NEWS

Turning the treasurer’s office into an economic catalyst

Candidate Stefan Pryor shares plans for office should he be elected

By EMMA BARTLETT
Posted 7/26/22

After seven and a half years serving as Rhode Island’s Commerce Secretary, Providence’s Stefan Pryor, 50, is running for the state’s general treasurer seat. The position is …

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NEWS

Turning the treasurer’s office into an economic catalyst

Candidate Stefan Pryor shares plans for office should he be elected

Posted

After seven and a half years serving as Rhode Island’s Commerce Secretary, Providence’s Stefan Pryor, 50, is running for the state’s general treasurer seat. The position is currently held by Seth Magaziner who is running in the CD2 race, and Pryor – a Democrat – will face James Diossa, the endorsed Democratic candidate, in the state primary on Sept. 13. The winner of the primary will face James Lathrop (Republican) in the Nov. 8 election. 

As the RI Commerce Secretary, Pryor served two governors – Gina Raimondo and Dan McKee. He came to the position in 2015 when the state was still experiencing lingering effects from the Great Recession and his first challenge was to help Rhode Island finally and fully emerge from that period.

His prior experiences included acting as Connecticut’s Commissioner of Education and heading the Lower Manhattan Development Corporation – the rebuilding agency established after Sept. 11, 2001, to coordinate the rebuilding of the World Trade Center and Lower Manhattan.

Pryor said if elected he would like to build upon the track record of previous treasurers and use the office to advance the economy. His goal is to continue the pattern of growth and, if the state sees a recession, help Rhode Islanders survive and thrive under challenging economic conditions.

“I believe the treasurer’s office can play a specific and potent role in strengthening our economy,” said Pryor.

           


Assisting Businesses and Families

Pryor would like to assist Rhode Islanders in saving for the future and building wealth. He said in other parts of the country, the government has worked with banks and credit unions to reduce and eliminate punitive fines and fees while offering flexibility on required minimum balances and other features. Pryor thinks Rhode Island has the opportunity to draw from some of these templates and create a statewide initiative to help middle income to lower income Rhode Islanders access the banking system. Additionally, saving for a child’s future is important and Pryor would like to build upon and create new ways for families to invest for their kids’ futures for when they either go to college or enter the workforce.

Pryor would use the office of the treasurer to help those who are victims of violence and abuse. He said, in the context of domestic violence when a partner needs to escape a relationship, sometimes finances are one of the barriers if individuals have joint bank accounts. Pryor wants to create financial tools that would enable for example a partner to exit a relationship to do so anonymously (in the sense that transactions cant be tracked) and successfully.

To help small businesses, Pryor would like to make the treasurer’s office the permanent home for small business financing. During the pandemic, businesses received an array of grants and loans to small businesses and he would like to provide needed access to capital in good times and in bad.


Investments and Expansion

Pryor said the treasurer’s office could be used very effectively as a convener for strategic thinking around the economy. He would look at which sectors to focus on for investment – such as manufacturing which Rhode Island has a strong history in and see how that can be advanced further.

Pryor added that the state excels at building boats and noted the state’s offshore wind turbines which were installed for generating clean energy. He said all these Blue Economy activities could be built upon for even more job creation.

When it comes to school construction, Pryor is looking at expanding it.

“I’m passionate about enhancing public education for the benefit of our students,” said Pryor.

He would like to ensure that environments are conducive to teaching and learning and that teachers are given the tools to excel as professionals. Security is another important issue given recent tragic events occurring across the country.

“With that, we must do so with the idea in mind that schools cannot become and cannot feel like prisons for the sake of our teachers and students,” Pryor said.

Architectural technology and technique exists to build security features into the environment and make them nearly invisible – this includes cameras, door locks and installing bulletproof windows that bring in natural light. Pryor was Connecticut’s Commissioner of Education at the time of Sandy Hook and said the new school that replaced the old one was carefully designed to double as security. For instance, instead of a fence adjacent to the school to prevent intruders, there is a marshy area that’s part of the natural environment but sculpted in that people approaching the area would be very visible and attract attention because they would have to go through a wet area.


Affordable Housing

Pryor was the lead author of a quarter billion dollar proposal that gained General Assembly  approval this year and will address affordable housing. The funds will go to Rhode Island Housing and other housing agencies for the purpose of producing and preserving affordable housing units in the state.

Pryor added he is excited to serve on the state’s housing board which enables him to participate with other state leaders in ensuring that these funds from this proposal are well invested.

Workforce housing is another component of this proposal. This includes individuals who are struggling to find the housing they need to raise their families and trouble attaining the American Dream.


Continuing What’s There

A large stretch of Pryor’s career serving as the RI Commerce Secretary was spent developing economic tools and implementing them to improve the lives of everyday people. In addition to maintaining the office’s duties and building upon the work of prior treasurers (such as strengthening the pension fund), Pryor would like to expand the office.

“In my view there’s an opportunity to turn the treasurer’s office into an economic catalyst,” Pryor said.

He said there are three areas of accumulated experience that can apply to this job. They include experience managing billions of dollars, managing through challenges and crises and stabilizing and growing the economy. 

Stefan Pryor, treasurer's race

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