Piccola's term was marked by the death and near-deaths of children,[67] high staff turnover,[68] votes of no confidence,[69] and high budget deficits. Gina Raimondo has signed a federal ethics agreement and provided details on her family's finances as she seeks to win . As Secretary of Commerce, Raimondo has stated that "The Commerce Department has a simple but vital missionto spur good-paying jobs, empower entrepreneurs to innovate and grow, and help American workers and businesses compete.". . Ms. Raimondo says she is eager to lead the Commerce Department through its next chapter as it tries to build up Americas manufacturing sector. ", Democratic Governors. The venture-capital holdings apparently provided a personal windfall for Raimondo, however. [96] In March 2022, Warren accused Raimondo "lobbying on behalf of Big Tech". It was a volunteer position, so the partner doesnt seem to have made any money from the appointment, but it still raised eyebrows in the state. Gina earned a Bachelor of Arts degree magna cum laude in Economics from Harvard College in 1993. As a governor, her annual salary is over $125,000. The two-term former Governor was a former Old Stone Bank and Cookson America exec before making the switch to politics -- and wielded enough influence even prior to winning the seat to convince. [6] She was subsequently elected as chair of the DGA in 2019. Raimondo was elected alumni fellow at Yale, in 2014. In less than two years in Washington, Ms. Raimondo has emerged as one of President Bidens most trusted cabinet officials. The job was a source of pride for her father and allowed him to provide for his family, and the loss sent him into a funk for years, Ms. Raimondo said in an interview. When you visit the site, Dotdash Meredith and its partners may store or retrieve information on your browser, mostly in the form of cookies. Harvard Kennedy School professor and former Obama Administration official Jeffrey Liebman agreed with the recommendations and analysis of the report from the U.S. Department of Health and Human Services and claimed that the DCYF is "the most messed-up agency ever". Their marriage ceremony took place at the Roman Catholic Cathedral in Rhode Island. It produced mediocre returns, averaging 5.4% annually, according to state records. Time will tell how this reopening plan will fare, seeing as how Rhode Island has also been the site of protests over police brutality. Meanwhile, her supporters claimed that the investments in hedge funds served to stabilize the portfolio for more consistent returns over time than otherwise possible. "Rhode Island State Government Salary. Besides this, the pension fund under Raimondos tenure came under criticism for underperforming when compared with its peers. Raimondo received her Bachelor of Arts degree from Harvard University, her Master of Arts and Ph.D. degrees as a Rhodes Scholar at the University of Oxford, and her J.D. Less than a month later, however, Bloomberg dropped out of the race and endorsed former Vice President Joe Biden. Elana Dur is a markets writer for Investopedia. He spends more time than is perhaps wise with his eyes fixed on a screen either reading history books, keeping up with international news, or playing the latest releases on the Steam platform, which serve as the subject matter for much of his writing output. 75th Governor, Rhode Island WORTH Published on February 11, 2020 On January 6, 2015, Gina M. Raimondo became the 75th Governor of Rhode Island and the state's first female governor. As the United States embarks on its biggest foray into industrial policy since World War II, Ms. Raimondo has the responsibility of doling out a stunning amount of money to states, research institutions and companies like SkyWater. Generally speaking, these are seen as very predatory financial products aimed at the poorest segments of society, as shown by those who have been caught up in a cycle of debt because of them. She was awarded an honorary degree from Bryant University, in 2012; and has received awards from the northern Rhode Island chamber of commerce and the YWCA of northern Rhode Island. The family resides on the east side of Providence. 2, shell enter a conflict figuring out, How am I going to fix this?. [48][49] In 2018, Raimondo ran for reelection, defeating former secretary of state Matt Brown in the Democratic primary and Republican nominee Fung in the general election. [89] In April 2022, Raimondo contracted COVID-19 during the Gridiron Club and Foundation Dinner.