Home Economy R.I. congressional members discuss Washington Bridge, economy at Chamber breakfast

R.I. congressional members discuss Washington Bridge, economy at Chamber breakfast

Updated June 11, 9:57 a.m.

By

Christopher Allen

-

06/10/2024

cb2024 — THE GREATER PROVIDENCE CHAMBER OF COMMERCE hosted the 2024 Congressional Breakfast at the Crowne Plaza Providence-Warwick. Pictured on stage from left are Sen. Sheldon Whitehouse, D-R.I.; GPCC president Laurie White; Rep. Seth Magaziner, D-R.I.; and Rep. Gabe Amo, D-R.I./PBN PHOTO/CHRIS ALLEN

WARWICK – U.S. Rep. Gabe Amo, D-R.I., said Rhode Islanders have a right to be disappointed in state leadership’s response to the Washington Bridge closure during a panel discussion at Monday’s Greater Providence Chamber of Commerce 2024 Congressional Breakfast. “To see an example of government just not meeting the moment. It’s sometimes frustrating,” he said,

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WARWICK – U.S. Rep. Gabe Amo, D-R.I., said Rhode Islanders have a right to be disappointed in state leadership's response to the Washington Bridge closure during a panel discussion at Monday's Greater Providence Chamber of Commerce 2024 Congressional Breakfast. “To see an example of government just not meeting the moment. It's sometimes frustrating,” he said, adding that he is “optimistic” regarding the state’s application for a U.S. Department of Transportation National Infrastructure Project Assistance discretionary grant or mega grant. More than 500 business, civic and political leaders attended the breakfast at the Crowne Plaza Providence-Warwick, which was moderated by Chamber President Laurie White. Sponsored by Citizens Bank, panelists included Amo, Sen. Sheldon Whitehouse, D-R.I., and U.S. Rep. Seth Magaziner, D-R.I., who participated in a wide-ranging conversation touching on inflation, the student-led protests that are continuing on many college campuses over the war on Gaza, the Washington Bridge, artificial intelligence and the environment. U.S. Sen. Jack Reed, D-R.I., was unable to attend but offered some thoughts in a taped interview that was shared with Chamber members before the event. The most local of the subjects was whether – and how much – the federal government could provide in funding toward the financing of the demolition and rebuilding of the Washington Bridge. White asked Whitehouse and Magaziner for their predictions of the judicial outcome of the federal lawsuit that halted toll gantries on state interstate highways that were implemented to pay for transportation infrastructure improvements. Whitehouse declined to speculate but Magaziner said he feels “the basic [legal] argument is still sound.” “If large trucks do most of the damage then large trucks should pay for most of the damage to the bridges,” Magaziner said. “That being said, I’m not a lawyer.” Meanwhile, Whitehouse said he is working with congressional colleagues on the possibility of folding federal assistance to Rhode Island into a supplemental infrastructure bill that would include both the Washington Bridge and the Francis Scott Key Bridge in Baltimore, but he acknowledged it is unlikely that the federal government would foot 100% of the Washington Bridge cost, which would have typically required a fatality to have occurred. “But 90% ain’t bad,” he added. On the economy, the Federal Reserve is scheduled to meet Wednesday for a decision on interest rates, coinciding with the latest inflation data released by the U.S. Bureau of Labor Statistics. Magaziner said that given the central bank’s mandate to maintain price stability with a 2% inflation target, there is unlikely to be “rate relief on the horizon.” “The economy has been stronger since the pandemic. Inflation is obviously still hurting people,” he said. “But we are also month after month seeing hot jobs numbers. So, we are in a higher-than-normal rate environment for the foreseeable future.” To address rising prices, Magaziner called for more oversight over potential price-gouging, referencing recent data showing that rising prices at national-chain grocery chains have coincided with some of the largest cost ratios in decades. “Which suggests there may be something going on there beyond just the cost of their inputs,” he said. Amo pushed back against the argument that positive job numbers and other economic indicators on the upswing are a convincing message to the average consumer. "They are not necessarily experiencing the strength and all of the benefits we are projecting about the economy,” he said. “Whether it's someone's ability to buy a home or the cost of groceries.” Looking to the future, Whitehouse – a long-time advocate for public investments in the green energy transition – worried a "systemic shock” may be brewing in the form of a property insurance collapse, of which “we are already seeing the beginning stages.” “I’m very worried we have another [economic] shock coming,” he said. “You cannot insure what you cannot predict.” The event ended with a brief discussion on governmental efforts to regulate artificial intelligence. Magaziner said he supports a new federal agency – similar to the U.S. Food and Drug Administration – that would “kick the tires” of AI-enabled products before they come to market, and with a mandate to “unlock the positive and put embargoes around the negative” consequences of this growing technology. Amo agreed there is a “burden of regulation and legislation” on the part of lawmakers around A.I. but cautioned of potential overreach. “You don't want to stifle innovation,” he said. (SUBS 5th paragraph with Reed taped interview.) Christopher Allen is a PBN staff writer. You may contact him at Allen@PBN.com.