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Denise Lynn Nappier (born June 16, 1951) is an American who served as
Connecticut State Treasurer The Connecticut State Treasurer serves the office of treasurer for the state of Connecticut Connecticut () is the southernmost state in the New England region of the Northeastern United States. It is bordered by Rhode Island to the east, Ma ...
, from 1999 to 2019. A member of the
Democratic Party Democratic Party most often refers to: *Democratic Party (United States) Democratic Party and similar terms may also refer to: Active parties Africa *Botswana Democratic Party *Democratic Party of Equatorial Guinea *Gabonese Democratic Party *Demo ...
, she was first elected in 1998 and was re-elected in 2002, 2006, 2010 and 2014. She is the first
African-American African Americans (also referred to as Black Americans and Afro-Americans) are an ethnic group consisting of Americans with partial or total ancestry from sub-Saharan Africa. The term "African American" generally denotes descendants of ensl ...
woman elected to statewide office in the history of Connecticut, the first woman elected State Treasurer in Connecticut history, and the first African-American woman elected to serve as state treasurer in the United States. In 2011, she was named to the
Connecticut Women's Hall of Fame The Connecticut Women's Hall of Fame (CWHF) recognizes women natives or residents of the U.S. state of Connecticut for their significant achievements or statewide contributions. The CWHF had its beginnings in 1993 when a group of volunteers partn ...
. In January 2018, Nappier announced she would not seek re-election to a sixth term in November 2018.


Early life and education

Born to parents Connie and Barbara Nappier in Hartford, Connecticut, she and her two sisters; Diane and Donna, were the first set of triplets born at the Mount Sinai Hospital. Nappier and her sisters excelled in gymnastics, track, golf, and cheerleading; she organized "
Culottes Culottes are an item of clothing worn on the lower half of the body. The term can refer to either split skirts, historical men's breeches, or women's under-pants; this is an example of fashion-industry words taken from designs across history, l ...
Day" at her high school in the 1960s to protest the school's dress code banning the then-popular skirt-pant combination. Nappier graduated from
Hartford Public High School Hartford Public High School, in Hartford, Connecticut, was founded in 1638. It is the second-oldest public secondary school in the United States, after the Boston Latin School. It is part of the Hartford Public Schools district. Notable alumni ...
in 1969. Nappier graduated from
Virginia State University Virginia State University (VSU or Virginia State) is a public historically Black land-grant university in Ettrick, Virginia. Founded on , Virginia State developed as the United States's first fully state-supported four-year institution of hi ...
, receiving her
B.A. Bachelor of arts (BA or AB; from the Latin ', ', or ') is a bachelor's degree awarded for an undergraduate program in the arts, or, in some cases, other disciplines. A Bachelor of Arts degree course is generally completed in three or four yea ...
in 1973. She also graduated from
University of Cincinnati The University of Cincinnati (UC or Cincinnati) is a public research university in Cincinnati, Ohio. Founded in 1819 as Cincinnati College, it is the oldest institution of higher education in Cincinnati and has an annual enrollment of over 44,0 ...
, receiving her
M.A. A Master of Arts ( la, Magister Artium or ''Artium Magister''; abbreviated MA, M.A., AM, or A.M.) is the holder of a master's degree awarded by universities in many countries. The degree is usually contrasted with that of Master of Science. Tho ...
in
City Planning Urban planning, also known as town planning, city planning, regional planning, or rural planning, is a technical and political process that is focused on the development and design of land use and the built environment, including air, water, ...
in 1975. Nappier holds
honorary degrees An honorary degree is an academic degree for which a university (or other degree-awarding institution) has waived all of the usual requirements. It is also known by the Latin phrases ''honoris causa'' ("for the sake of the honour") or '' ad hon ...
from Teikyo Post University,
Trinity College Trinity College may refer to: Australia * Trinity Anglican College, an Anglican coeducational primary and secondary school in , New South Wales * Trinity Catholic College, Auburn, a coeducational school in the inner-western suburbs of Sydney, New ...
, Briarwood College,
University of Hartford The University of Hartford (UHart) is a private university in West Hartford, Connecticut. Its main campus extends into neighboring Hartford and Bloomfield. The university attracts students from 48 states and 43 countries. The university and it ...
and Saint Joseph College.


