Guiding and Establishing National Innovation for U.S. Stablecoins Act--

Floor Speech

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Mr. REED. Mr. President, I rise today to pay tribute to Rhode Island's Senate President Dominick Ruggerio of North Providence, RI, who passed away on April 21, 2025, after a long and courageous battle with cancer. As the longest serving member of the Rhode Island State Senate, Donny was affectionately known as the ``Dean'' of the senate.

I first met Donny as a young man when we both attended La Salle Academy in Providence, RI. We played high school football together, and indeed he was a remarkable gentleman then, both on and off the field. One of the things we discovered is that--Donny was about 6 feet 2 inches. He was a wide receiver. He would be running down the field, looking at the goal line with nothing in front of him, catch the ball, and then he would trip over me. I was a defensive halfback. So we got to know each other pretty well.

He was one of the nicest gentlemen you could ever meet. He was especially kind and reached out to the younger players on the team, you know, encouraging us and also acting as sort of a custodian in making sure we got a chance and we weren't mistreated. Throughout his entire life, Donny carried that spirit to raise others up and provide opportunities for all.

Then I later had the privilege of serving with him in the Rhode Island State Senate from 1985 to 1990. Once again, he paved the way for me with his advice and assistance. Indeed, his quiet commitment to the people of Rhode Island had always been an inspiration to me and, frankly, to anyone who ever met him.

Donny was a strong advocate for organized labor and joined the Laborers' International Union of North America as a field representative and organizer, eventually becoming administrator of the New England Laborers' Labor-Management Cooperation Trust.

Donny started his public service long before we linked up again in the State senate. He began working for the late Lieutenant Governor Thomas DiLuglio and then the Rhode Island Public Transit Authority. His career continued in public service in the 1980s, when he was elected as representative of House District 5 in Providence, RI. Four years later, he succeeded his father-in-law, Majority Leader Rocco Quattrocchi, to Rhode Island Senate District No. 4, beginning his 40-year tenure in the Rhode Island State Senate.

In that role in the senate, Donny served as vice chairman of the senate labor committee, senate majority whip, deputy majority leader, and majority leader. In 2017, he was honored by his colleagues with his election to the Office of Senate President. The hallmark of Donny's leadership style was to have an open-door policy which encouraged colleagues and constituents and elected officials to become engaged. He devoted his life to improving our community, to strengthening public health and public safety, and to creating new opportunities for all Rhode Islanders to thrive. He made significant strides toward improving the lives of working Rhode Islanders, and he is credited with spearheading efforts to preserve pensions and raise the minimum wage.

In the face of recent, incredible, and ultimately insurmountable health challenges, Donny valiantly sought reelection last November in his beloved community and was returned by his senate colleagues to his post of senate president after he won reelection. He led the senate with tenacity and unwavering dedication.

Throughout his decades of public service to his constituents in North Providence and Providence and to the entire State of Rhode Island, he was strongly committed to fulfilling his responsibilities, obligations, and tasks with a sense of accountability, decency, and honor. He led his life with purpose and served the people of Rhode Island extremely well.

Donny leaves behind a devoted family, and I express my heartfelt condolences to the Ruggerio family: his children Charles Ruggerio and his wife Jillian and Amanda Fallon and her husband William; his grandchildren Ava Ruggerio, Mia Ruggerio, Natalie Fallon, and Jameson Fallon; his sister Lisa Aceto and brother-in-law James Aceto; and his nieces and nephews.

I will miss Donny's friendship, his unwavering advocacy for our State and the people who make it a special place. Rhode Island is much better today because of senate President Ruggerio's leadership and dedication. He inspired us all and will continue to do so.

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Mr. REED. Mr. President, on a different topic, I note that the Senate this week has started debate on the GENIUS Act. This bill establishes a regulatory framework for so-called stablecoins, which are representations of dollars recorded on a blockchain.

The GENIUS Act could be the most significant banking bill that Congress has considered since the Wall Street reform legislation that passed after the 2008 financial crisis. There are a number of, I believe, fundamental problems with the GENIUS Act in terms of national security, consumer protection, and systemic risk.

I am so pleased that the majority leader has said that we will have an open amendment process, and I look forward to filing a series of amendments to address the problems in the bill. I hope that, together, we can come up with a much better version.

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