Seth Magaziner

Seth Magaziner
Treasurer of Rhode Island
Assumed office
January 6, 2015
Governor Gina Raimondo
Preceded by Gina Raimondo
Personal details
Born Seth Michael Magaziner
(1983-07-22) July 22, 1983
Bristol, Rhode Island, U.S.
Political party Democratic
Education Brown University (BA)
Yale University (MBA)
Website Official website

Seth Magaziner (born July 22, 1983) is an American investment professional and the current General Treasurer of the State of Rhode Island.[1]

Early life and education

Magaziner is a native of Bristol, Rhode Island and the son of Democratic policy advisor Ira Magaziner.[2] He graduated from Milton Academy in Milton, Massachusetts in 2002.[3]

He then attended Brown University in Providence, Rhode Island, where he served as president of the Brown University Democrats, president of the College Democrats of Rhode Island and served on the Brown University Steering Committee on Slavery and Justice.[4][5]

Treasurer Magaziner at the public launch of Rhode Island's ABLE program which allows Rhode Islanders living with disabilities and their families to save for disability related expenses without sacrificing their eligibility for federal disability assistance programs

Magaziner received a Master of Business Administration from the Yale School of Management, in New Haven, Connecticut.[4]

Career

Magaziner worked as Elementary School teacher at Creswell Elementary School in Hurricane Katrina ravaged Opelousas, Louisiana from 2006-2008, as a Teach for America Corps member.[1] In 2009, he worked as an associate at Point Judith Capital, a Rhode Island based venture capital firm.[4]

After graduate school, Magaziner went to work at Trillium Asset Management, a Boston, Massachusetts based socially responsible investment firm, as a vice president and lead analyst for energy, banking, and diversified financial sector investment.[4]

Rhode Island General Treasurer

Magaziner (Seated in the front row, eighth from the left) and other Rhode Island National Guard and political leaders attending a ground breaking ceremony for the new simulator facility to be located at the 143d Airlift Wing, Quonset Air National Guard Base, North Kingstown, RI.

On October 22, 2013, Magaziner announced his intention to run for Rhode Island General Treasurer in an online announcement video.[1] He won the Democratic nomination in the September 9 primary election, defeating former Treasurer Frank Caprio.[6] Magaziner was elected in the November 2014 general election, defeating independent candidate Ernest A. Almonte.[7]

In his first months in office, Magaziner developed a plan to establish the Rhode Island Infrastructure Bank (RIIB[8]) to finance green infrastructure projects. The agency was created in June 2015[9] by the Rhode Island General Assembly. Magaziner also worked with the governor and the state legislature to establish "Rhode Island's ABLE" program, which allows Rhode Islanders living with disabilities and their families to save for disability related expenses without sacrificing their eligibility for federal disability assistance programs.[10][11]

In June 2015, Magaziner launched a transparency initiative for the Employees’ Retirement System of Rhode Island (ERSRI) that former U.S. Securities and Exchange Chairman Arthur Levitt Jr. called a national model for public pension system transparency.[12] Magaziner's "Transparent Treasury" initiative was codified into Rhode Island law in September 2017.[13]

In November 2015, Magaziner announced the selection of Ascensus College Savings and Invesco as the new managers of the CollegeBound Saver,[14] Rhode Island’s 529 college savings program. The Treasurer’s Office also announced it was pursuing two class action lawsuits against fossil fuel industry companies BP and Plains All American [15] for oil spills that allegedly harmed investors and the environment.

In February 2016, Magaziner was selected to serve as Chair of the Financial Literacy Committee for the National Association of State Treasurers.[16] He was elected vice-president of the organization in September 2017 and succeeds Massachusetts Treasurer Deborah Goldberg in representing the eastern region of the United States.[17]

Treasurer Magaziner launched BankLocal in early 2017. The nationally-recognized program moves a portion of the State's cash into secure accounts at local banks and credit unions - matching loans made to small businesses in Rhode Island, with a 2-to-1 match for loans to women and minority-owned businesses. In its first year, BankLocal moved more than $19 million into local banks and credit unions, supporting loans to more than 175 small businesses in Rhode Island.[18]

Magaziner announced in October 2017 that his office has pulled more than $500 million in pension fund investments from hedge funds, reallocating the investments to more traditional asset classes.[19] For the first time in the State’s history, he filed and co-filed shareholder proposals with companies in the State’s pension investment portfolio, asking them to implement more sustainable business practices and improve disclosure to shareholders. In 2016, the R.I. pension fund voted against reelecting all members of the Wells Fargo Board of Directors, following the revelation that the bank had committed massive fraud against its customers. Treasurer Magaziner also joined shareholders across the country in demanding that energy companies disclose information about climate change policies, risks, and lobbying expenses that they use to influence lawmakers and regulations.[20]

