In this episode, Rhode Island General Treasurer James Diossa shares insights into the state’s investment approach, innovative housing programs, cybersecurity priorities, and the excitement surrounding the upcoming FIFA World Cup events. This conversation offers a detailed look at how state leadership balances risk, supports communities, and leverages global events for local economic growth.

Main topics:

The state’s investment strategy and private credit risks
The Rhode Island Anchor Mortgage Program for first-time homebuyers
Cybersecurity measures protecting state and pension data
Rhode Island’s preparation for the World Cup and its economic impact
The importance of balancing risk and opportunity in public investments

Key insights:

Rhode Island’s pension fund has grown from $10 billion to over $13 billion, with an emphasis on maintaining stability and disciplined risk management.
Private credit exposure has remained steady at 3% for a decade, reflecting cautious risk tolerance aligned with the fund’s long-term goals.
The Rhode Island Anchor Mortgage Program has helped hundreds of first-time buyers with affordable, fixed-rate mortgages, revitalizing communities.
Cybersecurity is a top priority, with dedicated staff and annual assessments, especially as financial systems become more vulnerable to emerging threats and AI-based vulnerabilities.
The World Cup is expected to boost local tourism and business activity, with multiple events across Rhode Island planned to celebrate the global tournament.

Timestamps:

00:00 - Welcome back and last appearance recap
00:17 - Overview of Rhode Island’s current financial standing
00:31 - Investment strategy and fund growth
01:12 - Focus on pension member experience and cybersecurity
01:38 - Challenges and opportunities in private credit investments
02:25 - Maintaining a steady private credit allocation over the years
03:22 - Balancing higher return ambitions with risk tolerance
03:45 - Strategies for achieving funded status targets
05:13 - The importance of disciplined risk management and fiduciary responsibility
05:43 - Rhode Island Anchor Mortgage Program details and community impact
06:12 - How the program supports first-time homebuyers
08:09 - The critical role of cybersecurity and recent advancements
09:14 - State’s cybersecurity efforts and annual assessments
10:25 - Rhode Island’s FIFA World Cup bid and event planning
11:12 - Economic impact and community engagement during the World Cup
12:08 - Key events, watch parties, and international team visits
13:34 - Final thoughts on summer events and local economic boost

Resources & Links:

Connect with James Diossa:

Support the show

Follow Bill on Instagram and YouTube