NEW YORK - The Securities and Exchange Commission has opened an investigation into Rhode Island’s bond offerings, state General Treasurer Gina Raimondo announced Thursday.
The SEC notified Raimondo’s office Monday and provided no further details, nor did it request information, the treasurer said.
“It is regrettable to have inherited this situation so early in my administration before having an opportunity to fully address these issues,” Raimondo said in a news release. “The state needs to be able to access the bond market in the years to come on the most favorable terms possible. It is critical to present a complete picture of our finances to potential bond investors.”
Raimondo said that the state has already begun work to improve Rhode Island’s bond disclosure practices.
The state joins a growing list of states and municipal borrowers under investigation by the SEC that includes Illinois and Harrisburg, Pa.
