Campaign Update – Raimondo Plans Financial Institute
Monday, October 18, 2010
Raimondo unveils her idea for educating Rhode Islanders about finance. The Clean Slate campaign releases a jobs plan… and more from the campaign trail.
Raimondo Would Launch Financial Institute
Democratic candidate for General Treasurer Gina Raimondo announced her plan to launch an Institute for Financial Empowerment. The Institute will increasing citizens’ financial literacy through education. It also will secure loans for small businesses and increase the availability of bank accounts to low-income families.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLAST“It’s more important than ever that [Rhode Islanders] have the knowledge they need to avoid risky credit products and knowledge about the resources available to help them make ends meet,” Raimondo said.
She cited several recent statistics indicating the dire condition of Rhode Island's economy: the state has the highest rate of foreclosure in New England in 2010 and was ranked eighth in the nation for loan delinquencies over 90 days. Over 5 percent of Rhode Island citizens do not have access to banking services through a financial institution, while another 13 percent have just minimal access to services like checking and savings accounts. According to the IRS, 25 percent of eligible citizens failed to claim their Earned Income Tax Credit.
“[Rhode Islanders] are financially vulnerable and more likely to fall prey to credit card companies, and certain mortgages and other risky financial products that they may not understand,” Raimondo said.
Her plan calls for regular “money school” classes focused on budget, savings, and banking issues as well as visits to local schools and universities to teach students how to build a solid credit foundation and avoid financial risk. The program will promote the state’s CollegeBoundfund, a college savings plan that many college-bound Rhode Islanders may not be aware they qualify for. The Institute will coordinate an Earned Income Tax Credit (EITC) program for guiding eligible citizens through credit applications and work with local organizations that serve senior citizens to help demystify complicated financial products.
On the organizational end, Raimondo's program will use the state's cash deposits as incentive for banks to lend much-needed capital to small businesses and create programs—or partner with existing ones—to increase the availability of bank accounts to low-income families and protect affordable housing stock.
“I plan to engage the private sector, non-profit organizations, banks and other financial institutions in running and funding the program,” said Raimondo.”Together, we can make a difference in the future financial health... of all Rhode Islanders.”
Clean Slate Releases Jobs Plan
The Clean Slate coalition announced a new policy initiative to bring back stable, well-paying jobs to the state
The coalition proposes the elimination of “job-killing taxes,” such as the state capital gains tax, the inventory tax, the estate tax, and the $500 annual franchise tax (which every small business must pay, regardless of annual income).
The group believes that removing these taxes will attract more businesses and private sector jobs to RI. “Reducing or even eliminating the corporate income tax would decrease state revenues only marginally, but would put RI on a path to becoming a national economic leader,” said Mike Stenhouse, campaign chairman of RI Clean Slate.
The RI Clean Slate is a coalition of Republican, Moderate and Independent candidates seeking to end one-party rule and to introduce more conservative, business-friendly policies. In addition to their new, sustainable job creation plan, they support eliminating the car tax, lowering property taxes without cutting municipal services, and giving every child the opportunity to receive quality public education.
United Nurses and Allied Professionals Endorse Cicilline for Congress
The United Nurses & Allied Professionals (UNAP) has endorsed David Cicilline in his campaign for Congress. The UNAP, which represents 5,500 nurses, technologists, therapists, support staff and other health care workers, said it was supporting Cicilline because he will be able to improve health care in the United States.
“The UNAP is very confident that David Cicilline will be a strong and effective voice in Washington for issues that affect working families in RI. David is committed to supporting and improving health care reform to provide health security for all Americans” said UNAP President Linda McDonald, RN.
Cicilline was excited to gain the support of the UNAP, recalling a family connection to health care workers: “My grandmother was a proud graduate of St. Joe's and a registered nurse for many years at the St. Joseph's Hospital, so I am especially excited that the United Nurses and Allied Professionals union has endorsed my campaign for Congress.”
He continued, “I am looking forward to working with the UNAP to continue to improve health care reform for Rhode Islanders.”
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