In March 1991, the Rhode Island Legislature created a select commission to investigate the events that led to the failure of RISDIC and RISDIC-insured financial institutions. The commission's responsibilities included, "but [were] not . . . limited to: investigation of the causes of the collapse of the Rhode Island Shares and Security Depositors' Indemnity Corporation RISDIC
and the failure of many of its insured financial institutions, investigation of the role played by officials and agencies of state government in the evolution of this financial crisis; investigation of financial transactions at the RISDIC insured institutions which may have resulted from improper and/or insider influence and/or information; investigation of those individuals and entities whose negligence and/or misconduct directly or indirectly contributed to the financial loss sustained by the state and its citizens. The commission was also directed to make public presentations of the evidence uncovered by the investigation at hearings to be conducted by the commission, and to make recommendations as to prosecutions for any criminal wrongdoing uncovered by the investigation, to initiate civil litigation against those individuals and entities whose negligence and/or misconduct were contributing factors in the financial losses sustained by the state and its citizens, and also to make recommendations as to legislation reforming governmental ethical standards and restructuring the bank regulatory system in this state." (1991 R.I. Pub. Laws 91-015, Section 1)
Records filed under "Records of the Select Commission to Investigate the Failure of RISDIC-Insured Financial Institutions"