Stephen (Steve) Laffey is an American politician, businessman, author and
filmmaker
Filmmaking (film production) is the process by which a motion picture is produced. Filmmaking involves a number of complex and discrete stages, starting with an initial story, idea, or commission. It then continues through screenwriting, castin ...
.
He is the former
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 ...
mayor of
Cranston, Rhode Island
Cranston, once known as Pawtuxet, is a city in Providence County, Rhode Island. The official population of the city in the 2020 United States Census was 82,934, making it the second largest in the state. The center of population of Rhode Island i ...
from 2003 to 2007 and lost a bid for the United States Senate in 2006. He is a former executive of
Morgan Keegan & Company
Raymond James , Morgan Keegan is the name of the former Morgan Keegan & Co. business units acquired by Raymond James Financial on April 2, 2012. The combined firms’ subsidiaries engage primarily in investment and financial planning, investment ...
, a
Tennessee
Tennessee ( , ), officially the State of Tennessee, is a landlocked state in the Southeastern region of the United States. Tennessee is the 36th-largest by area and the 15th-most populous of the 50 states. It is bordered by Kentucky to th ...
-based financial company where he served as President and COO until his departure in 2001. He is the author of the book ''Primary Mistake'' and in 2012, he released a documentary entitled ''
Fixing America'' which is a road documentary asking Americans about America's financial crisis, the disconnect with the political elite, and ultimately collects their thoughts, their emotions and their solutions to fix America's financial problems. He currently resides in Colorado with his wife and children where he raises
Irish Dexter cattle and
Irish Gypsy Cob horses.
Early life
Laffey was born in 1962 in
Warwick, Rhode Island
Warwick ( or ) is a city in Kent County, Rhode Island, the third largest city in the state with a population of 82,823 at the 2020 United States Census, 2020 census. It is located approximately south of downtown Providence, Rhode Island, sout ...
to John and Mary Laffey. He grew up with four other siblings and at the age of four his family moved to Cranston. Laffey's childhood was less than perfect. His eldest brother died of AIDS and two other siblings suffered from schizophrenia.
His father worked as a toolmaker and union steward at Armbrust Chain Company while his mother worked as a night nurse. Laffey attended Cranston East High School where he was described as an "assertive and aggressive student." He was co-captain of the basketball team and president of the student council.
Education
Laffey is credited as being the first person in his family to go to college. He decided to apply to
Bowdoin College
Bowdoin College ( ) is a private liberal arts college in Brunswick, Maine. When Bowdoin was chartered in 1794, Maine was still a part of the Commonwealth of Massachusetts. The college offers 34 majors and 36 minors, as well as several joint eng ...
in
Brunswick, Maine
Brunswick is a town in Cumberland County, Maine, United States. The population was 21,756 at the 2020 United States Census. Part of the Portland-South Portland-Biddeford metropolitan area, Brunswick is home to Bowdoin College, the Bowdoin Intern ...
on the advice of his high school history teacher and was accepted with full scholarship. He attended Bowdoin from 1980–1984 where he majored in Economics. While at Bowdoin, Laffey began getting involved in politics. He co-founded the Bowdoin Patriot, the school's conservative newspaper, and was elected president of the student government. He also co-hosted the radio show "The Joe Show" on
WBOR
WBOR (91.1 FM) is a radio station licensed to Bowdoin College in Brunswick, Maine, United States. The station broadcasts from the basement of the Dudley Coe Building on the Bowdoin College campus. Programming consists of an eclectic mix of indie ...
with his roommate Tom Marcelle.
He was also credited as being responsible for a full-fledged conservative movement at the university.
Upon graduating
Magna Cum Laude
Latin honors are a system of Latin phrases used in some colleges and universities to indicate the level of distinction with which an academic degree has been earned. The system is primarily used in the United States. It is also used in some So ...
from Bowdoin in 1984, Laffey attended
Harvard Business School
Harvard Business School (HBS) is the graduate business school of Harvard University, a private research university in Boston, Massachusetts. It is consistently ranked among the top business schools in the world and offers a large full-time MBA p ...
. He received a full ride to Harvard from the George and Mary Knox Scholarship at Bowdoin.
While at Harvard, he was published in the Wall Street Journal for an op-ed entitled ''What They Do Teach You at Harvard Biz.''
He graduated with an MBA from Harvard in 1986.
Business career
Laffey had a stated goal of becoming the president of a financial firm by the time he was 40 years old. In June 1992, he began working for
Morgan Keegan & Company
Raymond James , Morgan Keegan is the name of the former Morgan Keegan & Co. business units acquired by Raymond James Financial on April 2, 2012. The combined firms’ subsidiaries engage primarily in investment and financial planning, investment ...
, a Tennessee-based brokerage firm with $500 Million in revenues and over 2,000 employees. He worked in various positions within the company including director of research, head of equity trading, head of institutional sales, and chair of two venture capital funds. In 2000, he was named president and chief operating officer at the age of 38. He worked a total of 9 years for the company.
