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31-Year-Old Magaziner Wins General Treasurer’s Office

Wednesday, November 05, 2014

 

Seth Magaziner has prevailed in the race for General Treasurer by a safe margin. Magaziner, of the Democratic Party, won with 57 percent (166,812 votes) of the vote over Independent Ernie Almonte with 42 percent (124,890 votes) of the vote. This win gives him control of the state’s roughly $8 billion pension fund.

Magaziner is a 31-year-old Yale graduate who worked as a summer intern for Gina Raimondo at Point Judith Capital, Teach for America in Louisiana, and Trillium Asset Management in Boston (a “socially responsible” investment fund).

Magaziner has argued that the pension fund hasn’t produced strong enough returns and that his investment expertise will reverse that trend. Magaziner has also campaigned on a platform to use to General Treasurer’s Office to create jobs.

Magaziner previously bested former General Treasurer Frank Caprio by a nearly 2-1 margin in the Democratic Primary.

Magaziner hails from a politically connected family. Magaziner’s father, Ira Magaziner, is a former staffer and close confidante to former President Bill Clinton. Those connections brought Bill Clinton into Rhode Island to campaign for him prior to the Democratic Primary. Last week, Clinton took to the phone lines by recording a robo call for the young Magaziner.

“I’ve known Seth since he was 18-years-old and he’s intelligent and has a great personality,” said Ray Rickman, one of Magaziner’s earliest supporters.

Rickman said he was thrilled that Rhode Islanders elected Magaziner.

"He’s exactly what we need, which is younger people in office—people under 50 years old. But he’s not just young, he’s got the ability to do the job because he’s competent. He was able to convey that to the people of Rhode Island," concluded Rickman.

 

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