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State of Rhode Island Office of the General Treasurer James A. Diossa, General Treasurer

Treasurer James A. Diossa Celebrates Legislative Victories and Advances “Investing in Rhode Islanders” Agenda

Published on Thursday, July 03, 2025

Treasurer James A. Diossa Celebrates Legislative Victories and Advances “Investing in Rhode Islanders” Agenda

PROVIDENCE, RI— General Treasurer James A. Diossa today celebrated the passage and progress of a suite of transformative bills this legislative session, aligning with his “Investing in Rhode Islanders” vision.

Rhode Island Baby Bond Trust (H 6071 / S 0761)

Championed by Treasurer Diossa and sponsored by Senator Melissa Murray and Representative Joshua Giraldo, this bill creates a $3,000 trust for each child (ages 0–1) from households on RI Works. Held and invested by the Treasurer until maturity, the funds plus growth can be used to pursue higher education, buy a home, start a business, or make long-term financial investments. While the mandate came without funding, Treasury will pursue private and philanthropic partners to ensure this groundbreaking trust becomes reality.

Infrastructure Resiliency – Stormwater & Resiliency Fund (H 6252 / S 1070)

This bill, sponsored by Senate Majority Leader Frank Ciccone and Representative Terri Cortvriend, at the request of Treasury, authorizes the Rhode Island Infrastructure Bank to create a fund offering financial support to municipalities for stormwater abatement and resilience project, advancing environmental security and public infrastructure.

Unclaimed Property Expansion (H 5740 / S 0867)

This legislation introduced at the request of Treasury by Senator Lammis Vargas and Representative Thomas Noret, modernizes the state’s unclaimed property law and empowers the Division of Unclaimed Property to recover additional intangible assets on behalf of Rhode Island residents, allowing Treasury to continue its progress in reuniting Rhode Islander's with their property. 

Protections for College Savings (H 5645 / S 0730)

Senator Matthew LaMountain and Representative Matthew Dawson sponsored legislation introduced at the request of Treasury that exempts qualified tuition savings plans (529 accounts) from judicial attachment, safeguarding families’ investments in higher education.

Beyond bills produced by his office, Treasurer Diossa endorsed several critical proposals aligned with his agenda:

  • (H 5235 / S 0172), which caps medical debt interest rates, a core driver of unsustainable debt.
  • (H 5108-A / S 347-A) Expanding rural healthcare access by enabling internationally trained physicians
  • (H 5121-A / S 0016-A) Regulating virtual currency kiosks through licensing and fee limits. 

The Treasurer also submitted written and oral testimony in support of:

“These legislative wins reflect a unified commitment to economic inclusion, resilience, and financial security for all Rhode Islanders,” stated Treasurer Diossa. “They bring the ‘Investing in Rhode Islanders’ framework to life by spanning retirement, victim support, equitable beginnings through Baby Bonds, environmental infrastructure, and consumer protections.”

The Office of the General Treasurer is now actively developing strategies public and private to implement these new laws, including launching outreach, designing regulations, and cultivating partnerships.

For more detail on these bills or the Treasurer’s broader investment agenda, please visit treasury.ri.gov.

 

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