As President and COO, Laffey was responsible for a number of tasks including everything from administrative tasks to oversight of the company's private equity and institutional equity business. One company insider described him as being in charge of everything except bond trading
and the Wall Street Journal cited him as the "sole decision maker" over picking stocks for the firm's focus list. He also served as the chairman of several investment committees and directly oversaw the firm's group of private equity investments and their analyst research branch.
He left the company in 2001 after initiating and overseeing the sale of the firm to
Regions Financial Corporation
Regions Financial Corporation is a bank holding company headquartered in the Regions Center in Birmingham, Alabama. The company provides retail banking and commercial banking, trust, stockbrokerage, and mortgage services. Its banking subsidia ...
, a deal reported to be worth $789 Million. He was replaced by Doug Edwards; and, in addition to Edwards, Keegan hired three additional executives to assume the duties of Laffey.
Political career
![SteveLaffeyCampaignPhoto](https://upload.wikimedia.org/wikipedia/commons/a/a1/SteveLaffeyCampaignPhoto.jpg)
Upon leaving Keegan, Laffey went to Vermont during the summer of 2001. While there, he attended a retreat at Camp of the Woods, a Christian conference center in the Adirondacks. He attended the retreat with some of his Harvard Business School classmates and it was at that time that he stated he felt the "call" to enter politics. Laffey was quoted as saying:
When I was asked where I was from, I said I was from Cranston, Rhode Island," Laffey recalls. "Why did I say I was from Cranston? I'd been away for 20 years. But I felt I was supposed to go back to Cranston, Rhode Island, even though I didn't know why.
Laffey moved back to Cranston with his wife and children and ran for mayor in 2002.
Mayor
Laffey challenged well-known Democrat Aram Garabedian in 2002 for mayor of Cranston. He recruited numerous local and well-known Cranston residents, including Democratic gubernatorial candidate executive committee member Norman Orodenker who stepped down from his position to assist Laffey with his campaign. Laffey stood on street corners and knocked on doors handing out
Laffy Taffy
Laffy Taffy is an American brand of taffy candies produced by the Ferrara Candy Company, a subsidiary of Ferrero. The candies are small (about ), individually wrapped taffy rectangles available in a variety of colors and artificial fruit f ...
to help spread his name. Laffey defeated Garabedian 14,688 to 13,359 and took office in January 2003. He was re-elected for a second term in 2004 by earning 65% of the vote.
When he entered office in 2003, Cranston had the lowest bond rating in America and its city pension had only $9 million in assets and $250 million in liabilities.
![Laffeyofficephoto](https://upload.wikimedia.org/wikipedia/commons/0/04/Laffeyofficephoto.jpg)
Laffey was criticized by many government workers during his term as mayor. His critics were mainly unions representing the city workers including the union representing the city crossing guards. He privatized the 39 crossing guard positions to save the city $800,000 per year. The employees were receiving full benefits including free health insurance, pensions, sick leave, paid sick leave, and summer unemployment for only working 1 hour per day and only 40 weeks of the year. He also faced opposition from the firefighter's union and the school union. Laffey and his supporters argue that he has saved Cranston from financial ruin. They cite the change in Cranston's
bond rating
In investment, the bond credit rating represents the credit worthiness of corporate or government bonds. It is not the same as an individual's credit score. The ratings are published by credit rating agencies and used by investment professiona ...
which had gone from the lowest in America to "investment grade" under his tenure, increasing an unprecedented 8 steps in three and a half years. Laffey credits this to confronting unions and cutting excesses in school spending. In 2006, Laffey distinguished Cranston by making it the only Rhode Island city to cut property taxes that year. He was also one of the first mayors in the United States to introduce health savings accounts.
Laffey was the host of his own radio show in 2005 on
WPRO in Rhode Island. ''The Steve Laffey Show'' came under attack when he was accused of using free airtime to obtain name recognition. The Board of Elections ruled unanimously that the free airtime and name recognition amounted to political contributions in excess of $1,000, a violation of state law. The show ran on Fridays and Laffey was not paid for hosting the show; however, the Board of Elections ordered him to shut down the show. Laffey then filed a lawsuit against the Board citing violation of his 1st Amendment rights and for treating him differently than other politicians. The 1st Circuit Court of Appeals gave the Board time to reconsider their action and consult with the Rhode Island Supreme Court on the issue. After the decision, the Board allowed Laffey to return to the air.
United States Senate
![SteveLaffeySpeech](https://upload.wikimedia.org/wikipedia/commons/9/9f/SteveLaffeySpeech.jpg)
On September 8, 2005, Laffey announced that he would be running for the
United States Senate
The United States Senate is the upper chamber of the United States Congress, with the House of Representatives being the lower chamber. Together they compose the national bicameral legislature of the United States.
