On January 7, 1991, Rhode Island Governor Bruce Sundlun requested Vartan Gregorian, then President of Brown University, to conduct a study of the reasons for the failure of RISDIC. On January 17, Sundlun issued Executive Order 91-6, which made Gregorian and his designees agents of the state... for all actions taken in furtherance of the Governor's Commission. Two months later, on March 14, 1991, the "Gregorian Commission" produced its final report. Titled Carved in Sand: Gregorian Commission Report on the Collapse of RISDIC, the report identified multiple sources of failure, apportioning various degrees of responsibility to the behavor and decisions of member financial institiutions insured by RISDIC, RISDIC's financial weakness, lack of proper RISDIC managerial oversight, insufficient resources and continuity of leadership at the Department of Business Regulations as well as lack of vigilance from the General Assembly and the Executive Branch.
The day before the appearance of the final report the General Assembly had established a select commission to study the failure of RISDIC-insured financial institutions (See Series 58--002.)