Early career

After graduating, Nappier returned to Hartford, working as an analyst in the city manager's office, and as a consultant for the Connecticut Office of Policy and Management. From 1981 to 1984, she was hired by the
University of Connecticut The University of Connecticut (UConn) is a public land-grant research university in Storrs, Connecticut, a village in the town of Mansfield. The primary 4,400-acre (17.8 km2) campus is in Storrs, approximately a half hour's drive from H ...
, working as the Director of Institutional Relations for the
University of Connecticut Health Center UConn Health (formerly known as the UConn Health Center) is the branch of the University of Connecticut that oversees clinical care, advanced biomedical research, and academic education in medicine. The main branch is located in Farmington, Connec ...
. During that time, Nappier also served as the chair of the Hartford Redevelopment Authority. In 1984 she was named the executive director of the Hartford Riverfront Recapture, where she was in charge of renovating riverfront's surrounding transportation infrastructure, connecting Hartford and
East Hartford East Hartford is a town in Hartford County, Connecticut, United States. The population was 51,045 at the 2020 census. The town is located on the east bank of the Connecticut River, directly across from Hartford, Connecticut. It is home to aerospac ...
with a pedestrian walkway, and expanding the park system for both cities riverbanks. In 1989, Nappier was elected to the first of five terms as Hartford City Treasurer, a position she held until 1998.


State Treasurer of Connecticut


Elections

In December 1997, Nappier announced she would run for the Democratic nomination for State Treasurer of Connecticut, she defeated Frank A. Lecce, founder of a municipal-bond firm, at the state's Democratic convention with just 51% of the delegates cast. Frustrated with his defeat, Lecce challenged Nappier for the nomination in a further primary challenge; where Nappier won with 59% of the vote. In the general election, Napier faced
Republican Republican can refer to: Political ideology * An advocate of a republic, a type of government that is not a monarchy or dictatorship, and is usually associated with the rule of law. ** Republicanism, the ideology in support of republics or agains ...
incumbent Paul J. Silvester,
Libertarian Libertarianism (from french: libertaire, "libertarian"; from la, libertas, "freedom") is a political philosophy that upholds liberty as a core value. Libertarians seek to maximize autonomy and political freedom, and minimize the state's e ...
Louis A. Garofalo and Concerned Citizens Party candidate Joseph J. Ciccomascolo. On November 3, 1998, the race was too close to call and it wasn't until November 6 when the results were announced; with Napier defeating Silvester by only 2,600 votes, it was one of the closest races for State Treasurer in Connecticut state history. Nappier was the first
African-American African Americans (also referred to as Black Americans and Afro-Americans) are an ethnic group consisting of Americans with partial or total ancestry from sub-Saharan Africa. The term "African American" generally denotes descendants of ensl ...
to be elected to statewide office in Connecticut. She ran for reelection in 2002, against Hartford attorney Ross Garber. She defeated Garber in the general election with 55%, winning the majority of the vote in every county in Connecticut. In 2006, Nappier defeated East Windsor First Selectman Linda Roberts with 63% of the vote, the highest percentage of the vote she's received while running as State Treasurer. In 2010, after Newington Mayor Jeff Wright suspended his campaign for
Governor of Connecticut The governor of Connecticut is the head of government of Connecticut, and the commander-in-chief of the state's military forces. The governor has a duty to enforce state laws, and the power to either approve or veto bills passed by the Connecticu ...
, he decided to run for State Treasurer. Nappier defeated Wright in the general election, with 54% of the vote.


