Gov.-elect Don Carcieri will presumably decide soon the fate of the Economic Policy Council, a collection of business, legislative and academic leaders that was assembled by Gov. Lincoln Almond.
We hope that Carcieri will in fact maintain the EPC and tap into its talented membership. It should continue to serve him as an invaluable sounding board on economic development issues.
Carcieri has suggested that he may remove the governor’s position on the advisory board in an attempt to make it more independent.
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This makes sense. Any attempt to de-politicize such a board is a good one. In fact, leaving the governor off the EPC should eliminate any pressure members may feel to rubber-stamp initiatives he publicly supports. If individual members of the EPC hold opposing views regarding economic policy, the governor needs to hear them.
By endorsing the EPC and reaffirming its importance to the formation of the state’s economic policy, the new governor will arm himself with a critical tool in formulating a sound strategy for rebuilding Rhode Island’s economy.
The EPC has demonstrated an ability to put forth progressive economic strategies. It is promoting an “angel investor” tax credit that could have a dramatic and positive impact on Rhode Island’s technology sector. The idea is to provide a tax credit to wealthy individuals who choose to invest their own money in emerging companies.
To the shortsighted, this may ring of a tax break for the rich. But in fact, it is a very realistic way of spurring business in the 21st century and to date, Rhode Island doesn’t do enough of it.
This is the kind of policy that Rhode Island needs if it is going to be aggressive in its attempt to not only grow jobs, but encourage the talented graduates of our institutions of higher learning to stay here rather than look elsewhere for opportunity. Too many of our graduates think the grass is greener somewhere else – because for too long, it has been.
A progressive, aggressive, business-friendly Carcieri Administration may be just what the Economic Policy Council needs to truly reach its potential.
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