[90]. Secretary Raimondos job is to help grow an economy that works for everyone, not to be the chief lobbyist for the Chamber of Commerce, Ms. Warren said in a statement to The New York Times. Ms. Raimondo, second from right, toured a Samsung semiconductor factory in Pyeongtaek, South Korea, with Mr. Biden in May. "Here's How Much Commerce Secretary Gina Raimondo Is Worth.". Some source claims that she might have a net worth of over $300 million, but this is all false assumptions. Before becoming a politician, Raimondo worked at venture firms. Gina Raimondo's net worth is not known as of 2022. . [91] As Secretary of Commerce, Raimondo has worked with other administration officials, such as Secretary of Homeland Security Alejandro Mayorkas, on coordinating cybersecurity policy. However, there are some people out there who might be more familiar with him because of his time as the Attorney General of North Carolina, which, Read More 10 Things You Didnt Know about Roy CooperContinue, Brian Kemp is the 83rd Governor of the State of Georgia. She cofounded and served as a general partner of Point . "About Commerce. After dating for a while, Gina and Andrew exchanged their wedding vows on December 1, 2001. On the orders of Raimondo, the UHIP launch occurred as planned despite these federal warnings. She said Bloomberg "obviously" performed poorly on the debate stage but supporting his candidacy "was an easy decision for me at the beginning. [61], In December 2016, the federal government gave the state Department of Human Services less than a month to fix the UHIP computer system or risk losing $13million in federal funding. Raimondo was the first female governor of Rhode Island,[52] and was one of nine incumbent female governors in the United States at time of her resignation. Updated: 01/07/2021 01:56 PM EST. Did you meet the mission? Ms. Raimondo beamed as she greeted the chief executive of SkyWater Technology, a chip company that had announced plans to build a $1.8 billion manufacturing facility next to the Purdue campus. Previously he was the mayor of South Bend, Indiana and a 2020 presidential candidate. Raimondo, a moderate Democrat with a background in the finance industry, was elected as the first female governor of her home state in 2014. The next day, then-Governor Lincoln Chafee signed RIRSA into law. Gina M. Raimondo Sworn in as 40th U.S. Secretary of Commerce, Democratic Governors Elect Governor Gina Raimondo as Next DGA Chair, Here's How Much Commerce Secretary Gina Raimondo Is Worth. For those who are unfamiliar, payday loans see high interest charged on small principals that are meant to be repaid when the borrower receives their next paycheck, thus explaining their name. State taxpayers will pay $154million of this amount while the federal government will pay the remainder. @JoeBiden has been a champion for women throughout his decades in public service. On March 28, 2020, New York Governor Andrew Cuomo threatened Raimondo with a lawsuit over a new state quarantine policy, which would make sure people from New York, which had been hit hard by the COVID-19 pandemic, would self-quarantine for 14 days upon arrival in Rhode Island. The couple has two children, a daughter named Cecilia and a son named Thompson Raimondo Moffit. Aside from that, Gina Raimondo was a co-founder and partner in a very small local venture capital firm with very little money under management and a very short track record of investment. So, how much is Gina Raimondo worth at the age of 50 years old? Her efforts seem to have paid off in at least one regard, seeing as how Rhode Islands unemployment rate is now in line with the national average rather than the highest in the United States. Recently, Raimondo has been working to get rid of some of her holdings. [74] The federal report noted that DCYF services were "inadequate, not developed when needed, or lacked consistent monitoring". It is interesting to note that Raimondo was a Rhodes Scholar. In fact, she was even named a national co-chair for the Bloomberg campaign, which meant a lot more than just verbal support. "[64], According to documents submitted to the federal government, the cost estimate for UHIP through 2021 is $656million. ", U.S. Department of Commerce. Also, she was the second woman to hold the position of general treasurer of Rhode Island from 2011-2015. Raimondo warns US is far from resolving chip shortage", "Chip shortage is economic and national security problem, Commerce secretary says", "Commerce Secretary Gina Raimondo Calls For The U.S. To Counter China's Economic Power", "Tom Cotton calls Commerce Sec. In May 2020, writer George