Seth Magaziner

Katherine Doherty / RIPR

With the state pension fund, Rhode Island will use its shareholder vote to promote diversity on corporate boards.

General Treasurer Seth Magaziner says the state will vote against boards with fewer than 30% women or racial minorities, for companies in which the state pension fund invests.

Magaziner said the new policy will promote diversity in corporate businesses, which will lead to better performance.

Providence Business News Editor Mark Murphy joins Rhode Island Public Radio's Dave Fallon for our weekly business segment, The Bottom Line.  

This week Mark and Dave chat with Rhode Island General Treasurer Seth Magaziner about the health of the state pension plan, and how to manage the state's $1.2 billion public debt.

When to listen:

You can hear The Bottom Line each Friday at 5:50 p.m.

Do you have insight or expertise on this topic? Please email us, we'd like to hear from you. news@ripr.org  

There's just one week until Christmas, so I want to wish a very happy holiday season to my readers, and offer my thanks for stopping by in 2015. (Program note: TGIF is taking next week off and will return December 31.) As usual, your tips and comments are welcome, and you can follow me through the week on the twitters. Here we go.

John Bender / RIPR

Two new firms will be taking over the management of the state’s $7 billion CollegeBound fund. The fund was created in 1998 to help Rhode Islanders save money for college.

State Treasurer Seth Magaziner led the move to change management of the CollegeBound fund. He saidparticipants will benefit from the hiring of the highly rated investment company Invesco and Ascensus, the nation’s biggest administrator of so-called 529 college savings programs.

Ian Donnis/File Photo / RIPR

State General Treasurer Seth Magaziner is making deputy treasurer/chief legal counsel Jeff Padwa his chief of staff following the departure of Andrew Roos earlier this month.

Padwa, formerly city solicitor in Providence, has been active in Democratic politics and co-chaired President Obama's Rhode Island campaign in 2008. He joined Treasury when Magaziner took office in January.

Capitol TV

At a time when a US nuclear agreement with Iran remains the subject of sharp debate, a two-year-old law calling for Rhode Island to divest from companies doing business with Iran has failed to result in the divestment of any money.

Ian Donnis/File Photo / RIPR

Andrew Roos, who joined Gina Raimondo as chief of staff in 2013 as she was gearing up for her successful gubernatorial run and who remained in that role for state General Treasurer Seth Magaziner, announced Tuesday he's leaving for an unspecified private sector job. In related news, David Ortiz, who has led communications at City Hall for Mayors Angel Taveras and Jorge Elorza, is joining Magaziner's staff as communications director.

John Bender / RIPR

A non-profit financial group has a plan to help more Rhode Islanders buy cars. State leaders say the service fills a much needed gap.

Before she got her new vehicle, Cranston resident Shirlie Martinez said she and her young daughter worried every day about her 19-year-old car.

“It would be nerve-racking in the morning to know, well, maybe my car won’t start, therefore I can’t go to work, and she can’t go to school.”

Rhode Island General Treasurer Seth Magaziner is weighing in on the legal challenge to the settlement over the state pension overhaul, whether he is considering a run for the governor’s office, and more.

Magaziner sat down with Rhode Island Public Radio News Director Elisabeth Harrison and RIPR Political Analyst Scott MacKay.

Elisabeth Harrison / RIPR

The uphill battle to improve Rhode Island's economy, an appeal of the state pension settlement, and the mysterious explosion on Salty Brine Beach. That's all part of the conversation this week on Political Roundtable.

Rhode Island Public Radio’s Elisabeth Harrison hosts; Ian Donnis is away. We're joined, as always, by URI political science professor Maureen Moakley and RIPR's political analyst Scott MacKay.

Manuel C. Correira

The flags and bunting adorn the handsome colonials and Greek Revivals along Hope Street, the hydrangeas are blooming and a fresh stripe of red, white and blue has been painted along the July 4th parade route downtown.

The parking lot at the Lobster Pot was clogged yesterday, the Celtic music session at Aidan’s was standing-room only and Independence Park was jammed with revelers listening to a Jimmy Buffet cover band.

General Treasuer Seth Magaziner is unveiling a series of nominees to the State Investment Commission and the State Retirement Board.

Magaziner is nominating Rober Benson and Marie Langlois to the Investment Commission, and re-nominating Marcia Reback. For the Retirement Board, Magaziner is nominating Marianne Monte.

The treasurer's office provided the following background on nominees.

Ian Donnis / RIPR

State Treasurer Seth Magaziner on Tuesday unveiled an initiative to bring more transparency to his office.

Magaziner says his initiative will make the treasurer’s office a national leader in transparency. For example, he said one new policy requires investment fund managers that want state business to disclose information about their finances.

State Treasurer Seth Magaziner is calling on federal regulators to require all publicly traded corporation to disclose their political contributions.

Magaziner makes the request in a letter written with four other state treasurers to the US Securities and Exchange Commission.

In their letter, the treasures say far too many companies can hide their political contributions from public view. They say the SEC needs to adopt a comprehensive approach to bring more sunlight to corporate campaign contributions.

Rhode Island’s General Assembly today will commemorate the centennial anniversary of the Armenian genocide. Rep. Katherine Kazarian, D-East Providence, will introduce a resolution calling on President Obama to formally recognize the genocide.

In a joint ceremony with the Armenian National Committee of Rhode Island, the ceremony will feature clergy from the state’s three Armenian churches, followed by the presentation of colors and the singing of Mer Hairenick, the Armenian national anthem. A speaking program is also planned.

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