Frank T. Caprio | |
---|---|
29th Treasurer of Rhode Island | |
In office January 7, 2007 –January 4, 2011 | |
Governor | Don Carcieri |
Preceded by | Paul J. Tavares |
Succeeded by | Gina Raimondo |
Member of the Rhode Island Senate from the 5th district | |
In office January 7,2003 –January 2,2007 | |
Preceded by | Catherine Graziano |
Succeeded by | Paul Jabour |
Member of the Rhode Island Senate from the 8th district | |
In office January 3,1995 –January 7,2003 | |
Preceded by | John Orabana |
Succeeded by | William V. Irons |
Member of the Rhode Island House of Representatives from the 14th district | |
In office January 1,1991 –January 3,1995 | |
Preceded by | Paul Jabour |
Succeeded by | Steven M. Costantino |
Personal details | |
Born | Providence,Rhode Island,U.S. | May 10,1966
Political party | Democratic |
Children | 2 |
Relatives | Frank Caprio (father) |
Education | Harvard University (BA) Suffolk University (JD) |
Frank T. Caprio (born May 10,1966) is an American banker,lawyer,and politician from Rhode Island. His twenty-year political career has included being elected as the 29th General Treasurer of Rhode Island from 2007 to 2011. He was the first political candidate in the United States to use on-demand television to reach voters and one of the first candidates to launch an Internet TV channel for use in a political campaign in 2006.
Caprio was the Democratic nominee in the 2010 Rhode Island gubernatorial election,losing to Independent candidate Lincoln Chafee,who won with 36 percent of the vote. He ran for the Democratic nomination for General Treasurer in 2014 elections,but lost to first-time candidate Seth Magaziner. He also is a Managing Director at Chatham Capital,a mezzanine finance firm with offices in Atlanta,Dallas and Providence.
Frank T. Caprio is the eldest child of Joyce and Judge Frank Caprio,and he is the brother of Rhode Island State Representative David Caprio. His paternal grandfather had immigrated from Naples,Italy. [1] He attended public schools in Narragansett,Rhode Island,and graduated from Bishop Hendricken High School in 1984. He earned a degree in economics from Harvard College in 1988. While at Harvard,Caprio was captain of the Harvard baseball team. He was an All-Eastern League outfielder in 1988, [2] and an All-Ivy League defensive back on the championship Harvard football team in 1987. [3] He played against Roger Clemens in a 1987 exhibition game [4] and was scouted by Boston Red Sox legend Ted Williams. Caprio earned a J.D. at Suffolk University Law School in 1991 and passed the bar exams in Rhode Island and Massachusetts.
As a lawyer,Caprio focused on corporate,tax,and finance issues. He worked as an in-house counsel at Cookson Group plc,a publicly traded company on the London Stock Exchange.
Caprio began his political career while a senior at Harvard,when he was 21 years old. He was elected a delegate from Rhode Island's Congressional District 2 and attended the 1988 Democratic National Convention in Atlanta. In 1990,while still attending law school,Caprio was elected to the Rhode Island House of Representatives for District 14 (Providence). He served two terms as a state representative,traveling by train between classes in Boston each morning and legislative sessions in Providence each afternoon.
Following those two terms,Caprio spent the next 12 years serving in the Rhode Island Senate,where he chaired the Senate Finance Committee in 2001–2002. In this position,Caprio saved an annual $5 million affordable housing program from being cut by the governor in 2001.[ citation needed ] He then proposed and implemented a plan to expand the $5 million to $10 million through an affordable housing bond. In 2006,he co-sponsored a bill to increase the annual $10 million bond to a $50 million affordable housing fund. The housing fund was approved by voters in 2006.
Caprio also led the debate on phasing out Rhode Island's capital gains tax,which would allow Rhode Islanders to have the nation's lowest tax rate on their stock and real estate profits. This tax change became law in 2007. He was removed from his chairmanship by Senate leadership in 2002 as a result of his outspoken advocacy of the Separation of Powers amendment. After some of the Senate leaders were removed from office in 2003,the amendment passed the legislature and became law after a statewide vote. In 2004,Caprio was named chair of the Senate Commerce,Housing,and Municipal Government Committee.
