Bristol Native Announces Bid for State Treasurer

A Bristol native and investment firm manager wants to help Rhode Island get out of its financial "mess," announcing his bid for state General Treasurer.

Seth Magaziner, vice president at the investment firm Trillium Asset Management, announced his run on his website, promising to reinvest in small business 

"Too many Rhode Islanders are out of work, and of those that are working, too many are struggling to pay their bills," Magaziner said in a video announcing his run. "I'm running for treasurer to bring new ideas and new energy to state government. We can do great things in Rhode Island, but we can't expect the same State House insiders who created this mess to get us out of it."

Magaziner blamed State House leaders for being "bitter and divisive," leading to Rhode Island's financial condition. While recovering after the recession, the state still has one of the highest unemployment rates in the country, continues to face a crisis of underfunded pensions, and is on the hook for more than $75 million in loan guarantees for Curt Schilling's failed video game company, among other problems.

The Treasurer's job is about more than numbers; it is about solving problems and improving the overall economic outlook, Magaziner said. H said he will use his experience as an investment manager — handling more than $1 billion in retirement, college and non-profit savings — to help fix the problems Rhode Island faces now and into the future.

Specifically, Magaziner said he'll focus on improving Rhode Island's aging infrastructure, extend support for small business and entrepreneurs, and "create financial empowerment opportunities in underserved communities."

Current Treasurer Gina Raimondo, who is stockpiling cash in her war chest, is widely expected to run for governor in 2014.