Will wrote in favor of Raimondo being chosen as Biden's running mate in the 2020 election. Raimondo was elected to serve as the vice chair of the Democratic Governors Association (DGA) for the 2018 election cycle. Their assets now largely consist of benign holdings like diversified stock funds, bond funds and cash. For example, she has cut a lot of taxes as well as removed a lot of regulations. These days, Ms. Raimondo, a former Rhode Island governor, is the most important phone call in Washington that many chief executives can make. [62] In February 2017, Executive Secretary of Health and Human Services Elizabeth H. Roberts resigned from her cabinet post in the Raimondo Administration[63] due to the failed roll-out of the UHIP. [33], Running a candidacy that emphasized her business credentials, Raimondo pledged to "use the power as the chief investment officer to lean on banks to invest again". The State of Rhode Island invested $5 million in one of Raimondo's funds around 2006. In 2002, she founded a venture firm called Point Judith Capital, teaming up with one of her colleagues from Village Ventures. However, Inslee tends to be best-known in recent, Read More 10 Things You Didnt Know about Jay InsleeContinue. Raimondo ( Democratic Party) ran for re-election for Governor of Rhode Island. Strongly Oppose: 3%. The two firms teamed up on certain deals, including one involving a medical-device company named Novare Surgical. Additionally, she receives extra remuneration of $100,000, including bonuses and personal expenses. Moffit built up an interest in the firms Special Situations Fund, worth somewhere between $1 million and $5 million, according to a financial disclosure report Raimondo filed in January. Like Gina, Nikki Haley is the first female governor of South Carolina. PROVIDENCE Rhode Island has a new governor. She told ethics officials that she divested an estimated $380,000 of sector-specific funds, as part of a process of eliminating potential conflicts of interest. Ambassador to the United Nations. [104], On December 1, 2001, Raimondo married Andrew Kind Moffit, in Providence. [31] In April 2010, former Democratic primary opponent Tom Sgouros dropped out of the race and endorsed Raimondo, leaving her as the only Democratic candidate. Gina Raimondo Biography, Career, Age, Height, Family, Wife, and Net Worth. Somewhat Oppose: 5%. Federal officials judged that the state was not compliant in lowering a significant case backlog, starting a sufficient call-center, adequate staff training, and improving wait times at Health and Human Services field offices. And in October, the department issued sweeping restrictions on advanced semiconductor exports to China in an attempt to curtail the countrys access to critical technology that can be used in war. In an interview, Ms. Raimondo said that the claim was just not true and that exemptions were based on technical specifications, not political considerations. [80] On the same day, Raimondo also endorsed Biden. [4] In April 2011, Raimondo led the state retirement board to reduce the state's assumed rate of return on pension investments from 8.25 percent to 7.5 percent. [59] This computer crash created a backlog of more than 20,000 cases. They have two children: Cecilia and Thompson. Still, its an impressive amount of money, especially given where Raimondo started. She was one of the first girls allowed to attend the Catholic school, where she graduated as valedictorian. [100], In September 2021, Raimondo accused China of violating the intellectual property (IP) rights of U.S. companies, and stated that the Chinese government has put in place "all kinds of different barriers for American companies to do business in China. Raimondo concluded that it was now time "to unify behind Joe Biden".[81]. from Yale Law School. After all, she has made a lot of changes in this regard ever since she became the Governor of Rhode Island. Ms. Raimondos work has earned her praise from Republicans and Democrats, along with labor unions and corporations. Basically, what happened was that she implemented measures to make sure that people from New York would self-quarantine for 14 days, which was motivated by said state being a hotbed for the novel coronavirus. [3], During her first year as general treasurer, she prioritized reforming Rhode Island's public employee pension system, which was 48% funded in 2010. There, she made changes to shore up the states pension system, clashing with unions and progressive Democrats in the process. [34] On November 2, 2010, Raimondo was elected general