On November 7,2006,Caprio,the endorsed candidate of the Democratic Party,was elected General Treasurer of Rhode Island,receiving 73% of the vote. He won by a larger margin than any candidate for a contested statewide office on the Rhode Island ballot in 2006. [5]
Caprio made Rhode Island history as the first candidate in the state to officially announce his candidacy via a multimedia broadcast that included television,Web,on-demand cable television,and radio. This was done,he explained,because he wants his "vision for the treasurer's office" to be accessible to "as many Rhode Islanders as possible in as comfortable a format as possible." [6]
Caprio was the first political candidate in the United States to use On-Demand Television in a campaign. [7] His television documentary,Caprio,the Biography,was available for free viewing throughout Rhode Island via Cox Communications's On-Demand program. He also launched one of the nation's first campaign internet TV channels. [8] Both the website and his television ads garnered awards. [9] [10]
Months before the subprime mortgage crisis began to take a toll on banks,financial services companies and public pension funds,Caprio began to minimize the State's exposure to asset backed securities. Steps included conducting a competitive bidding process that expanded the number of qualified investment banks underwriting the State's bond transactions,and minimizing the State's exposure to companies such as Bear Stearns. [11]
As part of his effort to ensure the health of Rhode Island's pension system,Caprio moved $1 billion from Quality D money market funds (with loose terms that could have allowed for investment in CDOs and SIVs) into Quality A institutional money market funds. This occurred before the subprime crisis began to shake financial markets. At the same time,Caprio moved approximately $150 million in high-yield investments into safe Treasury bonds,before the high yield market began to decline. Rhode Island's pension fund has maintained its five-year average on investment returns in spite of the current economic turmoil. [12]
Caprio's approach to assessing and managing risk has helped ensure that the public funds managed by his office avoid the investment losses now plaguing other states. [11] During Caprio's term the Rhode Island State Pension fund outperformed the States of Massachusetts and California State Pension funds as well as the Harvard endowment. In the midst of the 2008 market collapse,Caprio established a financial "SWAT team" of Rhode Island's top financial minds to ensure the State's protection from AIG's collapse. [12] For the fiscal year 2010 a national study was done by the Maryland Public Policy Institute which found that Rhode Island's pension plan under Frank Caprio paid some of the lowest fees to outside money managers when compared to the other 49 states. [13]
In 2010, Caprio was the Democratic nominee for governor of Rhode Island in the general election. He ran on the platform of advancing small business. [14] After learning that President Barack Obama would not endorse him in the election, Caprio said that Obama could "take his endorsement and really shove it." [15] The Huffington Post suggested that Obama did not endorse Caprio out of respect for Lincoln Chafee, the Independent nominee who had endorsed Obama in 2008. [15]
In May 2013, Caprio announced his intention to regain the Rhode Island General Treasurer's post in the 2014 election. [16] He lost in the Democratic primary to first-time candidate Seth Magaziner in a landslide, 80,378 votes (66.55%) to 40,402 (33.45%).
Lincoln Davenport Chafee is an American politician. He was mayor of Warwick, Rhode Island, from 1993 to 1999, a United States Senator from 1999 to 2007, and the 74th Governor of Rhode Island from 2011 to 2015. He was a Democrat from 2013 to 2019; in June 2019, The Boston Globe reported that he became a Libertarian, having previously been a Republican until September 2007 and an independent and then a Democrat in the interim. He is the last non-Democrat to hold statewide and/or Congressional office in Rhode Island.
John Francis Reed is an American lawyer and politician serving as the senior United States senator from Rhode Island, a seat he was first elected to in 1996. A member of the Democratic Party, he was the U.S. representative for Rhode Island's 2nd congressional district from 1991 to 1997. Reed graduated from the United States Military Academy and Harvard University, serving in the U.S. Army as an active officer from 1971 to 1979. He is the dean of Rhode Island's congressional delegation.
Stephen Patrick Laffey is an American politician and businessman who served as Mayor of Cranston, Rhode Island from 2003 to 2007. A former member of the Republican Party, Laffey lost primary bids for the United States Senate from Rhode Island in 2006 and the House of Representatives from Colorado's 4th congressional district in 2014.
The 2002 Massachusetts gubernatorial election was held on November 5, 2002. Incumbent Republican acting governor Jane Swift chose not to seek a full term in office. Republican businessman Mitt Romney defeated Democratic Treasurer Shannon O'Brien.
Alexander Giannoulias is an American financier and politician who is the Secretary of State of Illinois. He previously served as the 72nd Illinois Treasurer from 2007 to 2011.
David A. Caprio is an American businessman, investor, lawyer, and politician who served as a member of the Rhode Island House of Representatives from District 34. He was first elected on December 21, 1999. In 2010, Caprio was defeated in a September primary election.
