04-R 123

2004 -- H 8278

Enacted 03/10/04

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

RESPECTFULLY REQUESTING FLEETBOSTON AND BANK OF AMERICA EFFECT

EMPLOYMENT SECURITY GUARANTEES FOR THE CITIZENS OF RHODE ISLAND

EMPLOYED BY FLEETBOSTON

Introduced By: Representatives Kilmartin, Handy, Carter, Crowley, and Ajello

Date Introduced: March 10, 2004

     WHEREAS, FleetBoston Financial Corporation is one of this state’s largest job

providers, employing thousands of Rhode Island citizens; and

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

banking giant. There exists the potential for benefits to Rhode Islanders via enhanced career

opportunities. However, there also exists the possibility of a massive shortfall in employment of

Rhode Island citizens through the consolidation of these two financial institution’s workforces;

and

     WHEREAS, Rhode Island is already facing a significant budget deficit. Our state and our

citizens cannot afford any additional loss of jobs. The economic security of our Rhode Island

families must be an uppermost priority; and

     WHEREAS, The State of Rhode Island has been an active supporter of the economic

growth and health of Rhode Island business constituents, passing legislation for job development

tax reduction, tax investment credits, research and development tax credit, job training tax credit,

enterprise zone tax incentives, and property tax abatement in order to promote and improve

Rhode Island’s general business climate; and

     WHEREAS, FleetBoston Financial Corporation, incorporated in Rhode Island, has

flourished within the State of Rhode Island due, in no small measure, to the long-term symbiotic

relationship and beneficial legislation enacted by the General Assembly of the State of Rhode

Island and the generous support of Rhode Island citizens; now, therefore be it

     RESOLVED, That this House of Representatives of the State of Rhode Island and

Providence Plantations strongly urges FleetBoston and Bank of America to provide a detailed job

security commitment to Rhode Islanders employed by FleetBoston Financial Corporation; 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 FleetBoston and Bank of America.

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LC02737

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