Political Profile: Stefan Pryor, Candidate for General Treasurer

Political Profile: Stefan Pryor, Candidate for General Treasurer

Stefan Pryor is the Democratic candidate for General Treasurer. Here is what he has to say.

1.  What do you think is the biggest political issue this campaign cycle?

Inflation. With gas prices through the roof and overall prices up more than 9% over the past year, Rhode Islanders are feeling the squeeze. More and more families are facing tough choices about what to cut back on -- from groceries to medications to fuel. We need to do what we can to control these increasing costs.

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As part of the solution, as Treasurer, I would advocate reducing the state’s sales tax (especially if budget surpluses are expected). Cutting the sales tax would give Rhode Islanders some needed relief at the checkout counter. Reducing the sales tax would also help us compete with our neighboring states. Massachusetts and Connecticut both have lower sales tax rates – 6.35% for Connecticut and 6.25% for Massachusetts. Rhode Island’s rate is 7%. This higher rate means that Rhode Islanders pay more for goods and services – and means that retail businesses across the state border have an advantage over our shops and stores. It’s also worth noting that the sales tax is a regressive tax that hits middle-income and lower-income residents the hardest. So keeping the sales tax under control will help everyday Rhode Islanders in a real way.

     

2.  What do we need to do to improve Rhode Island's economy?

There are multiple steps we should take in order to strengthen and grow our economy. Here I will outline a couple of the most important steps and will reference a handful of other key actions:

(1) We need to offer ongoing help to our small businesses, the lifeblood of our economy. During the pandemic period, an array of financial assistance was offered. But these supports should continue well beyond the COVID era in order to enable our small businesses to survive and thrive. As Treasurer, I will position the Treasurer’s office to provide small business financing – including access to capital for minority-owned, women-owned, and veteran-owned businesses. We will do so in partnership with banks, credit unions, community lenders, and other partners. And we will work to make all government forms for small businesses digital – collaborating with the Governor and various departments of the administration, the Secretary of State, and cities and towns to create an electronic one-stop shop for small business.

(2) We must make investments in the industries that have the potential to drive our economy forward, creating well-paying jobs for Rhode Islanders. Key sectors include the blue economy (including offshore wind, submarine and boat building, fisheries and seafood processing) and advanced manufacturing (including pharmaceutical and medical device manufacturing that starts with research at our public and private universities and leads to production at our advanced industrial plants). As Treasurer, I will help to convene the stakeholders, create the vision, and attract the investment necessary to propel our state forward in these and other important areas.

In addition to the above, as Treasurer, I will work to:

Open up access to the banking system to help families access core banking products and build wealth.
Enhance workforce development opportunities and help families save for college and job training.
Expand the state’s school construction and repair program so our schools are safe, secure, and conducive to teaching and learning.
Reduce the sales tax to mitigate inflation and to make Rhode Island retailers more competitive (as explained above).

 

Rhode Island’s recovery from the COVID-related economic downturn is one of the strongest in the country – and the strongest in the Northeast. We have the momentum – but we need to maintain that momentum and build it further. Taken together, the above steps can help to position our state for further economic resiliency and growth.

 

3.  What is the greatest challenge facing Rhode Island as a state?

Making it more affordable to live in our state. That’s the top challenge I hear expressed by Rhode Islanders. The average rent for a 1-bedroom apartment has gone up by over 30% in just the last two years and the average single-family sales price is up almost 40% in that same time. These price increases (on top of increasing prices for gas and groceries) are making it harder for so many Rhode Islanders – from young families starting out to working families trying to make ends meet to seniors striving to stay in their homes. As Commerce Secretary, I joined with allies to propose the State’s first recurring funding stream to invest in housing affordability and helped champion the State’s $250 million investment in housing from federal stimulus funds. The Treasurer has a crucial role to play regarding housing – both as a member of the RI Housing agency’s board and through his or her role in enabling and promoting investment in our state. As your Treasurer, I will work hard to continue – and increase – the progress in this essential area.

 

4.  Why are you running for office? What makes you uniquely qualified?

Having spent much of my career creating opportunities and building economic security for people, I understand how public officials can positively impact the daily lives of Rhode Islanders. Throughout my professional life, I have aimed to offer leadership – even during uncertain times. Whether it be helping to coordinate the rebuilding of the World Trade Center after September 11th as President of the Lower Manhattan Development Corporation or supporting Rhode Island’s small businesses throughout the COVID-19 pandemic as our Commerce Secretary, I have managed large-scale public investments and have helped to lead through the toughest of conditions.

As Treasurer, I will work to strengthen our pension system — securing retirement income for our valued public servants. As explained above, my team and I will also take key steps to strengthen the economy and improve the lives of everyday Rhode Islanders. We will break down barriers in order to make banking services more accessible to middle-income and low-income families. We continue our advocacy for housing that Rhode Islanders can afford, will expand our school construction program, and will enable more investment in our infrastructure. We will help families invest for their children’s future, helping to make college more affordable and job training more accessible. We will make it easier for victims and survivors of domestic violence to become financially independent. We will ensure that the Treasurer’s office serves as a catalyst for the economy, offering ongoing support for small businesses as well attracting investment for promising and growing industries – through the good times and the tough times.

 

5.  Who is your inspiration?

I would like to describe two sources of inspiration. First, John C. Whitehead believed in public service. During World War II, Mr. Whitehead enlisted in the United States Navy (at the age of 19). He served his country with distinction by fighting at both Normandy and Iwo Jima. He went on to a long and highly successful career in finance and government – culminating at the top of those fields. I met Mr. Whitehead when, late in life, he was drafted to serve as the board chairman of the Lower Manhattan Development Corporation. He took on this volunteer position despite the fact that he had more than earned the right to retire instead. Mr. Whitehead served at the LMDC with a sense of duty, a devotion to optimism, and a commitment to doing what’s best at every turn. He infused the World Trade Center rebuilding process with integrity and, in spite of the challenging circumstances, insisted that we focus on the bright future ahead.

Second, in the course of the pandemic, I have met -- or gotten to know even better – numerous Rhode Islanders who went above and beyond to help their fellow Ocean State residents. One who stands out is Jennifer Ortiz. Ms. Ortiz owns and operates a barbershop on Peck Street in downtown Providence. Given her job as a professional hair stylist, Ms. Ortiz’s own small business, Executive Cuts, faced challenges throughout the stages of the pandemic. She had to learn to adapt to the changing understanding of COVID and the changing practices that accompanied this evolving understanding. She had to grapple with a significant drop-off in foot traffic and, therefore in customers. And she needed to do so while, along with her husband, taking care of her middle-school-age son. Even in the midst of all that, Ms. Ortiz found the time to help mobilize the Small Business Coalition, a group of Rhode Island small businesspeople advocating for the needs of the small business community. And she found yet more time to help other individual businesses manage their challenges, link up with resources, and find solutions during the crisis.

The memory of Mr. Whitehead and the example of Ms. Ortiz are continuously inspiring and energizing.

Learn More: https://pryorforri.com/