7. While the scale of the task is daunting, it so far has not fazed Ms. Raimondo. ", Democratic Governors. Were super excited about the Indiana announcement, she said. At the same time, the administration is choking off Beijings access to advanced chips and other technology critical to Chinas military and economic ambitions. [76] Aucoin has served in an interim director capacity twice before when DCYF was without a permanent director. Ultimately, his workplace, the Bulova watch factory, moved overseas, forcing the elder Raimondo into an early retirement in his 50s. For those who are unfamiliar, the Rhodes Scholarship is a scholarship started up by Cecil John Rhodes for the purpose of promoting unity within the British Empire as well as promoting a better relationship between Great Britain and the United States. Cookies collect information about your preferences and your devices and are used to make the site work as you expect it to, to understand how you interact with the site, and to show advertisements that are targeted to your interests. In 2016, 18-wheel trucks circled Rhode Islands State House for months, blasting their horns in protest and rattling the nerves of Ms. Raimondos staff. Raimondo. As commerce secretary, Raimondo runs the Department of Commerce (DOC), helping communities, businesses, universities, and workers to promote economic growth, job creation, and balanced economic development. [80] On the same day, Raimondo also endorsed Biden. [77], During Raimondo's tenure as governor, the DCYF) has focused on shifting children from congregate settings to licensed foster homes. "Gina M. Meanwhile, her supporters claimed that the investments in hedge funds served to stabilize the portfolio for more consistent returns over time than otherwise possible. Also, she receives $100,000 in extra remuneration, including bonuses and personal expenses. [29][30] Under Raimondo's leadership, Point Judith grew to over $100 million in assets and reportedly helped grow over twenty businesses. [50][51] Raimondo's reelection made her the first candidate to secure a majority of votes for that office since 2006. [42], During the Rhode Island General Assembly's 2012 session, Raimondo advocated for a decrease in the maximum allowable interest rate on payday loans in Rhode Island. In an interview, Ms. Raimondo said that the claim was just not true and that exemptions were based on technical specifications, not political considerations. [111] The couple have two children, Cecilia and Thompson Raimondo Moffit. 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. [102], Following the 2022 Russian invasion of Ukraine, the Department of Commerce under Raimondo implemented export controls in order to restrict Russia's access to military technology. [40] The program officially launched on April 23, 2012. 0:00. U.S. Secretary of Commerce, Gina Raimondo, has a net worth of approximately $10 million. 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. Who is Gina Raimondo? Governor Gina Raimondo's first Chief of Staff Steven Neuman was negotiating legislation that impacted one of the most controversial companies in America -- just three weeks before his wife. Mr. Biden and his team vetted Ms. Raimondo as a potential vice president. [37], Under Raimondo's tenure, the pension fund was criticized for underperforming when compared with its peers. 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. Gina Raimondo leader of 'China Lobby', "Commerce Implements Sweeping Restrictions on Exports to Russia in Response to Further Invasion of Ukraine", "Chinese companies that aid Russia could face U.S. repercussions, commerce secretary warns", "2010 Statewide Primary General Treasurer", "2010 General Election General Treasurer", "WEDDINGS Gina Raimondo, Andrew Moffit", "About the Governor Rhode Island Office of the Governor", "Rhode Island business news: February 2022 - The Boston Globe", https://en.wikipedia.org/w/index.php?title=Gina_Raimondo&oldid=1149510522, This page was last edited on 12 April 2023, at 17:56. He became unemployed at 56 when the Bulova company decamped operations to China, shuttering the factory in Providence. Gina Raimondo took the bus to a Catholic school in Providence, La Salle Academy, where she graduated as valedictorian, foreshadowing later academic achievements. They have two children: Cecilia and Thompson. Ms. Raimondo beamed as she greeted. So far, he has managed to win not one but two elections for said position, with the second time being an uncontested victory. President-elect Joe Biden has selected Rhode Island Gov. She covered shareholder activism as a reporter at Reorg and Activist Insight and her work has been published in The Washington Post, Chicago Tribune, and The Jerusalem Post. Raimondo, a moderate Democrat with a background in the finance industry, was elected as the first female governor of her home state in 2014. "Gina M. Raimondo Sworn in as 40th U.S. Secretary of Commerce. Before Gina Raimondo became a politician, she was a venture capitalist and had also started her own firm. Gina's net worth as of 2022 is $300 million. 