We came out with not one, but two new videos this week! Please check them out, leave comments, and share them with friends. The first video about Frank Caprio's 'bait and switch' on taxes - saying one thing and doing another:
When it comes to pay to play politics, Frank Caprio is a master of the game. Rhode Island needs a new way forward - not more corruption and cronyism. Please watch my latest TV ad about pay to play, leave your comments, and share the video with your friends.
As Mayor of Warwick, I created a transportation hub at T.F. Green Airport by connecting the terminal to the train line. This project will create thousands of jobs, and as Governor, I will bring even more jobs to Rhode Island. Please watch my latest TV ad about this important project, leave your comments, and share the video with your friends.
Yesterday I released my pension plan for Rhode Island’s future. It is clear that the current system is unsustainable and that reform must take place to ensure the long-term health of our state.
My plan is comprehensive, realistic, legally viable, and honest. And, most importantly, I am the only candidate who addresses both the state and municipal pension crises that are jeopardizing the future of our state.
Please take a few minutes to read my plan.
Pension reform is just one piece of my vision for a new way forward for Rhode Island, one based on honesty, integrity, and independence.
Lincoln Chafee's 10-point plan will leverage the $125 million Rhode Island Loan Guaranty Fund to maximize job creation while limiting taxpayer risk. As Governor, he will lead the Economic Development Corporation in a prudent, new direction, with a single ultimate goal: to create more high paying jobs in Rhode Island. He will work with the General Assembly and the business community to enact the necessary legislative changes to accomplish job creation objectives for Rhode Island and end the insider deals like 38 Studios that recklessly gamble taxpayer dollars.
The 10-point plan is guided by three principles: encouraging and rewarding job creation, investing in management and/or businesses with a proven track record of success, and limiting taxpayer risk through diversification and an open and transparent process. The 10 points are as follows.
1) Conduct a nationwide business plan competition (similar to a Request for Proposal (RFP) process) that solicits innovative job creation proposals from compelling businesses and entrepreneurs interested in establishing, relocating or expanding their business in Rhode Island.
2) Aggressively recruit Rhode Island companies and local entrepreneurs to participate in the new Rhode Island Loan Guaranty Fund business plan competition.
3) Establish and conduct an open, public and transparent Rhode Island business plan competition process (while respecting business confidentially concerns), so that taxpayers and other interested stakeholders have confidence in its results.
4) Depoliticize and professionalize the jobs plan competition by involving leading organizations such as the Greater Providence, Central Rhode Island, Newport, Blackstone Valley and other area Chambers of Commerce, the state's public and private universities, and other jobs-centric private and public institutions to assist with the business plan competition review and analysis.
5) Expand the focus of the Rhode Island Loan Guaranty Fund to accelerate job creation by building upon Rhode Island's existing assets, such as (a) medical/health/life sciences investments in the new Knowledge District of Providence, (b) investments in renewable, environmentally friendly technologies - such as green energy investments at Quonset, and (c) businesses that can maximize existing government investment at the new Station District at TF Green Airport in Warwick.
6) Small businesses and start-ups, especially those with a proven management team or a compelling bankable idea, will be recruited to apply. A designated percentage of the Rhode Island Loan Guaranty Fund will be reserved exclusively for promising small businesses.
7) Maximize the number of companies that can benefit from the Rhode Island Loan Guaranty Fund, guarantees would generally be issued for as little as $250,000 up to a maximum of $6.25 million (or amount larger only with sufficiently compelling job creation opportunities). Target loan guaranty support for 50 or more new or existing businesses.
8) Include negotiating an appropriate level of representation and possible equity stake and board position in each target company being supported by the guaranty program, in order to monitor the taxpayer investment in each company and to ensure that the State of Rhode Island will share in the reward of its investment guaranty.
9) Prudent stewardship of the Rhode Island Loan Guaranty Fund requires sound risk-allocation principles. Therefore, to limit risk of taxpayer money, ensure that no single business would be eligible to receive a guaranty in excess of 5% (or $6.25 million) of the Fund, absent compelling business and job creation reasons to exceed that general cap.
10) Make a special effort to support female- and minority-owned businesses in the loan guarantee awards.
Lincoln Chafee's economic plan will reduce risking taxpayer money on huge loan guarantees like the $75 million Governor Carcieri made to Curt Schilling's 38 Studios, a company that has never turned a profit. More broadly, it will identify promising new businesses through competitive processes, and limit taxpayer risk by focusing on job creation, small businesses, and diversification.
Linc Chafee is a tested leader of unquestioned integrity and a strong independent voice. As Governor, he will work hard to create new jobs, rebuild our economy, solve our chronic budget problems, end corruption, and forge a new way forward for Rhode Island.