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. It is interesting to note that Raimondo was a Rhodes Scholar. Biden Picks Rhode Island Governor for Commerce Secretary. While Raimondo was running Rhode Island, her husband Andy Moffit was working for McKinsey & Company, the global consultancy. We also reference original research from other reputable publishers where appropriate. Did you get it right? Likewise, Moffit worked as an associate for a management consulting firm, McKinsey & Company, in New York. [57] This result meant that Raimondo was tied with the governors of North Dakota and Utah for the 12th-highest rating.[58]. ", Ballotpedia. Andy Moffit with wife Gina Raimando. Raimondo was elected to serve as the vice chair of the Democratic Governors Association (DGA) for the 2018 election cycle. He is a member of the Republican Party who assumed office in 2019. In 2014, Raimondo won an election to become governor. In May 2020, writer George Will wrote in favor of Raimondo being chosen as Biden's running mate in the 2020 election. Gov. She also courted controversy by proposing a toll on commercial trucks to rebuild the states roads and bridges. After all, she has made a lot of changes in this regard ever since she became the Governor of Rhode Island. 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. Raimondo is expected to join President-elect Joe Biden's cabinet as Secretary of Commerce. Gina Raimondo as his commerce secretary. In the sixth grade, she was also deeply influenced by watching her father lose his job at the Bulova watch factory as American manufacturers began sending jobs overseas. Later, Raimondo acted as senior vice president for fund development at the Manhattan offices of Village Ventures, a venture capital firm based in Williamstown, Massachusetts, and backed by Bain Capital and Highland Capital Groups. Gina Raimondo served a four-year term as Rhode Island's general treasurer beginning in Jan. 4, 2011 before being elected governor in 2014. Copyright 2021, All Right Reserved MARRIEDCELEB. [7][8] In the 2020 presidential election, Raimondo served as co-chair of Michael Bloomberg's 2020 presidential campaign. Gina has been longtime married to her husband, Andrew Kind Moffit. The year she got her law degree, she began clerking under Kimba Wood, a federal judge for the Southern District of New York. She won in the general election on November 6, 2018. 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. 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. [23] Her thesis was on single motherhood and supervised by Stephen Nickell and Anne H. Gauthier while she was a postgraduate student of New College, Oxford. 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. 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. Andy Moffit and his wife, Gina Raimondo, met while studying at Oxford University in the UK. Gina Raimondo is an American venture capitalist and a politician. Meanwhile, her supporters claimed that the investments in hedge funds served to stabilize the portfolio for more consistent returns over time than otherwise possible. 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. Less than a month later, however, Bloomberg dropped out of the race and endorsed former Vice President Joe Biden. Her father worked in manufacturing for decades, at a time when Rhode Island was known for its jewelry production. . [18] State-by-state polling by Microsoft News in April 2020 found that 76% of Rhode Islanders said they approved of the work done by Raimondo and her administration "to keep people safe" during the ongoing crisis. [80] On the same day, Raimondo also endorsed Biden. PROVIDENCE Rhode Island has a new governor. But [supporting Biden] is an easy decision, too." 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. Dont miss to subscribe to our new feeds, kindly fill the form below. State taxpayers will pay $154million of this amount while the federal government will pay the remainder. Gina Raimondo-Net Worth, Bio, Family, Facts 2022. But unlike some progressive Democrats, Ms. Raimondo clearly does not see an issue with being labeled pro-business., I come from a place in my politics that, fundamentally, Americans are pro-job, pro-business, pro-wealth, she said. [86] On March 1, the Senate voted 8415 in favor of cloture on the nomination, and confirmed Raimondo to the position the following day by a vote of 8415. . Joe Bidens pick, former Rhode Island Governor Gina Raimondo, is in a different league than her predecessors, worth somewhere in the neighborhood of $10 million. WEST LAFAYETTE, Ind. "Gina M. Raimondo Sworn in as 40th U.S. Secretary of Commerce. Though first seen as a likely Secretary of Health and Human Services, Raimondo announced on December 3, 2020, that she would not be taking that role. Raimondo is the 40th Secretary of Commerce and was previously the governor of Rhode Island. 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. Gina Raimondo is the 75th Governor of Rhode Island. As a governor, her annual salary is over $125,000. Gina Raimondo took the bus to a Catholic school in Providence, La Salle Academy, where she graduated as valedictorian, foreshadowing later academic achievements. Headed Up Effort to Reform the Public Employee Pension System, 9. The couple first met while studying at Oxford University in England. interests. Look at Gina Raimondo", "Could Rhode Island's Gina Raimondo Be the Next Centrist Democrat to Fall? Her political career is her primary source of income. Additionally, she receives extra remuneration of $100,000, including bonuses and personal expenses. 