearson, D-Cumberland, creates a new, governor-appointed Secretary of Commerce to serve as the state's primary advocate on economic development matters, starting Feb. 1, 2015.
The secretary would head up an Executive Office of Commerce, which would absorb the state Department of Business Regulation, Office of Regulatory Reform and certain duties related to housing and community development.
That proposal is now before the Senate.
Under another bill also making its way through the Assembly Wednesday, the proposed commerce secretary would also serve as CEO of the quasi-public state Economic Development Corporation, which would be re-named the "Rhode Island Commerce Corporation."
The agency would still be charged with managing the state's various loan and business incentive programs, but it would now have to follow stricter reporting requirements, such as submitting to regular audits, providing reports to the Assembly, and establishing clear performance measures and other metrics for its programs. It would also have a new chief operating office to oversee day-to-day operations.
On other economic development matters, the House and Senate both approved and sent to Governor Chafee for his action a bill creating a new, nine-member council of economic advisers to collect economic data and information for the state.
The council would include a number of state officials such as the commerce secretary, as well as members of the public.
The Assembly also sent to the governor a bill requiring the state to prepare a comprehensive economic development plan and revise it every four years.
The 11th-hour compromise, even if approved by both chambers, still faces an uncertain fate.
Governor Chafee has said he would veto any plan that would lead to a major bureaucratic re-shuffling.