Politics
3:07 pm
Tue October 8, 2013

Frank Caprio Announces Bid for Old Job as Rhode Island's Treasurer

It’s official. Former state treasurer Frank Caprio is running for his old job. And he’ll be running as a member of his old party.

After disaffiliating from the Democratic Party and toying with the idea of running as a Republican, Frank Caprio has decided to run for his old job as general treasurer as a Democrat.  Announcing his candidacy at a Federal Hill pizzeria, he explained his reasoning.

Frank Caprio announces his bid for state treasurer at a Federal Hill pizza parlor.
Frank Caprio announces his bid for state treasurer at a Federal Hill pizza parlor.
Credit Flo Jonic / RIPR

“For over 24 years I’ve either held office or ran for office as a Democrat,” said Caprio. “Going back to being 18 years old I think I voted in every primary, general election as a Democrat. And I look forward to continuing that streak.”

If elected, Caprio said he will focus on reducing pension fund investment fees and funneling that money back into cost of living raises for public employees and teachers. “The fees now based on what information has been released by the Treasurer’s office are about $70 million,” said Caprio. “When I was there they were at the lower end of the spectrum in the country, closer to $20 million. I believe that that $50 million difference could be used to fashion a solution to the pension lawsuit that’s currently in the courts.”

Caprio served as General Treasurer from 2007 to 2011. He said he’ll run even if Treasurer Gina Raimondo, a fellow Democrat, runs for re-election. She’s mulling a run for governor.

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