Patrick C. Lynch is an American lawyer who served as Rhode Island's 72nd Attorney General. He oversaw the investigation and prosecution of the second-deadliest fire in Rhode Island history, the Station Nightclub Fire, and also sued former lead paint manufacturers for cleanup costs associated with their old products. He won reelection in 2006, and attempted unsuccessfully to run for governor of Rhode Island in 2010, where he dropped out before the Democratic Primary.
Clint Zweifel, is an American politician and businessman who served as the State Treasurer of Missouri from 2009 to 2017. He is a member of the Democratic Party and the most recent member of the party to hold that office. Following his service as State Treasurer, he was appointed as a managing director with Northern Trust, leading a multi-disciplinary team that includes banking, investment management, and trust/advisory services.
The 2010 Rhode Island gubernatorial election was held on November 2, 2010. It was preceded by the primary election on September 14, 2010. Incumbent Republican governor Donald Carcieri was term-limited in 2010. The non-partisan Cook Political Report, The New York Times and CQ Politics rated the gubernatorial election as a toss-up.
Since the Great Depression, Rhode Island politics have been dominated by the Rhode Island Democratic Party, and the state is considered part of the Democrats' "Blue Wall." Democrats have won all but four presidential elections since 1928, with the exceptions being 1952, 1956, 1972, and 1984. The Rhode Island Republican Party, although virtually non-existent in the Rhode Island General Assembly, has remained competitive in gubernatorial elections, having won one as recently as 2006. Until 2014, Democrats had not won a gubernatorial election in the state since 1992, and it was not until 2018 that they won one by double digits. The Rhode Island General Assembly has continuously been under Democratic control since 1959.
Gina Marie Raimondo is an American businesswoman, lawyer, politician, and venture capitalist who has served since 2021 as the 40th United States secretary of commerce. A member of the Democratic Party, she served as the 75th governor of Rhode Island from 2015 to 2021, and was the first woman to serve in the role.
The 2014 Rhode Island gubernatorial election took place on November 4, 2014, to elect the governor of Rhode Island, concurrently with the election of Rhode Island's Class II U.S. Senate seat, as well as other elections to the United States Senate in other states and elections to the United States House of Representatives and various state and local elections.
Seth Michael Magaziner is an American investment professional and politician serving as the U.S. representative for Rhode Island's 2nd congressional district since 2023. A member of the Democratic Party, he previously served as the 31st general treasurer of Rhode Island from 2015 until 2023. Magaziner won the November 2022 election to succeed retiring representative James Langevin.
Paul V. Jabour is a former American politician. He was a Democratic member of the Rhode Island Senate. Jabour served non-consecutively in the Rhode Island General Assembly from his special election in April 1985 until December 31, 1990 in the Rhode Island House of Representatives. Jabour was defeated in a three-way primary on September 12, 2018.
A general election was held in the U.S. state of Rhode Island on November 4, 2014. All of Rhode Island's executive officers went up for election as well as a United States Senate seat and both of Rhode Island's two seats in the United States House of Representatives. Primary elections were held on September 9, 2014.
The 2018 Rhode Island gubernatorial election was held on November 6, 2018, to elect the governor of Rhode Island, concurrently with the election of Rhode Island's Class I U.S. Senate seat, as well as other elections to the United States Senate in other states, elections to the United States House of Representatives, and various state and local elections.
The 2022 Rhode Island gubernatorial election was held on November 8, 2022, to elect the governor of Rhode Island. Incumbent Democratic governor Dan McKee became Rhode Island's governor on March 2, 2021, when term-limited Gina Raimondo resigned following her confirmation as United States Secretary of Commerce. McKee easily won a full term on election day, defeating Republican Ashley Kalus by more than 19 percentage points.
The 2022 United States House of Representatives elections in Rhode Island were held on November 8, 2022, to elect the two U.S. representatives from the state of Rhode Island, one from each of the state's 2 congressional districts. The elections coincided with other elections to the House of Representatives, elections to the United States Senate and various state and local elections. It followed a primary election on September 13, 2022.
Elections are held in Providence, Rhode Island to elect the city's mayor. Such elections are regularly scheduled to be held in United States midterm election years.
James A. Diossa is an American politician from Rhode Island. A member of the Democratic Party, he is the Rhode Island General Treasurer. He served as a member of the city council and as mayor of Central Falls, Rhode Island, guiding the city after it declared bankruptcy.
{{cite web}}
: CS1 maint: archived copy as title (link)