Rhode Island Sen. James Sheehan, D-Narragansett, called for major changes in the governance structure and responsibilities of the Rhode Island Economic Development Corp.

The corporation, which in 2010 guaranteed a $75 million loan to video-game company 38 Studios LLC only to see the company to file for liquidation last month, also said recently it has been making payments off a $5 million loan guarantee by its subsidiary, the Industrial Recreational Building Authority, to struggling construction company Capco Steel LLC of Providence.

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