Tenure

As Connecticut's chief elected financial officer, Nappier oversees $64 billion in state funds, including the state's retirement plans and trust funds. After the 2001
Enron scandal The Enron scandal was an accounting scandal involving Enron Corporation, an American energy company based in Houston, Texas. Upon being publicized in October 2001, the company declared bankruptcy and its accounting firm, Arthur Andersen then on ...
, Nappier sought to recover the $15 million lost from Connecticut's pension fund, as a result of the company's hiding of billions of dollars in debt from failed deals and projects. Since the bankruptcy of Enron, Nappier has been an advocate for tighter regulation of
financial institutions Financial institutions, sometimes called banking institutions, are business entities that provide services as intermediaries for different types of financial monetary transactions. Broadly speaking, there are three major types of financial insti ...
, and for separation between auditing and consulting firms. In 2004, Nappier and then
Connecticut Attorney General The Connecticut Attorney General is the state attorney general of Connecticut. The Attorney General is elected to a four-year term. According to state statute, eligibility for the office requires being "an attorney at law of at least ten years' ...
Richard Blumenthal Richard Blumenthal (; born February 13, 1946) is an American lawyer and politician who is the senior United States senator from Connecticut, a seat he has held since 2011. A member of the Democratic Party, he is one of the wealthiest members of ...
filed suit against the private equity firm
Forstmann Little & Company Forstmann, Little & Company was a private equity firm, specializing in leveraged buyouts (LBOs). At its peak in the late 1990s, Forstmann Little was among the largest private equity firms globally. Ultimately, the firm would suffer from the burs ...
for the $120 million lost in Forstmann Little's failed investments in XO Communications Inc. and McLeodUSA Inc., two telecommunications firms that ended up filing for bankruptcy. Nappier and Bluementhal argued that the firm breached contractual obligations and fiduciary responsibilities, and violated securities law. Opponents of the suit argued that it could make funds less eager to work with states, while the financial industry feared that if Forstmann Little were found guilty, a stream of new suits would follow. On July 24, a six-person jury in
Rockville, Connecticut Rockville is a census-designated place and a village of the town of Vernon in Tolland County, Connecticut, United States. The population was 7,474 at the 2010 census. Incorporated as a city in 1889, it has been consolidated with the town of Vernon ...
, found that the firm breached its contract, but did not award financial compensations because they found that the state of Connecticut consented to the deal, and that the firm relied on information from its lawyers. In April 2009, Nappier called on
Bank of America The Bank of America Corporation (often abbreviated BofA or BoA) is an American multinational investment bank and financial services holding company headquartered at the Bank of America Corporate Center in Charlotte, North Carolina. The bank w ...
CEO A chief executive officer (CEO), also known as a central executive officer (CEO), chief administrator officer (CAO) or just chief executive (CE), is one of a number of corporate executives charged with the management of an organization especially ...
Ken Lewis to resign. She also called on other senior officials to resign including Bank of America's lead director, Temple Sloan, and Thomas Ryan, chairman of the bank's governance committee, due to the bank's acquisition of
Merrill Lynch Merrill (officially Merrill Lynch, Pierce, Fenner & Smith Incorporated), previously branded Merrill Lynch, is an American investment management and wealth management division of Bank of America. Along with BofA Securities, the investment bank ...
and $20 billion in losses in the fourth quarter of 2008. As Treasurer, Nappier represented the Connecticut pension fund system and the Connecticut's Department of Treasury on Bank of America's board of shareholders, due to the state's owning of 3.2 million shares ($34.7 million in market value) of the bank. At the annual shareholders meeting in
Charlotte, North Carolina Charlotte ( ) is the most populous city in the U.S. state of North Carolina. Located in the Piedmont region, it is the county seat of Mecklenburg County. The population was 874,579 at the 2020 census, making Charlotte the 16th-most populo ...
, Nappier voted against keeping the established leadership, saying that "In the interest of Bank of America's future growth and success, it's time to clean house and set the financial health of the company on a sustainable path." She also called on the board members of
American International Group American International Group, Inc. (AIG) is an American multinational finance and insurance corporation with operations in more than 80 countries and jurisdictions. , AIG companies employed 49,600 people.https://www.aig.com/content/dam/aig/amer ...
to resign, citing executive bonuses after the insurance firm received $182 billion from the federal government
Troubled Asset Relief Program The Troubled Asset Relief Program (TARP) is a program of the United States government to purchase toxic assets and equity from financial institutions to strengthen its financial sector that was passed by Congress and signed into law by President G ...
. Nappier is a member of the boards of both the
National Association of Corporate Directors The National Association of Corporate Directors (NACD) is an independent, not-for-profit, section 501(c)(3) founded in 1977 and headquartered in Arlington, Virginia. NACD's membership includes the entire boards of 1,700+ corporations as well as ...
and the
International Foundation for Electoral Systems The International Foundation for Electoral Systems (IFES) is an international, non-profit organization founded in 1987. Based in Arlington, Virginia, the organization provides assistance and support for elections and electoral stakeholders in ne ...
. Nappier also served as the treasurer for the National Association of State Treasurers, and as a fellow for the
United States Department of Housing and Urban Development The United States Department of Housing and Urban Development (HUD) is one of the executive departments of the U.S. federal government. It administers federal housing and urban development laws. It is headed by the Secretary of Housing and Urb ...
.


Electoral history

*Nappier was also listed on the Working Families Party line. *Nappier was also listed on the Working Families Party line; Herbst was also listed on the Independent Party line.


Notes


External links


Connecticut State Treasurer Website
{{DEFAULTSORT:Nappier, Denise 1951 births 21st-century American politicians 21st-century American women politicians African-American people in Connecticut politics African-American women in politics Connecticut Democrats Living people Politicians from Hartford, Connecticut State treasurers of Connecticut University of Cincinnati alumni Virginia State University alumni Women in Connecticut politics 21st-century African-American women 21st-century African-American politicians 20th-century African-American people 20th-century African-American women