Gina Raimondo

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Gina Raimondo
RI Governor Gina Raimondo Bristol parade (cropped).jpg
75th Governor of Rhode Island
Assumed office
January 6, 2015
Lieutenant Daniel McKee
Preceded by Lincoln Chafee
General Treasurer of Rhode Island
In office
January 4, 2011 – January 6, 2015
Governor Lincoln Chafee
Preceded by Frank Caprio
Succeeded by Seth Magaziner
Personal details
Born Gina Marie Raimondo
(1971-05-17) May 17, 1971 (age 47)
Smithfield, Rhode Island, U.S.
Political party Democratic
Spouse(s) Andrew Kind Moffit
Education Harvard University (BA)
New College, Oxford (MA, DPhil)
Yale University (JD)

Gina Marie Raimondo (/rəˈmɒnd/; born May 17, 1971) is an American politician and venture capitalist serving as the 75th and current Governor of Rhode Island since 2015. A member of the Democratic Party, she is the first woman to serve as Governor of Rhode Island.[1] Prior to her election, she served as General Treasurer of Rhode Island from 2011 to 2015 and was the second woman to hold the office. She was selected as the Democratic candidate for Rhode Island's governorship in the 2014 election. Raimondo won the election with 41% of the vote, in a three-way race, against the Mayor of Cranston, Republican Allan Fung, and businessman Robert Healey, on November 4, 2014.[2]

Raimondo was elected to serve as the Vice Chair of the Democratic Governors Association for the 2018 election cycle.[3] Raimondo is running for reelection to a second term in 2018.

Early life and education

Gina Marie Raimondo was born May 17, 1971[4] in Smithfield, Rhode Island, where she later grew up. Of Italian descent, she is the youngest of Josephine (Piro) and Joseph Raimondo's three children.[5][6] Her father worked for a watch company. Raimondo graduated from LaSalle Academy , as one of the first girls[7] allowed to attend the Providence Catholic Institution, where she was valedictorian.[8]

Raimondo graduated with a Bachelor of Arts (AB) degree magna cum laude in Economics from Harvard University in 1993, where she served on the staff of The Harvard Crimson.[9] She attended New College, Oxford as a Rhodes Scholar, where she received a Master of Arts (MA) degree and Doctor of Philosophy in 2002 in Sociology.[10] Her doctoral thesis was on single motherhood and supervised by Stephen Nickell and Anne H. Gauthier while she was a postgraduate student of New College, Oxford.[10][11] Raimondo received her Juris Doctor (JD) degree from Yale Law School in 1998.[11]

Early career

Following her graduation from Yale Law School, Raimondo served as a law clerk to federal Judge Kimba Wood of the United States District Court for the Southern District of New York. Later, Raimondo acted as Senior Vice President for Fund Development at the Manhattan offices of Village Ventures, a venture capital firm based in Williamstown, Massachusetts, and backed by Bain Capital and Highland Capital Groups.[12][13] Raimondo returned to Rhode Island in 2000 to co-found the state's first venture capital firm, Point Judith Capital. Point Judith subsequently relocated its offices to Boston, Massachusetts.[14] At Point Judith, Raimondo served as a general partner covering health care investments; she retains some executive duties with the firm.[15][16]

General treasurer of Rhode Island

On November 2, 2010, Raimondo defeated her Republican opponent, Kernan King, for the office of general treasurer. She defeated Mr. King by a wide margin of 62 percent to 38 percent. She received 201,625 votes, more than any other Rhode Island candidate during the 2010 elections.[17] She is the second woman, after Republican Nancy J. Mayer of Bristol, to serve in that capacity since 1940.[18]