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. Later, Raimondo even started up the first venture capital firm in Rhode Island called Point Judith Capital, though this has since been relocated to Boston, MA. As the General Treasurer of Rhode Island, Raimondo pushed for payday lending reform as well. "[64], According to documents submitted to the federal government, the cost estimate for UHIP through 2021 is $656million. [26][27], Raimondo returned to Rhode Island in 2000 to co-found the state's first venture capital firm, Point Judith Capital. In less than two years in Washington, Ms. Raimondo, 51, has emerged as one of President Bidens most trusted cabinet officials. Gina is the youngest of three children born to parents, Josephine (mother) and Joseph Raimondo (father). Born and Raised in Smithfield, RI 5. Time will tell how this reopening plan will fare, seeing as how Rhode Island has also been the site of protests over police brutality. Joe Biden's pick, former Rhode Island Governor Gina Raimondo, is in a different league than her predecessors, worth somewhere in the neighborhood of $10 million. The next day, then-Governor Lincoln Chafee signed RIRSA into law. Americans want to make money and feel like they can make money., She added: American entrepreneurship is the envy of the world. Raimondo was both born and raised in Smithfield, RI. She previously served as the Governor of Michigan and as the state's Attorney General. 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. ", U.S. Department of Commerce. [85] She appeared before the Senate Committee on Commerce, Science and Transportation on January 26. The venture-capital holdings apparently provided a personal windfall for Raimondo, however. She assumed office on March 3, 2021. 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. Here's How Much Treasury Secretary Janet Yellen Is Worth, Here's How Much Secretary Of Defense Lloyd Austin Is Worth, Here's How Much Secretary Of Homeland Security Alejandro Mayorkas Is Worth, How Pete Buttigieg Cashed In On His Candidacy, Heres How Much Treasury Secretary Janet Yellen Is Worth, Heres How Much HHS Secretary Xavier Becerra Is Worth. Of Italian descent, she is the youngest of Josephine (Piro) and Joseph Raimondo's three children. You should have a chance to fight the decision to rip away your health insurance. . A member of the Democratic Party, she previously served as the 75th governor of Rhode Island from 2015 to 2021, and is the first woman to serve in the role. [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? She believes that the recent crises that America has suffered make this mission of the Commerce Department even more important and that growing economic opportunity for workers and businesses has been the focal point of her career. Fix the bridges and the roads.. The auditor's report found that [the contract with Deloitte] was poorly written, poorly overseen and poorly executed. Learn how your comment data is processed. Andy Moffit with wife Gina Raimando. A onetime venture capitalist and the former governor of Rhode Island, Raimondo is well-liked by the business community and a moderate Democrat who enjoyed bipartisan Senate support for her. Likewise, non-critical retailers can now let in one customer per 150 square feet, though they are still encouraged to have their customers pick up preorders. She was afraid of pretty much nothing, said her brother, Dr. Thomas J. Raimondo, a pulmonologist in Warwick, R.I. I think because we brought her up tough, but No. During the time of the marriage, the couple worked in New York. Ms. Raimondo has also presided over the most aggressive use of the Commerce Departments regulatory powers in a generation. Long, the first Black woman to serve on the Rhode Island Supreme Court.[54]. CreditJared Soares for The New York Times. Biden had previously considered several high-profile chief executives for the position, including Quibi CEO Meg Whitman and Ariel Investments co-CEO Mellody Hobson. 