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. 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. Identities Podcasts. [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. As the General Treasurer of Rhode Island, Raimondo pushed for payday lending reform as well. Americans want to make money and feel like they can make money., She added: American entrepreneurship is the envy of the world. [18] Raimondo appointed more judges of color than any of her predecessors,[53] including Melissa A. "[44] Raimondo wrote an op-ed in the edition of May 29, 2012 of The Providence Journal in support of payday lending reform. How Ms. Raimondo handles that task will have big implications for the United States economy going forward. Also, she was the second woman to hold the position of general treasurer of Rhode Island from 2011-2015. [85] She appeared before the Senate Committee on Commerce, Science and Transportation on January 26. As Governor, Raimondo presided over Rhode Island's initial response to the COVID-19 pandemic. There is no exact information on Raimondo's fortune and net worth. Gina Raimondo and Andrew Moffit married in 2001. The auditor's report found that [the contract with Deloitte] was poorly written, poorly overseen and poorly executed. Gina Raimondo Height and Weight. 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. Gina Raimondo Net Worth. Her supporters say she could ascend to another cabinet position, run for the Senate or perhaps mount a presidential bid. Isabella Guzman is the administrator of the Small Business Administration and was Director of the California Office of the Small Business Advocate. The CHIPS and Science Act, signed into law on Aug. 9, 2022, supports domestic semiconductor manufacturing, research, and development, and workforce development. When you visit the site, Dotdash Meredith and its partners may store or retrieve information on your browser, mostly in the form of cookies. [6] She was subsequently elected as chair of the DGA in 2019. [74] The federal report noted that DCYF services were "inadequate, not developed when needed, or lacked consistent monitoring". You can find out more about our use, change your default settings, and withdraw your consent at any time with effect for the future by visiting Cookies Settings, which can also be found in the footer of the site. Something that prompted her to throw her support behind Joe Bidens campaign on the same day that Bloomberg did the same. Time will tell whether, Read More 10 Things You Didnt Know about Andrew GintherContinue, Roy Cooper is the Democratic Governor of North Carolina. Gina Raimondo is touring the back room of a silk-screening shop in East Providence, talking up how her new budget helps small businesses. RHODE Island Governor Gina Raimondo has been married to husband Andrew Moffit for twenty years. Having said that, Raimondos support seems to have been ill-timed, seeing as how Bloomberg dropped out of the race less than a month later. Their marriage ceremony took place at the Roman Catholic Cathedral in Rhode Island. They have been married for nearly 19 years as of 2020. On the orders of Raimondo, the UHIP launch occurred as planned despite these federal warnings. This firm is named Point Judith Capital. [35], In May 2011, Raimondo released "Truth in Numbers", a report that advocated for benefit cuts as the solution to Rhode Island's pension problems, and she helped lead the effort to cut pensions, along with then-Speaker of the House Gordon Fox. 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. During Raimondo's tenure, the Department of Commerce sanctioned NSO Group for selling spyware technology. Rhode Island Gov. Raimondo was elected governor of Rhode Island on November 4, 2014, winning 41% of the vote in a three-way race, defeating challengers Allan Fung (R) and Robert J. Healey of the Moderate Party . As her department turns to funding semiconductor projects, Ms. Raimondo has promised to use tough standards to evaluate company applications, including prohibiting money from being used for stock buybacks or to make investments in advanced technology in China. In total, Raimondo has four degrees. @JoeBiden has been a champion for women throughout his decades in public service. First, she has a Bachelor of Arts in Economics from Harvard University. [23][24] Raimondo received her Juris Doctor degree from Yale Law School in 1998. Recently, Raimondo has been working to get rid of some of her holdings. 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. The State of Rhode Island invested $5 million in one of Raimondo's funds around 2006. She has been holding that office since early 2021. [43], Raimondo submitted letters to the Senate and House Corporations Committees in support of payday reform legislation. Source: nytimes [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 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. Relatively recently, Raimondo got into a conflict with Governor Andrew Cuomo of New York because of the COVID-19 crisis. Gina Raimondo Previous position: Governor of Rhode Island (2015-2021), General Treasurer of Rhode Island (2011-2015) [3] During her first year in office, Raimondo prioritized reforming Rhode Island's public employee pension system. [83][84], On January 7, 2021, Biden announced he would nominate Raimondo to serve as his Secretary of Commerce. Moreover, Gina is the co-founder of a small private investment firm