Pension policies

Raimondo in 2012

During her first year as General Treasurer, she headed the effort to reform Rhode Island's public employee pension system, which was 48% funded in 2010.[19] In April 2011, Raimondo led the state retirement board to reduce the state's assumed rate of return on pension investments from 8.25 percent to 7.5 percent.[20] In May 2011, Raimondo released "Truth in Numbers", a report that advocated for benefit cuts as the solution to Rhode Island's pension problems, and she helped lead the effort to cut pensions, along with Gordon Fox, who was then speaker of the House.[21] The Rhode Island Retirement Security Act (RIRSA) was enacted by the General Assembly on November 17, 2012, with bipartisan support in both chambers. The next day, Lincoln Chafee signed RIRSA into law. A Brown University poll, conducted in December 2011, found that 60 percent of Rhode Island residents supported the pension reform.[22] The legality of RIRSA was challenged in court by the public employee unions, but a settlement was reached in June 2015.[23]

Under Raimondo's tenure the pension fund was criticized for underperforming its peers.[24] Some of Raimondo's critics attributed the underperformance to a sharp increase in fees paid to hedge fund managers, while her supporters argue investments in hedge funds stabilize investments during market downturns for more consistent returns overtime.[25]

Municipalities

Raimondo created the Ocean State Investment Pool (OSIP), a low-cost investment vehicle intended to help the state and municipalities better manage and improve the investment performance of their liquid assets, which are used for day-to-day operations including payroll and operating expenses. $500 million in funds could be eligible for the program, which would enable Treasury "to extend its expertise to municipalities and improve investment returns by creating economies of scale."[26] The program launched in April 23, 2012.[27]

Transparency

In 2011, Raimondo led a review of the state's bond disclosure practices and updated the information statement and related bond disclosure information that will accompany future bond offerings.[28] In conjunction with the changes to bond disclosure policies, Raimondo launched the state's first 'Investor Relations Portal', which includes financial information and related reports from the office of the general treasurer, the Employees' Retirement System of Rhode Island, the state budget office, the department of revenue, and the state office of the auditor general.[29]

But transparency in hedge funds is not that simple. After a struggle to get the information in August 2013 The Providence Journal got info from some funds "Among the information redacted: what companies the funds invest in, past returns and withdrawal rates, how much the partners earn and their personal stakes in their funds, even such details as the identities of traders and the funds' outside auditing and accounting firms."[30]

On July 11, 2018, the SEC named Raimondo in Pay-to-Play Scheme with Investment Firm Oaktree.

Payday lending

During the Rhode Island General Assembly's 2012 session, Raimondo advocated for a decrease in the maximum allowable interest rate on payday loans in Rhode Island. She hosted a roundtable discussion with then Providence Mayor Angel Taveras and members of the Rhode Island Payday Reform Coalition.[31] Raimondo submitted letters to the Senate and House Corporations Committees in support of payday reform legislation. She wrote, "Far too many families are facing financial challenges that might be mitigated or avoided through a greater understanding of personal finance," and "payday loans exploit that lack of understanding…. With numerous economic challenges, Rhode Island should not permit the sale of a financial product that traps so many customers in a cycle of debt."[32] Raimondo wrote an op-ed in the edition of May 29, 2012 of The Providence Journal in support of payday lending reform.[33]

Governor of Rhode Island

Raimondo at her inauguration

Raimondo was elected governor of Rhode Island on November 4, 2014, winning 41% of the vote in a three-way race, defeating challengers Allan Fung (R) and Robert J. Healey of the Moderate Party. Raimondo is the first female governor of Rhode Island.[34] She is also one of six current female governors of the United States: the others being Kate Brown of Oregon, Susana Martinez of New Mexico, Mary Fallin of Oklahoma, Kay Ivey of Alabama, and Kim Reynolds of Iowa. During her first year as governor, she advocated expanding the state's Earned Income Tax Credit (EITC), raising the minimum wage, lowering the state's minimum corporate tax rate, and eliminating the tax on commercial energy use.

