About the Treasurer

Seth Magaziner headshot

General Treasurer Seth Magaziner is committed to promoting economic growth and expanding opportunity through honest, effective leadership.

Treasurer Magaziner’s priority initiatives include making a once-in-a-generation investment to repair or replace Rhode Island’s public-school buildings, helping small businesses by moving millions of dollars of the state’s cash to local community banks and credit unions, and launching new programs at the Rhode Island Infrastructure Bank that are putting Rhode Islanders to work on clean energy projects.

Education and School Construction

As co-chair of the Rhode Island School Building Task Force, Treasurer Magaziner led the development of a once-in-a-generation plan to repair or replace Rhode Island’s crumbling public school buildings, because all students deserve to attend schools that are safe, warm, dry, and equipped for twenty-first-century learning.

The statewide school construction program was approved overwhelmingly by voters in 2018 and has already allocated $1.4 billion to repair or replace 176 school buildings in communities across the state, creating 23,500 up-front jobs benefitting over 95,000 Rhode Island students annually.

As the cost of higher education continues to pressure Rhode Island families, Treasurer Magaziner has transformed the state’s 529 college savings program into one of the highest-rated college savings plans in the nation. Now, Rhode Islanders can save for education easily through Rhode island’s tax-advantaged CollegeBoundSaver program with the confidence of knowing that their college savings plan is one of the best in the nation.

Working with a bipartisan team of legislators, Treasurer Magaziner also passed and launched the RI’s ABLE program, which helps young people with disabilities and their families save money toward the cost of major disability-related expenses without losing federal benefits.

Promoting Sustainable Economic Growth

Treasurer Magaziner’s priority is strengthening the economy and putting Rhode Islanders to work. Treasurer Magaziner launched the BankLocal program, which has helped more than 400 local small businesses access more than  $40 million in capital to grow and expand by moving millions of dollars of the state’s cash to local community banks and credit unions.

Treasurer Magaziner is devoted to making government work better for Rhode Islanders, with a focus on improving financial security for Rhode Island families. In 2017, Treasurer Magaziner overhauled the state’s unclaimed property program, making it easier to reunite Rhode Islanders with their missing money. Nearly 150,000 people have been reunited with over $100 million in Unclaimed Property during Treasurer Magaziner’s administration, including 70,000 people who have automatically received checks in the mail with no paperwork required through the new YOUR MONEY program. 

Treasurer Magaziner also recognizes that Rhode Island has an opportunity to create thousands of good-paying jobs and improve the state’s quality of life for generations to come by transitioning to a clean energy economy. One of his first initiatives upon taking office was successfully championing the expansion of the Rhode Island Infrastructure Bank to fund energy efficiency and renewable energy projects across the state, putting hundreds of Rhode Islanders to work while reducing the state’s carbon footprint.

Financial Empowerment & Retirement Security

Treasurer Magaziner believes all Rhode Islanders deserve a secure retirement, especially those who have spent their careers serving others. He has strengthened the state’s pension system, implementing a ‘Back to Basics’ investment plan which has since earned $3.775 billion for the teachers, first responders, nurses, social workers, and other members of the pension fund.
 
Under Treasurer Magaziner’s watch, Rhode Island has become a national leader on public pension transparency. His Transparent Treasury policy ensures that key financial information is easily accessible and regularly updated on the state’s website. It was during Treasurer Magaziner’s tenure that Rhode Island’s pension system received recognition for high-quality financial reporting from the Government Finance Officers Association for the first time ever, and every year for the last three years.

Treasurer Magaziner understands that financial education is critical to setting young people on the path to achieving a lifetime of success. He collaborated with educators, students, and community leaders to lead the successful effort to pass legislation instituting a financial literacy requirement for all public high school students to better understand and manage their personal finances while becoming more financially self-sufficient.

Commitment to Service

Treasurer Magaziner serves on the board of directors at Crossroads Rhode Island, the state’s largest provider of services to the homeless, and previously served on the boards of Common Cause Rhode Island, Marriage Equality Rhode Island, and the Bristol 4th of July Committee. 

Treasurer Magaziner grew up in Bristol, Rhode Island, and earned a bachelor’s degree in history from Brown University and a master’s degree in business administration from Yale University. He lives in Cranston with his wife, Julia, and son, Max.