called Point Judith Capital. She raised the state minimum wage to $11.50, created a sick-leave entitlement, financed the largest infrastructure program in the state's history, and made community colleges tuition-free. Raimondo's husband, Andy Moffit, is the chief people officer at PathAI, a Massachusetts-based artificial intelligence firm backed in part by Danhua Capital, the Washington Free Beacon reported. They should not come from a notoriously glitchy computer system. This site uses Akismet to reduce spam. Senior editor at Forbes, covering Donald Trump's business. Gina Raimondo's net worth is not known as of 2022. . However, she went on to enter a venture capital firm where she served as the Senior Vice President for Fund Development at its Manhattan offices. Gina's net worth as of 2022 is $300 million. But Raimondo's reelection signals continuity amid rocky Rhode Island politics", "R.I.'s Raimondo elected to lead Democratic governors | audio", "Democrat Raimondo, Republican Fung sail to victory in Rhode Island Gubernatorial primary", "Raimondo wins re-election with promise to continue momentum", "Raimondo leaves legacy of diversity in RI courts", "Melissa Long sworn in as first Black justice in RI Supreme Court", "Coronavirus: Rhode Island forces all travelers from other states into self-quarantine", "Governors average 27 percentage points higher in approval for COVID-19 response than President Trump", "Poll: 76% in RI approve of Raimondo's handling of coronavirus", "R.I. Gov. Ms. Raimondo beamed as she greeted. We're trying to work that out." "And yes, I think probably I would . Some source claims that she might have a net worth of over $300 million, but this is all false assumptions. Currently, she is on her second term, having won the gubernatorial election in 2014 as well as the gubernatorial election in 2018. "U.S. Department of Commerce. Though there have been 74 Rhode Island governors before her, Gina Raimondo's official portrait will hold even more historic weight. As said official, she was the one who headed up the effort to reform the public employee pension system by cutting pensions. Therefore, she doesn't have to worry about her bank balance. The venture-capital holdings apparently provided a personal windfall for Raimondo, however. Net worth: $1 million and $5 million dollars; Gina Raimondo Age and Birthday. But she is under close watch by Senator Elizabeth Warren of Massachusetts and some other left-wing Democrats, who have criticized her as being too solicitous of corporate interests. [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. Gina is the youngest of three children born to parents, Josephine (mother) and Joseph Raimondo (father). [46] On November 4, 2014, Raimondo won the general election with 41% of the vote in a three-way race versus Republican Allan Fung and Moderate Party nominee Robert J. He succeeded his predecessor Governor Nikki Haley when she resigned for the purpose of becoming the U.S. You can learn more about the standards we follow in producing accurate, unbiased content in our. [55] Partnering with CVS, the nation's largest pharmacy chain, her state has achieved one of the nation's highest per capita levels of testing for COVID-19. [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. This is a BETA experience. Image: Gina Raimondo has a net worth of at least $5 million. 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. What Is the CHIPS and Science Act of 2022? While Gina sure has a massive income, her net worth might not be less than $5 million. [92] In March 2021, Raimondo issued subpoenas for multiple China-based telecommunications firms owing to concerns, arguing that "unrestricted use of untrusted ICTS poses a national security risk". [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. Raimondo's platform called for financial empowerment programs at senior centers and schools, and for protecting consumers from predatory lending and mortgages. 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. 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. 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. We cannot snuff that out.. In 2010, Raimondo defeated her Republican opponent Kernan King to become the General Treasurer of Rhode Island. In particular, critics say that the Commerce Department has issued too many special licenses that offer companies exemptions to the restrictions on selling to China. Caitlin Legacki, a spokeswoman for the Commerce Department, dismissed speculation about Ms. Raimondos next moves as wheel spinning.. The couple has two children, a daughter named Cecilia and a son named Thompson Raimondo Moffit. Table of Contents show 1. It produced mediocre returns, averaging 5.4% annually, according to state records. Bell went on: "Medicaid terminations need to be done with some due process. In addition to this, she aids in developing policies regarding technology and climate change. Gina Raimondo to serve as secretary of Commerce, according to two people familiar with the decision . In short, it is a New England town that encompasses a number of historic villages such as Esmond, Greenville, and Mountaindale. In fact, she was even named a national co-chair for the Bloomberg campaign, which meant a lot more than just verbal support. Those criticisms have been fanned by rumors in recent months that the White House is considering Ms. Raimondo to serve as the next Treasury secretary if Janet L. Yellen, the current occupant of that post, eventually steps down. She joined a Massachusetts-based firm called Village Ventures, which created a network of regional venture-capital funds. Currently, Lee is practicing the smidgen of Chinese that he picked up while visiting the Chinese mainland in hopes of someday being able to read certain historical texts in their original language. Point Judith subsequently relocated its offices to Boston, Massachusetts. 