04-R 027

2004 -- S 2131

Enacted 01/20/04

S E N A T E R E S O L U T I O N

RESPECTFULLY REQUESTING FEDERAL REGULATORS TO REQUIRE BANK OF

AMERICA TO REACH COMMUNITY INVESTMENT AGREEMENTS WITH THE STATE OF RHODE ISLAND

Introduced By: Senators Perry, F Caprio, Alves, McCaffrey, and Tassoni

Date Introduced: January 20, 2004

     WHEREAS, Rhode Island has diligently worked to cultivate a financial services industry,

offering tax and other incentives to companies locating their facilities in this state; and

     WHEREAS, FleetBoston Financial Corporation was first incorporated in Rhode Island.

Throughout the years a symbiotic relationship with Fleet and the state flourished, bringing

millions of dollars to Rhode Island communities while helping to make FleetBoston New

England's largest bank with more than $200 billion in assets and employing more than 50,000

people; and

     WHEREAS, The proposed merger of FleetBoston and Bank of America would create a

banking giant, stretching from California through the south and up to New England. Bank of

America has pledged $750 billion, to be allocated across 29 states, for community development

but has given no detailed agreement for reinvestment in Rhode Island communities; and

     WHEREAS, Our state, as well as the entire country, faces difficult choices due to budget

deficits. The potential for adverse financial ramifications, should Bank of America forget or

forgo Rhode Island communities, is monumental and reassurance of detailed economic benefits to

our communities is crucial; now, therefore be it

     RESOLVED, That this Senate of the State of Rhode Island and Providence Plantations

strongly urges Federal Regulators to require Bank of America to reach an agreement with the

State of Rhode Island, through a detailed pledge, for community development and reinvestment

in the State of Rhode Island; and be it further

     RESOLVED, That the Secretary of State be and he is hereby authorized and directed to

transmit duly certified copies of this resolution to the United States Federal Regulators and

Governor Donald Carcieri.

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LC00993

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