PROVIDENCE, R.I. – The US Securities and Exchange Commission has opened an investigation of Rhode Island's bond offerings.
State Treasurer Gina Raimondo says the SEC told her about the investigation on Monday. Raimondo, who started in her job last month, says the reason for the probe hasn't been identified. But she says the SEC has raised its scrutiny of the disclosure provided by states about their unfunded pension liability.
"If you have been reading, you know, Wall Street Journal, New York Times, there's a list of states that they mention that have large and growing unfunded pension liabilities - and Rhode Island is always on the list," Raimondo says. "So I can't say that I was shocked to get the phone call."
Raimondo earlier this week launched an assessment of her office, including what she calls a comprehensive review of the state's bond disclosure practices.
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