Raimondo was elected to serve as the Vice Chair of the Democratic Governors Association for the 2018 election cycle.[3]

Community service

Raimondo serves as vice chair of the board of directors of Crossroads Rhode Island, the state's largest homeless services organization. Until 2011, she was a trustee at Women and Infants Hospital and chair of its Quality Committee. She has served on the boards of La Salle Academy and Family Service of Rhode Island.[citation needed]

Fellowships and awards

Raimondo is a member of the Council on Foreign Relations and an Aspen Institute Rodel fellow. She was awarded an honorary degree from Bryant University, in 2012; and has received awards from the northern Rhode Island chamber of commerce and the YWCA of northern Rhode Island. Raimondo was elected alumni fellow at Yale, in 2014.[35]

Electoral history

Rhode Island General Treasurer Election, 2010
Party Candidate Votes %
Democratic Gina Raimondo 201,625 62.1
Republican Kernan King 122,860 37.9
Rhode Island Governor Democratic Primary Election, 2014
Party Candidate Votes %
Democratic Gina Raimondo 53,990 42.1
Democratic Angel Taveras 37,326 29.1
Democratic Clay Pell 34,515 26.9
Democratic Todd Giroux 2,264 1.8
Rhode Island Governor Election, 2014
Party Candidate Votes %
Democratic Gina Raimondo 131,899 40.7
Republican Allan Fung 117,428 36.2
Moderate Robert Healey, Jr. 69,278 21.4
Independent Kate Fletcher 3,483 1.1
Independent Leon Kayarian 1,228 0.4
Write-ins Write-ins 739 0.2

Personal life

On November 1, 2001, Raimondo married Andrew Kind Moffit, in Providence, Rhode Island.[36] The couple have two children, Cecilia and Thompson Moffit. The family resides on the east side of Providence.[citation needed]