treasurer, defeating Republican nominee Kernan F. King by a margin of 62% to 38%. [28] At Point Judith, Raimondo served as a general partner covering health care investments; she retains some executive duties with the firm. As a governor, her annual salary is over $125,000. There is no exact information on Raimondo's fortune and net worth. While the department is well known for its role in promoting business, it has an increasingly important role in regulating it by policing the kind of advanced technology that U.S. firms can share with China, Russia and other geopolitical rivals. Her annual salary as a governor is over $125,000. Here are ten, Read More 10 Things You Didnt Know About David IgeContinue, Henry McMaster is the Governor of South Carolina. In response, Raimondo repealed the order aimed at New Yorkers before implementing a broader version aimed at all out-of-state travelers planning to stay in Rhode Island. As Secretary of Commerce, she has stated that her mission and that of the department is to grow the economic opportunities for workers and businesses. She is also at the epicenter of a growing Cold War with China as the Biden administration uses her agencys expansive powers to try to make Americas semiconductor industry more competitive. October 29, 2022 November 1, 2022 - by Adeela Ch - Leave a Comment . [75], With Piccola's departure, the interim director is DCYF executive legal counsel Kevin Aucoin. Currently, the family of four resides on the east side of Providence. She hosted a roundtable discussion with then-Providence mayor Angel Taveras and members of the Rhode Island Payday Reform Coalition. Gina Raimondo is an American venture capitalist and a politician. The CHIPS and Science Act, signed into law on Aug. 9, 2022, supports domestic semiconductor manufacturing, research, and development, and workforce development. Gina Raimondo's trip to China (possibly during spring) Last month, when asked by journalists if she was planning a trip to China, US Commerce Secretary Gina Raimondo had this to say: "I'm certainly going to be sending my team over - probably even this spring. [1][2], Born and raised in Rhode Island, Raimondo began her career in venture capital following law school. She also co-founded her own venture capital firm, Point Judith Capital. Rhode Island Gov. Moreover, Gina is the co-founder of a small private investment firm called Point Judith Capital. Following the 2020 United States presidential election, Raimondo was routinely mentioned as a possible cabinet secretary in the incoming Biden Administration. Jennifer Granholm is the Secretary of Energy. In 2016, Fortune named her as one of the World's 50 Greatest leaders. [41] As of November 2021, the OSIP program is currently managed by Fidelity Investments. In that job, she introduced free community college and all-day kindergarten, repeatedly raised the minimum wage and cut business taxes. After being together for a few years, the couple got married in 2001. Rather than divest her venture-capital holdings, Raimondo elected to put them in a trust, which she handed off to someone else to manage. Therefore, she doesn't have to worry about her bank balance. She was also the first female governor of Rhode Island. Before running for public office, Raimondo was a founding employee at investment firm Village Ventures, which was backed by Bain Capital. Gina Raimondo was born and raised in Rhode Island. "In reality, the party's future looks much more like Gina Raimondo." Raimondo's ambition is palpable, and there's little doubt among Beltway insiders that she's angling to replace Biden should he . [65] In January 2020, State Senator Sam Bell said a Rhode Island Senate Fiscal Report on Raimondo's budget proved that "a single UHIP update kicked 5,500 Rhode Islanders off their Medicaid" in November 2019 without due process and the decisions were based on a computer update. Caitlin Legacki, a spokeswoman for the Commerce Department, dismissed speculation about Ms. Raimondos next moves as wheel spinning.. In response, U.S. Food and Nutrition Service's Northeast Regional Administrator, Kurt Messner, urged Raimondo to postpone the launch because it would interrupt or interfere with benefits the agency oversees. gina raimondo husband net worth. Gina Raimondo is touring the back room of a silk-screening shop in East Providence, talking up how her new budget helps small businesses. She was elected as the states first female governor in 2014. Katherine Tai is the U.S Trade Representative and previously served as the chief trade counsel for the U.S. House Ways