Appointed by Governor Gina Raimondo to co-chair of the Rhode Island School Building Task Force, Treasurer Magaziner is tasked with developing a plan to address the mounting infrastructure crisis in school facilities throughout Rhode Island.[21]

Treasurer Magaziner launched YOUR MONEY, a new program that will automatically reunite Rhode Islanders with their unclaimed property. More than 35,000 individuals are expected to have $10 million returned to them in 2017.[22]

Community service

Magaziner serves on the board of directors of Crossroads Rhode Island, the state's leading homeless service organization.[23] He previously served on the boards of directors of Serve Rhode Island, which administers AmeriCorps programs in the state,[24] and of Common Cause Rhode Island.[1]

Magaziner was active in the successful campaign for marriage equality in Rhode Island. He served as a board member of Marriage Equality Rhode Island,[2][25] as well as treasurer of the pro-equality group and political action committee, Fight Back RI.[26][27]

Electoral history

Rhode Island General Treasurer Democratic Primary Election, 2014
Party Candidate Votes %
Democratic Seth Magaziner 80,378 66.5
Democratic Frank Caprio 40,402 33.5
Rhode Island General Treasurer Election, 2014
Party Candidate Votes %
Democratic Seth Magaziner 175,902 57.1
Independent Ernest Almonte 131,423 42.7
Write-ins Write-ins 588 0.2

References

  1. 1 2 3 4
  2. 1 2 Donnis, Ian. "Seth Magaziner considering a run for Treasurer in 2014", RIPR, 16 May 2013.
  3. ↑ "Class of 2002 10th Reunion", Milton Academy, accessed 29 January 2014.
  4. 1 2 3 4 Lamb, Katherine. "Magaziner '06 to run for R.I. general treasurer", The Brown Daily Herald, 24 October 2014.
  5. ↑ Jones, Brian C. "Young voters on the move" Archived 2014-09-11 at the Wayback Machine., The Providence Phoenix, October 29 - November 4, 2004.
  6. ↑
  7. ↑
  8. ↑ "Innovative financing undergirds new RI Infrastructure Bank". newsletter.convergenceri.com. Retrieved 29 May 2018.
  9. ↑ "Welcome to RIIB". ricwfa.com. Retrieved 29 May 2018.
  10. ↑
  11. ↑ "RI GOV". ri.gov. Retrieved 2017-11-16.
  12. ↑ "Subscription Center". PIOnline. Retrieved 2018-05-29.
  13. ↑ "RI GOV". ri.gov. Retrieved 2017-11-16.
  14. ↑ Anderson, Patrick. "R.I. chooses new manager for CollegeBoundfund". The Providence Journal. Retrieved 29 May 2018.
  15. ↑ Comtois, James (13 November 2015). "Rhode Island ERS leads class-action lawsuits against BP, Plains All American". pionline.com. Retrieved 29 May 2018.
  16. ↑ "RI state treasurer to promote financial literacy nationwide". turnto10.com. Retrieved 29 May 2018.
  17. ↑ "RI GOV". ri.gov. Retrieved 2017-11-16.
  18. ↑ "RI GOV". ri.gov. Retrieved 2017-11-16.
  19. ↑ "RI GOV". ri.gov. Retrieved 2017-11-16.
  20. ↑ RI.gov. "RI GOV". ri.gov. Retrieved 2017-11-16.
  21. ↑ "Facility Data & Information". www.ride.ri.gov. Retrieved 2017-11-16.
  22. ↑ "RI GOV". ri.gov. Retrieved 2017-11-22.
  23. ↑ "Board of Directors", Crossroads Rhode Island, accessed 28 January 2014.
  24. ↑ "Serve RI - Board Archived 2014-03-01 at the Wayback Machine., Serve Rhode Island, accessed 28 January 2014.
  25. ↑ Jones, Brian C. "The campaign to legalize same-sex marriage in RI", Providence Journal.
  26. ↑ "State of Rhode island and state plantations" (PDF). Retrieved 5 March 2014.
  27. ↑ Filing Amendment for MERI PAC, Rhode Island Board of Elections, accessed 29 January 2014.
Political offices
Preceded by
Gina Raimondo		 Treasurer of Rhode Island
2015–present		 Incumbent
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