House Oversight Committee

Politics
9:13 am
Tue June 10, 2014

Bill Looks To Create Commission To Investigate State Loan Programs

A new bill would create a commission to investigate state loan programs.
Credit RIPR FILE

A bill slated to be considered Tuesday by the House Finance Committee would create a commission to investigate loan programs like the one that funded 38 Studios. House Speaker Nicholas Mattiello has opposed the idea of lawmakers using subpoenas to probe 38 Studios.

The bill sponsored by state Representative Michael Chippendale (R-Foster) would create a nine-member panel to investigate unsuccessful state loan programs. Chippendale said it’s important to press for answers even if the state budget being voted on later this week includes money to pay back 38 Studios’ investors.

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General Assembly
8:46 am
Thu April 10, 2014

House Oversight Committee Meets For First Time With New Leadership

The House Oversight Committee meets for the first time since its leadership change.
Credit Don Boorman / RIPR

The House Oversight Committee will hold its first meeting Thursday since recently getting a new chairwoman.  The new chair has been a sharp critic of paying back bondholders who invested in failed video game company 38 Studios.

After winning his post last month, House Speaker Nicholas Mattiello ousted his rival for the speakership, Michael Marcello, from the chairmanship of House Oversight. He replaced Marcello with Representative Karen MacBeth of Cumberland, who sharply criticized last year’s payment to bondholders in 38 Studios.

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Politics
8:39 am
Thu August 8, 2013

House Oversight Committee Continues Hearings on 38 Studios

The House Oversight Committee reconvened to examine the state's failed investment in video-game company 38 Studios.
Credit RIPR FILE

A legislative committee Wednesday held the fourth in an ongoing series of oversight hearings on Rhode Island’s investment in failed video game company 38 Studios. Committee members had different views on the value of the meeting.

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Politics
10:13 am
Wed August 7, 2013

House Oversight Committee Set To Examine Investment in 38 Studios

The House Oversight Committee with convene to examine the state's failed investment in 38 Studios.
Credit Don Boorman / RIPR

The House Oversight Committee is set Wednesday to examine the state’s losing investment in failed video game maker 38 Studios.

The General Assembly ended the legislative session last month. But members of the House Oversight Committee are returning to Smith Hill  to examine Rhode Island’s misadventure with 38 Studios.

The discussion will focus on documents obtained from the state Economic Development Corporation about the EDC’s approval of bonds for 38 Studios. The video game company was lured here with a $75 million  state-backed guaranteed loan in 2010.

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Politics
9:03 am
Tue June 25, 2013

Lack of Independent Monitoring Factored Into 38 Studios Debacle

Legislative testimony shows that independent monitoring wasn’t put in place for 38 Studios before bonds were sold to fund the ill-fated video company.  The state Economic Development Corporation told investors that IBM would perform third-party monitoring of 38 Studios.

The issue of independent monitoring was discussed during a House Oversight Committee meeting earlier this month. In a document similar to a prospectus, the EDC told investors it hired IBM in September 2010 to monitor 38 Studios’ performance.

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