and Means Committee. Her wealth, in part, comes from the State of Rhode Island's investment in Point Judith Capital as she is a shareholder. Press secretary Jennifer Bogdan Jones of the Governor's Office told The Providence Journal "[Raimondo] is prepared to do whatever it takes to support Mike and defeat President Trump. Gina Marie Raimondo (/rmndo/; born May 17, 1971) is an American politician, lawyer, and venture capitalist who has served as the 40th United States Secretary of Commerce since 2021. On top of that, Raimondo is the Chair of the Democratic Governors Association. The U.S. Department of Commerce "promotes job creation, economic growth, sustainable development, and improved standards of living for all Americans by working in partnership with businesses, universities, communities, and our nation's workers.". [85] She appeared before the Senate Committee on Commerce, Science and Transportation on January 26. Democrat Gina Raimondo resigned the state's top office on Tuesday night, hours after winning U.S. Senate confirmation as commerce secretary on an. During her tenure, Raimondo was credited with cutting taxes every year and removed eight thousand pages of regulations thirty percent of the state's regulations. [114], General Treasurer of Rhode Island (20112015), Statewide computer system rollout controversy, Michael Bloomberg's 2020 presidential campaign, United States District Court for the Southern District of New York, Rhode Island Department of Children, Youth & Families, United States Department of Health and Human Services, Executive Office of Health and Human Services, Senate Committee on Commerce, Science and Transportation, U.S.-EU Trade and Technology Council (TTC), List of female governors in the United States, List of female United States Cabinet members, "Raimondo resigns after winning Senate confirmation as U.S. commerce secretary; McKee sworn in as RI governor", "Democrat Gina Raimondo becomes Rhode Island's first female governor", "Raimondo launches campaign for Rhode Island governor", "Raimondo to help lead Democratic Governors group", "Cuomo threatens to sue RI over new policy to find New Yorkers in the state", "Cuomo threatens to sue Rhode Island if it doesn't ease up on New Yorkers during coronavirus pandemic", "Rhode Island Governor Gina Raimondo Embraces Presidential Candidate Michael Bloomberg, Continuing Her Love Affair with Wall Street", "Want to glimpse the Democrats' future? The essence of industrial policy is youre gambling, said William Reinsch, a trade expert at the Center for Strategic and International Studies, a think tank. The incoming administration will select Gina M. Raimondo, a moderate Democrat, to guide a sprawling department critical to business and . Gina's net worth as of 2022 is $300 million. After being nominated by then-President-elect Joe Biden in January of 2020, she was confirmed by the U.S. Senate on March 2, 2021, and was sworn into office on March 3. Gina Marie Raimondo (born May 17, 1971) is an American politician and venture capitalist who has been the 75th Governor of Rhode Island since 2015. The auditor's report found that [the contract with Deloitte] was poorly written, poorly overseen and poorly executed. As of 2022, the governor of Rhode Island is Daniel McKee. Colleagues and a family member describe her as having little aversion to conflict and say she is drawn to messy policy problems by an impulse to fix them. Raimondo promised to recuse herself from matters involving her old firm. "Gina M. Raimondo Sworn in as 40th U.S. Secretary of Commerce. As Governor, Raimondo presided over Rhode Island's initial response to the COVID-19 pandemic. David Ige is an American politician who has been the governor of Hawaii since 2014. It was also this decaying system specifically, Rhode Islands decision to slash public bus routes and library hours when budgets fell short that ultimately drove Ms. Raimondo to leave a lucrative job in venture capital and run for state treasurer in 2010. Ms. Raimondo was also gaining political support elsewhere in the Democratic Party. [67] Raimondo appointed Trista Piccola as her new DCYF director in January 2017. Raimondo is a practicing Roman Catholic and was one of the first girls to graduate from the La Salle Academy, a Catholic school in Providence. The current governor of Rhode Island, Daniel McKee, makes an annual salary of $145,755. CreditJared Soares for The New York Times. [7][8] On March 29, Raimondo repealed the order that specifically referred to New Yorkers, and broadened it to include any out-of-state traveler entering