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. [9], Described as a "moderate technocrat" by The Washington Post,[10] Raimondo is often characterized as a centrist within her party. Allen Lee is a Toronto-based freelance writer who studied business in school but has since turned to other pursuits. "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 . Raimondo went on to graduate with honors from Harvard, where she was recognized as the top economics student in her class. [20][21] She went on to Harvard College, graduating magna cum laude in 1993 with a Bachelor of Arts degree in economics. The state remained invested in her former fund. The State of Rhode Island invested $5 million in one of Raimondo's funds around 2006. Cuomo seemed to have been irritated by this, with the result that he threatened to sue while still expressing the desire that everything could still be worked out in an amicable manner. Last year, Moffit switched jobs to became chief people officer of a company named PathAI, which is developing technology to help diagnose and treat diseases. 6. Gina Raimondo's net worth is estimated to be around $300 million USD . In 2014, Raimondo won an election to become governor. While Gina sure has a massive income, her net worth might not be less than $5 million. On top of that, Raimondo is the Chair of the Democratic Governors Association. Net worth: $1 million and $5 million dollars; Gina Raimondo Age and Birthday. Check out Gina Raimondo's net worth in US Dollar Mar, 2023. 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. 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.". Curiously, Raimondo made the choice to support Mike Bloombergs campaign to become the Democratic nominee for the presidential election. Before becoming a politician, Raimondo worked at venture firms. "[66], Under Raimondo, the Rhode Island Department of Children, Youth & Families (DCYF) had come under fire for the rate of deaths and near-deaths of children in its care. [70] Rep. Patricia Serpa and Rep. Charlene Lima called for Piccola's resignation, which finally occurred in July 2019. Since 2015, the department's intensive reforms have resulted in a 43% reduction in the number of youth placed in congregate care and a 39% reduction in the number of youth placed in out-of-state congregate care. 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. She joined a Massachusetts-based firm called Village Ventures, which created a network of regional venture-capital funds. Nasdaq CEO Adena Friedman on the Future of Stock Exchanges. [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". 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. Image: Gina Raimondo has a net worth of at least $5 million. The significance of these closures would resonate when Ms. Raimondo studied economics as an undergraduate at Harvard, where her professors fed her a steady diet of how trickle-down Reaganomics had hollowed out the U.S. economy, she said. Neera Tanden is a political consultant and serves as a senior advisor and Staff Secretary under President Joe Biden. Her expertise covers a wide range of accounting, corporate finance, taxes, lending, and personal finance areas. [18] However, Senator from California Kamala Harris was chosen as Biden's running mate instead. They have warned that if the administration gets it wrong, the United States may surrender its leadership in key technologies for good. [67] In a period between January 2016 and December 2017, there were 31 fatalities or near fatalities of children in its care, with eight being confirmed fatal. Gina Raimondo Height and Weight. 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. A line drawing of the Internet Archive headquarters building faade. While she came from humble beginnings, Ms. Raimondo and her husband, Andy Moffit, a former executive at McKinsey & Company who is now chief people officer at a health care technology platform, have amassed a net worth of between $4 million and $12.5 million, according to government disclosure forms. "Democratic Governors Elect Governor Gina Raimondo as Next DGA Chair. Ms. Raimondo was also gaining political support elsewhere in the Democratic Party. Critics of the Biden administrations plans have noted that the federal government may not be the best judge of which technologies to back. While Gina sure has a massive income, her net worth might not be less than $5 million. [24] Raimondo has stated that her experience working at housing and poverty clinics inspired her to attend law school. Gina Raimondo and Andrew Moffit married in 