The director of environmental management, in furtherance of Rhode Island’s strong interest in protecting its extensive investment in the improvement of water quality in Narragansett Bay and Block Island Sound, and in consultation with the appropriate authorities in the states of New York, Massachusetts, Connecticut and the federal government, shall study the feasibility of state regulation of tank ships and tank barges transporting oil or petroleum liquids in the Bay, Sound or adjacent waters and any possibility for the coordination of interstate regulation of such vessels. Such regulation may include, but not be limited to, requiring certain safety equipment such as a redundant working ground tackle sufficient to secure any such vessel during a storm event, an emergency response positioning beacon sufficient to continuously transmit a vessel’s identification and position in an emergency and fire suppression equipment in appropriate areas of such vessels. On or before January 1, 1997, the director shall report his or her findings and recommendations to the joint committee of the general assembly having cognizance of matters relating to the environment.