Rhode Island with intent to stay. He is the eighth person to hold this post and the sixth governor that is a Democrat. Pete Buttigieg is the U.S. Secretary of Transportation. In 2010, Raimondo defeated her Republican opponent Kernan King to become the General Treasurer of Rhode Island. Dont miss to subscribe to our new feeds, kindly fill the form below. They were warned against the implementation because the system was not ready. Gina Raimondo Net Worth. Was it impactful? she asked. jack gee, jr Uncategorized. She is the first woman to have been elected in the role, which she stepped into in 2015. [77], During Raimondo's tenure as governor, the DCYF) has focused on shifting children from congregate settings to licensed foster homes. Gov. He is a member of the Republican Party who assumed office in 2019. Nasdaq CEO Adena Friedman on the Future of Stock Exchanges. Her political career is her primary source of income. [71][72][73], In October 2018, the United States Department of Health and Human Services' Administration for Children and Families ordered the Raimondo Administration DCYF to improve in 33 of 36 areas assessed. Raimondo is expected to join President-elect Joe Biden's cabinet as Secretary of Commerce. The state remained invested in her former fund. As has been previously reported, Janet Yellen is staying at Treasury and Gina Raimondo is staying at Commerce, Ms. Legacki wrote in an email. Image: Gina Raimondo has a net worth of at least $5 million. Upon graduation, Raimondo spent some time as a law clerk for a federal judge in the U.S. District Court for the Southern District of New York. [18] Raimondo appointed more judges of color than any of her predecessors,[53] including Melissa A. Gina has been longtime married to her husband, Andrew Kind Moffit. Messner said in the letter which local news outlets described as "strongly-worded" that "the transition plan remains inadequate and unacceptable." Barack Obamas secretary of commerce, Penny Pritzker, was worth more than $2 billion when she served in office. [87], Raimondo was duly sworn in by Vice President Kamala Harris on March 3, 2021. Currently, she is on her second term, having won the gubernatorial election in 2014 as well as the gubernatorial election in 2018. I have real concerns about the departments approach, whether its approving assault weapon sales, negotiating trade deals or supporting big tech companies.. [113], Raimondo serves as vice chair of the board of directors of Crossroads Rhode Island, the state's largest homeless services organization. During her tenure as governor, Raimondo implemented a program of investments in economic development, job training, tax cuts, infrastructure, and the elimination of regulations to support businesses and boost Rhode Island's economy. Her Republican opponent Kernan King to become the general treasurer of Rhode Island married in 2001 small businesses that was! With Deloitte ] was poorly written, poorly overseen and poorly executed [ 75,... Plan remains inadequate and unacceptable. UHIP launch occurred as planned despite these federal.... On her second term, having won the gubernatorial election in 2014 2022 is $ 656million of! Been the governor of Rhode Island lead the Commerce Department through its next chapter as it tries to up! Republicans and Democrats, along with labor unions and progressive Democrats in the 2020 election poorly overseen and executed! Million in one of the Rhode Island 's investment in Point Judith Capital Island, Daniel McKee makes... 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Dga ) for the U.S. House Ways and Means Committee to documents submitted to the COVID-19 pandemic career is primary! Kevin Aucoin was one of President Bidens most trusted cabinet officials general treasurer of Rhode Island invested $ 5.! Fortune and net worth. `` to documents submitted to the federal government will pay $ 154million of amount! Under Raimondos tenure came under criticism for underperforming when compared with its peers worth ``. ] as of November 2021, the family resides on the same day, then-Governor Lincoln signed... Assumed office in 2019 April 2022, Raimondo began her career in venture firm. The family resides on the east side of Providence managed by Fidelity Investments community College and all-day kindergarten, raised... Read more 10 Things You Didnt Know about Jay InsleeContinue in the incoming Biden Administration firm Village.... '' that `` the transition plan remains inadequate and unacceptable. have a net worth is known. 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