See also

References

  1. ^ "Democrat Gina Raimondo becomes Rhode Island's first female governor". Yahoo News. November 5, 2014. Retrieved February 19, 2015.
  2. ^ Sullivan, Sean (December 18, 2013). "Raimondo launches campaign for Rhode Island governor". The Washington Post.
  3. ^ a b Gregg, Katherine. "Raimondo to help lead Democratic Governors group". providencejournal.com. Retrieved 2017-12-05.
  4. ^ "Gina Raimondo". ballotpedia.org. Retrieved February 19, 2015.
  5. ^ "Nardolillo Funeral Home Published an Obituary for Joseph Raimondo". Nardolillo Funeral Home Website. Retrieved February 19, 2015.
  6. ^ "About Gina". Gina Raimondo for RI. Retrieved February 19, 2015.
  7. ^ Tom Mooney. "La Salle Academy removes all photos from Wall of Notables after Raimondo controversy". providencejournal.com. Retrieved February 19, 2015.
  8. ^ Stanton, Mike (April 10, 2011). "Challenging the pension system". The Providence Journal. Retrieved July 6, 2012.
  9. ^ "Six Harvard Students Win Rhodes". www.thecrimson.com.
  10. ^ a b Raimondo, Gina (2002). Determinants of single motherhood in the United States. bodleian.ox.ac.uk (DPhil thesis). University of Oxford. OCLC 52794176. EThOS uk.bl.ethos.270468.
  11. ^ a b "Gina M. Raimondo, University Leadership". yale.edu. Retrieved February 19, 2015.
  12. ^ McDonald, Michael (January 18, 2012). "Gina Raimondo Math Convinces Rhode Island of America's Prospects". Business Week. Archived from the original on February 26, 2012. Retrieved February 12, 2012.
  13. ^ "The 2007 Life Sciences & Healthcare Venture Summit". youngstartup.com. Retrieved February 19, 2015.
  14. ^ "GoLocalProv - State Pension Fund Pays $570,000 to Raimondo's Former Firm". GoLocalProv. Retrieved February 19, 2015.
  15. ^ "GoLocalProv - GoLocal Voter's Guide - GT Candidates: Gina Raimondo". GoLocalProv. Retrieved February 19, 2015.
  16. ^ Walsh, Mary Williams (October 22, 2001). "The Little State With a Big Mess". The New York Times. Retrieved January 28, 2012.
  17. ^ 2010 General Election Statewide Summary, Rhode Island Board of Elections, November 17, 2010.
  18. ^ "Office of the Secretary of State: Nellie M. Gorbea: State Library". ri.gov. Retrieved February 19, 2015.
  19. ^ Corkery, Michael (July 25, 2011). "Softer Approach on Pension Problem". The Wall Street Journal. Retrieved December 5, 2012.
  20. ^ Nesi, Ted (January 31, 2012). "Providence pension tab tops $900M with lower investment rate". WPRI. Retrieved July 6, 2012.
  21. ^ Sardelli, Melissa (May 23, 2011). "Report reveals scope of pension crisis". WPRI. Archived from the original on October 18, 2011. Retrieved October 14, 2011.
  22. ^ McDonald, Michael (January 10, 2012). "Gina Raimondo Math Convinces Rhode Island Of America's Prospects With Debt". Bloomberg. Retrieved July 3, 2012.
  23. ^ Gregg, Katherine. "Report claims R.I. employee pension system 'mismanaged', has 'squandered billions'". providencejournal.com. Retrieved 2017-01-24.
  24. ^ "RI pension fund again lags its peers with return of 11.1% - WPRI.com Blogs". wpri.com. Retrieved February 19, 2015.
  25. ^ Edward "Ted" Siedle (April 16, 2013). "Rhode Island Pensioners 3% COLA Will Go To Pay Wall Street 4%+ Fees". Forbes. Retrieved February 19, 2015.
  26. ^ “Press Release: Ocean State Investment Pool Open to Municipalities”, Rhode Island Office of the General Treasurer, April 23, 2012.
  27. ^ "State launches investment pool with Fidelity". PBN. March 24, 2012. Retrieved December 5, 2012.
  28. ^ “Press Release: State Increases Transparency, Launches Investor Relations Portal", Rhode Island Office of the General Treasurer, July 14, 2011.
  29. ^ "R.I. launches site on state's financial information". PBN. July 15, 2011. Retrieved December 5, 2012.
  30. ^ Stanton, Mike (3 August 2013). "In hedge fund world, transparency takes a hit". The Providence Journal. Archived from the original on 10 November 2013.
  31. ^ Marcello, Philip (April 18, 2012). "'Payday' loan rates assailed". The Providence Journal. Retrieved December 5, 2012.
  32. ^ Fitzpatrick, Ed (March 25, 2012). "Military shows way on payday loans". The Providence Journal. Retrieved December 5, 2012.
  33. ^ Raimondo, Gina M. "Op-ed: Protect R.I. from these abusive lenders". The Providence Journal. Retrieved December 5, 2012.
  34. ^ "Democrat Gina Raimondo becomes Rhode Island's first female governor". Reuters. November 4, 2014. Retrieved April 15, 2015.
  35. ^ "Board of Trustees: Current Trustees". yale.edu. Retrieved September 13, 2018.
  36. ^ "WEDDINGS - Gina Raimondo, Andrew Moffit". The New York Times. December 2, 2001. Retrieved February 19, 2015.

External links

  • Rhode Island Governor Gina Raimondo official government site
  • Gina Raimondo for Governor official campaign site
  • Gina Raimondo at Curlie (based on DMOZ)
  • Appearances on C-SPAN
  • Governor Gina M. Raimondo Inauguration Program from the Rhode Island State Archives
Party political offices
Preceded by
Frank Caprio
Democratic nominee for Governor of Rhode Island
2014, 2018
Most recent
Political offices
Preceded by
Lincoln Chafee
Governor of Rhode Island
2015–present
Incumbent
Current U.S. order of precedence (ceremonial)
Preceded by
Mike Pence
as Vice President
Order of Precedence of the United States
Within Rhode Island
Succeeded by
Mayor of city
in which event is held
Succeeded by
Otherwise Paul Ryan
as Speaker of the U.S. House of Representatives
Preceded by
Roy Cooper
as Governor of North Carolina
Order of Precedence of the United States
Outside Rhode Island
Succeeded by
Phil Scott
as Governor of Vermont
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