N. Providence Mayor Lombardi endorses Caprio

N. Providence Mayor Lombardi endorses Caprio

NORTH PROVIDENCE - Democrat candidate for general treasurer, Frank Caprio, announced Thursday that he is being endorsed by North Providence Mayor Charles Lombardi. It was the first endorsement of the new year for Caprio, who previously held the office of treasurer from 2007 to 2010.

“I have been a supporter of Frank Caprio for many years and am proud to announce my full support for his campaign to return to the treasurer’s office,” said Lombardi in a statement. “Frank is an honest public servant who led the state treasurer’s office through the toughest days of the great recession while still yielding great results and protecting our state’s investments.”

As treasurer, Caprio said he ran one of the most "efficient and transparent" offices in the state. He reduced spending in the office, protected the state pension fund by exiting approximately $1 billion in subprime mortgage holdings ahead of the market crash and cut the amount the taxpayers paid in investments fees to Wall Street money managers. Despite a bad economy, under his leadership the state’s pension fund performed well, including outperforming the state of California’s pension fund and the Harvard Endowment.

“I thank Mayor Lombardi for his support and look forward to the possibilities of working with him once again,” said Caprio. “Mayor Lombardi has made many hard choices to lead North Providence back to financial stability and has been an honest advocate for efficient and effective government during his time as mayor. I am proud to have his support.”

Added Lombard, "as a mayor and small business owner, I can tell you that Frank Caprio is the only candidate in the race that has the experience we need in the treasurer’s office. He has a long record of standing up for our best interests and he knows what we need to do as a state to help small businesses grow and create jobs."