Chafee Repays Unemployment Insurance Loans, Six Months Early

GoLocalProv Business Team

Chafee Repays Unemployment Insurance Loans, Six Months Early

Governor Lincoln Chafee has joined Rhode Island Department of Labor and Training Director Charles Fogarty at DLT in Cranston to announce repayment of funds the state burrowed to cover Unemployment Insurance benefit payments. The payment comes six months early and will now allow businesses to save more then $50 million in 2015. 

“In 2011, my administration faced a huge challenge with an insolvent Unemployment Insurance system, an existing UI loan and a lack of a plan to repair the system or repay the loan. By borrowing from Treasury, we spared the business community the burden of repaying the loan. That was our only course of action acceptable to me," Chafee said about the repayment. 

Since 2011, the U.S. Treasury has loaned Rhode Island $905 million to help unemployed Rhode Islanders. Today's final payment to the U.S. Treasury totaled $2,690,368.70.

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Chafee Answers Questions on Fox and Mattiello

"The truth is, I'm having a press conference but I can't say anything."

-photo credit: Nicholas Handy

"Its an ongoing investagation, as said previously, and I just can't comment."

-photo credit: Nicholas Handy

"I look forward to looking with a new leader. I've been a legislator, I've been a councilman, and I've been a US Senator so I respect the process that they are going through in selecting a new leader."

-photo credit: Nicholas Handy

"The state is going to be in good shape; that's what I want to share with Rhode Islanders."

-photo credit: Nicholas Handy

"The key issues that I care about are a good budget and to make sure we pay for our infastructure, especially our bridges to Aquidneck Island. I certainly care about if the unions pass pension reform that we avoid long litigation and also 38 Studios; I do not want to default on 38 Studios."

-photo credit: Nicholas Handy

"We are going to switch gears quickly."

-photo credit: Nicholas Handy

"I look forward to working with the new speaker."

-photo credit: Nicholas Handy

"I feel like I have good relationships with every member of the House and the Senate."

-photo credit: Nicholas Handy

"I really value having good relationships with everyone, Republicans included."

-photo credit: Nicholas Handy

"I have to refrain from commenting and refer all questions to the US Attorney."

-photo credit: Nicholas Handy

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