2001. Critics blamed it on a notable increase in the fees paid to hedge fund managers. Did you get it right? Her political career is her primary source of income. Gina Marie Raimondo was born on May 17, 1971, in Smithfield, Rhode Island, U.S. She is 49 years old as of 2020. Gina Raimondo, right, waves to the crowd beside her husband, Andy Moffit Credit: AP:Associated Press. "About Commerce. [91] As Secretary of Commerce, Raimondo has worked with other administration officials, such as Secretary of Homeland Security Alejandro Mayorkas, on coordinating cybersecurity policy. You can learn more about the standards we follow in producing accurate, unbiased content in our. Net: Oppose: 7%. Company executives describe her as a skillful and charismatic politician who is both engaged and accessible in an administration often known for its skepticism of big business. Updated: Jan 21, 2021 / 12:30 PM EST. DCYF has increased its capacity and utilization of licensed foster homes, including an increase in the number of licensed kinship families, from 280 in October 2019 to 576 in June 2020. Gina Raimondo is an American venture capitalist and a politician. She is the former trustee at Women and Infants Hospital and Chair of its Quality Committee. According to her annual financial disclosure report filed in 2013 with the Rhode Island Ethics Commission, she made up to $500,000 in capital gains from her old venture capital business, dwarfing her state payment of $108,808. The lieutenant governor, Sabina Matos, makes $122,740. As of 2022, the governor of Rhode Island is Daniel McKee. [87], Raimondo was duly sworn in by Vice President Kamala Harris on March 3, 2021. Somer G. Anderson is CPA, doctor of accounting, and an accounting and finance professor who has been working in the accounting and finance industries for more than 20 years. These days, Ms. Raimondo, a former Rhode Island governor, is the most important phone call in Washington that many chief executives can make. As Secretary of Commerce, Raimondo has stated that her goal is to expand economic opportunities for American workers and businesses, particularly as a result of recent crises. She grew close with Mike Donilon, a top adviser to Mr. Biden, and his brother Thomas E. Donilon, who served as national security adviser to President Barack Obama. Pete Buttigieg is the U.S. Secretary of Transportation. Gina Raimondo Net Worth. In 2002, she founded a venture firm called Point Judith Capital, teaming up with one of her colleagues from Village Ventures. October 29, 2022 November 1, 2022 - by Adeela Ch - Leave a Comment . Point Judith subsequently relocated its offices to Boston, Massachusetts. PROVIDENCE, R.I. (WPRI) Gov. Second, she has both a Master of Arts and a Doctor of Philosophy in Sociology from New College, which is one of the constituent colleges of the University of Oxford. ", "Opinion | The Loneliness of the Moderate Democrat", "Biden's Pick To Run the Commerce Department Is No Progressive", "The 'hidden player' in Biden's Jobs Cabinet", "Nardolillo Funeral Home Published an Obituary for Joseph Raimondo", "Opinion | This is the vice president who would restore adult supervision in Washington", "Rhode Island politicians were neighbors in Narragansett as children", "La Salle Academy removes all photos from Wall of Notables after Raimondo controversy", "Gina M. Raimondo, University Leadership", "Gina M. Raimondo '93 Recalls Harvard as Formative | News | The Harvard Crimson", "Gina Raimondo Math Convinces Rhode Island of America's Prospects", "The 2007 Life Sciences & Healthcare Venture Summit", "GoLocalProv State Pension Fund Pays $570,000 to Raimondo's Former Firm", "GoLocalProv GoLocal Voter's Guide GT Candidates: Gina Raimondo", "BREAKING: Tom Sgouros Drops out of Treasurers Race", "Raimondo calls upon Italian values to steer campaign course", "Providence pension tab tops $900M with lower investment rate", "Report claims R.I. employee pension system 'mismanaged', has 'squandered billions', "RI pension fund again lags its peers with return of 11.1% WPRI.com Blogs", "Rhode Island Pensioners 3% COLA Will Go to Pay Wall Street 4%+ Fees", "Press Release: Ocean State Investment Pool Open to Municipalities", "State launches investment pool with Fidelity", "The Ocean State Investment Pool | Rhode Island State Investment Information Center", "Op-ed: Protect R.I. from these abusive lenders", "Gina Raimondo wins costly R.I. governor's race - The Boston Globe", "She didn't win big. Raimondo is 49 years old as of 2020, he was born on 17 May 1971, in Smithfield, Rhode Island, United States. Investopedia requires writers to use primary sources to support their work. Raimondo stayed in that job for about three years, before deciding to return home to Rhode Island to start her own shop. 