Federal Reserve Bank of Boston brings RI into economic competition

 

 

Fed Reserve Bank of Boston President Eric Rosengren sits with Gov. Gina Raimondo. Photo by Steve Klamkin WPRO News
President Eric Rosengren and Gov. Gina Raimondo announce the “Working Cities” economic development program will extend to Rhode Island. Photo by Steve Klamkin WPRO News

 

By Sam Wroblewski, reporting by Steve Klamkin WPRO News

The Federal Reserve Bank of Boston is looking to give struggling cities in Rhode Island a boost with the help of its public-private investment plan.

Bank President Eric Rosengren announced Tuesday that the Fed’s “Working Cities Challenge” program will be extended to cities in Rhode Island, the focus is to create new and collaborative ways to spark economic growth.

“Many of these cities are cities that had a manufacturing base, that are looking to change some of that story,” said Rosengren. “They’ve had employment declines and we’re looking for opportunities in these cities to really make sure they are able to grow and prosper.”

Rosengren said the program has shown signs of success in Massachusetts and believes that negative economic trends could be reversed in Rhode Island if all parties are brought to the table.

“We think if the state and cities and businesses and the nonprofit sector worked together that these problems can be solvable.”

Governor Gina Raimondo is urging every city in the state to apply for the Boston Fed programs to help spread economic development.

“We are on a mission to move this economy forward, to bring about economic growth in a way that includes everybody. And, that means our cities that are struggling,” said Raimondo.

The state, through the Executive Office of Commerce committed $150,000 a year for three years, and other funds are being sought to support the effort.

 

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