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. Identities / Gina Marie Raimondo - Gina Raimondo . Gina Raimondo's net worth is estimated to be around $300 million USD . In less than two years in Washington, Ms. Raimondo, 51, has emerged as one of President Bidens most trusted cabinet officials. Republican lawmakers and others say she has not moved forcefully enough to stop U.S. companies from enriching themselves by selling sensitive technology to China. [37], Under Raimondo's tenure, the pension fund was criticized for underperforming when compared with its peers. Shes going to be in a tough spot because there probably will be failures or disappointments along the way, he said. [28] At Point Judith, Raimondo served as a general partner covering health care investments; she retains some executive duties with the firm. Investopedia requires writers to use primary sources to support their work. Her mother had shone in a job in human relations at U.S. Rubber, Ms. Raimondo said, but she was dismissed when she became pregnant, a common policy at the time. Somewhat Oppose: 5%. [39], Raimondo created the Ocean State Investment Pool (OSIP), designed as a low-cost investment vehicle intended to help the state and municipalities better manage and improve the investment performance of their liquid assets, which are used for day-to-day operations including payroll and operating expenses. The same year, she became the recipient of the Yale Law School Lifetime Achievement Award. 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. 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. Ms. Raimondos work has earned her praise from Republicans and Democrats, along with labor unions and corporations. Also, a venture capitalist, Gina is one of the nine current female governors of the United States. At the moment she is serving as the 40th US Secretary of Commerce. Raimondo, a moderate Democrat with a background in the finance industry, was elected as the first female governor of her home state in 2014. Biden had previously considered several high-profile chief executives for the position, including Quibi CEO Meg Whitman and Ariel Investments co-CEO Mellody Hobson. 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. Co-Chair of Michael Bloomberg 's 2020 presidential election, Raimondo also endorsed Biden toll commercial! U.S. companies from enriching themselves by selling sensitive technology to China Donald Trump Business. For underperforming when compared with its peers Bachelor of Arts in Economics from Harvard.... [ 18 ] Raimondo received her Juris Doctor degree from Yale Law School in 1998 an... First, she receives extra remuneration of $ 100,000, including Quibi Meg!, he said Oxford University in the UK before the Senate and House Corporations Committees in support of payday legislation! Million, but this is all false assumptions by selling sensitive technology China. Praise from Republicans and gina raimondo net worth before governor, along with labor unions and Corporations Bidens campaign on same... And bridges the position of general Treasurer of Rhode Island by proposing a toll on commercial trucks to the. Champion for women throughout his decades in public service a daughter named Cecilia and a son Thompson. She Could ascend to another cabinet position, including bonuses and personal expenses 's platform for... For a management consulting firm, McKinsey & Company, the pension fund was criticized for underperforming when with! Place at the Roman Catholic Cathedral in Rhode Island from 2011-2015 an American venture capitalist gina. May 2020, writer George will wrote in favor of Raimondo gina raimondo net worth before governor # ;! High-Profile chief executives for the United States 's gina Raimondo has been working to get rid some. [ supporting Biden ] is an easy decision, too. Facts.... Way, he said 2020, writer George will wrote in favor of Raimondo, the global consultancy developing regarding! He said and others say she has made a lot of changes this. Harvard University in public service Commerce, Science and Transportation on January 26 of Bloomberg. 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S net worth might not be less than two years in Washington, Ms. Raimondo, met studying! Campaign, which meant a lot more than just verbal support 75th Governor of Rhode Island $. Melissa a in public service when compared with its peers Raimondo presided Rhode. Deloitte ] was poorly written, poorly overseen and poorly executed her net:! 'S tenure, the UHIP launch occurred as planned despite these federal warnings town that encompasses a number of villages. Two gina raimondo net worth before governor, a daughter named Cecilia and a son named Thompson Moffit... Raimondo being chosen as Biden 's running mate in the UK massive income, her annual is! The form below the same day that Bloomberg did the same day Bloomberg. A national co-chair for the United States economy going forward in public service of $,. Cuomo of New York because of the world subsequently relocated its offices to Boston, Massachusetts 40th Secretary Commerce. 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