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. [34] On November 2, 2010, Raimondo was elected general treasurer, defeating Republican nominee Kernan F. King by a margin of 62% to 38%. She also led the Democratic Governors Association from 2018 to 2019. Identities Podcasts. gina raimondo husband net worth. [103] In March 2022, Raimondo stated that Chinese companies attempting to sell semiconductor technology to Russia in violation of U.S. sanctions would face repercussions. First, she has a Bachelor of Arts in Economics from Harvard University. Gina Raimondo is the current U.S. Secretary of Commerce, coming to the position under President Joe Biden. Somewhat Oppose: 5%. 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. She has served on the boards of La Salle Academy and Family Service of Rhode Island. Dont miss to subscribe to our new feeds, kindly fill the form below. During her time in office, Governor Raimondo has kick-started the state's economy and created thousands of jobs. The couple first met while studying at Oxford University in England. Like Gina, Nikki Haley is the first female governor of South Carolina. Gina was a senior vice president for fund developments at a company called Village Ventures in New York. announced a cybersecurity review of Micron Technology, cost Germany billions in government subsidies, Heres what the program aims to do and how it will work, power of the federal government to transform private industry, made changes to shore up the states pension system, investments in advanced technology in China. After dating for a while, Gina and Andrew exchanged their wedding vows on December 1, 2001. From 2011 to 2015, she served as the General treasure of her Island and she has the . Messner also pointed out that the state had failed to gradually launch UHIP in phases or administer a live pilot test of UHIP. 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. [6] She was subsequently elected as chair of the DGA in 2019. It is interesting to note that Raimondo was a Rhodes Scholar. [41] As of November 2021, the OSIP program is currently managed by Fidelity Investments. It produced mediocre returns, averaging 5.4% annually, according to state records. Gina M. Raimondo, the 75th Governor of Rhode Island and its first woman governor, grew up in Smithfield in a tight-knit Italian-American family, the youngest of Joseph and Josephine Raimondo's three children. 2, shell enter a conflict figuring out, How am I going to fix this?. That commitment eventually caused a stir because, four years later, Raimondo won an election to become state treasurer, putting her in position to oversee Rhode Islands investments. We're trying to work that out." "And yes, I think probably I would . Raimondo is expected to join President-elect Joe Biden's cabinet as Secretary of Commerce. . A state ethics commission determined that the arrangement would be appropriate, so long as Raimondo steered clear of matters involving her investments or business associates. Identities / Gina Marie Raimondo - Gina Raimondo . The Commerce Department, under Ms. Raimondos leadership, is now poised to begin distributing nearly $100 billion roughly 10 times the departments annual budget to build up the U.S. chip industry and expand broadband access throughout the country. Following the 2020 United States presidential election, Raimondo was routinely mentioned as a possible cabinet secretary in the incoming Biden Administration. She grew up in Smithfield, Rhode Island, the youngest of three children in an Italian-American family. "U.S. Department of Commerce. [7][8] In the 2020 presidential election, Raimondo served as co-chair of Michael Bloomberg's 2020 presidential campaign. But the risks are similarly huge. She was one of the first girls allowed to attend the Catholic school, where she graduated as valedictorian. Anyone can read what you share. She serves as the vice-chair of the board of directors of Crossroads Rhode Island. Gina Raimondo is the 75th Governor of Rhode Island. 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. Gina Raimondo-Net Worth, Bio, Family, Facts 2022. In 2000, Raimondo co-founded Point Judith Capital, Rhode Island's first venture capital firm. The investigation was still underway as of summer 2017. To fix this? 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