The composition and pow ...
. He faced incumbent Republican
Lincoln Chafee
Lincoln Davenport Chafee ( ; born March 26, 1953) is an American politician. He was mayor of Warwick, Rhode Island from 1993 to 1999, a United States Senator from 1999 to 2007, and the 74th Governor of Rhode Island from 2011 to 2015. He was a m ...
. Laffey ran as the populist/conservative alternative to Chafee, being
anti-abortion
Anti-abortion movements, also self-styled as pro-life or abolitionist movements, are involved in the abortion debate advocating against the practice of abortion and its legality. Many anti-abortion movements began as countermovements in respons ...
, and supporting both the
Central American Free Trade Agreement
Central is an adjective usually referring to being in the center of some place or (mathematical) object.
Central may also refer to:
Directions and generalised locations
* Central Africa, a region in the centre of Africa continent, also known as ...
and
Samuel Alito
Samuel Anthony Alito Jr. ( ; born April 1, 1950) is an American lawyer and jurist who serves as an associate justice of the Supreme Court of the United States. He was nominated by President George W. Bush on October 31, 2005, and has served ...
's appointment to the
Supreme Court
A supreme court is the highest court within the hierarchy of courts in most legal jurisdictions. Other descriptions for such courts include court of last resort, apex court, and high (or final) court of appeal. Broadly speaking, the decisions of ...
. Main points of Laffey's campaign include eliminating what he calls
pork barrel
''Pork barrel'', or simply ''pork'', is a metaphor for the appropriation of government spending for localized projects secured solely or primarily to bring money to a representative's district.
The usage originated in American English, and i ...
spending, simplifying the
tax code
A tax is a compulsory financial charge or some other type of levy imposed on a taxpayer (an individual or legal entity) by a governmental organization in order to fund government spending and various public expenditures (regional, local, or n ...
, and reducing prescription drug costs.
He was considered the metabolic opposite of Chafee and was said to "enjoy populist tirades against corporate special interests (especially the oil companies)", favoring a robust alternative energy plan for national security reasons. Laffey also ran against big government spending, being supported by the anti-tax group
Club for Growth
The Club for Growth is a 501(c)(4) conservative organization active in the United States, with an agenda focused on cutting taxes and other economic policy issues. Club for Growth's largest funders are the billionaires Jeff Yass and Richard U ...
.
Prior to making the announcement to run, the GOP tried to talk him out of it.
Elizabeth Dole
Mary Elizabeth Alexander Hanford Dole (née Hanford; born July 29, 1936)Mary Ella Cathey Hanford, "Asbury and Hanford Families: Newly Discovered Genealogical Information" ''The Historical Trail'' 33 (1996), pp. 44–45, 49. is an American attorn ...
and then Rhode Island Republican Governor
Donald Carcieri
Donald Louis Carcieri ( ; ; born December 16, 1942) is an American politician and corporate executive who served as the 73rd Governor of Rhode Island from January 2003 to January 2011. Carcieri has worked as a manufacturing company executive, aid ...
urged Laffey to run for lieutenant governor, putting him in a strong position to seek governorship. Laffey instead elected to run for Senate, leading Dole and
Karl Rove
Karl Christian Rove (born December 25, 1950) is an American Republican political consultant, policy advisor, and lobbyist. He was Senior Advisor and Deputy Chief of Staff during the George W. Bush administration until his resignation on August 3 ...
to actively work to defeat him.
Laffey was endorsed by
Steve Forbes
Malcolm Stevenson Forbes Jr. (; born July 18, 1947) is an American publishing executive and politician who is the editor-in-chief of ''Forbes'', a business magazine. He is the son of longtime ''Forbes'' publisher Malcolm Forbes and the grandso ...
who also organized a fundraiser for him. He also debated Chafee which was aired nationally by
C-SPAN
Cable-Satellite Public Affairs Network (C-SPAN ) is an American cable and satellite television network that was created in 1979 by the cable television industry as a nonprofit public service. It televises many proceedings of the United States ...
. The primary was followed nationally due to the Senate seat being considered one that could give control of Congress back to the Democratic party.
During the primary, Chafee and the
National Republican Senatorial Committee
The National Republican Senate Committee (NRSC) is the Republican Hill committee for the United States Senate, working to elect Republicans to that body. The NRSC was founded in 1916 as the Republican Senatorial Campaign Committee. It was reorgan ...
attacked Laffey for calling for the city of Cranston to accept consular ID cards from
Mexico
Mexico (Spanish: México), officially the United Mexican States, is a country in the southern portion of North America. It is bordered to the north by the United States; to the south and west by the Pacific Ocean; to the southeast by Guatema ...
and
Guatemala
Guatemala ( ; ), officially the Republic of Guatemala ( es, República de Guatemala, links=no), is a country in Central America. It is bordered to the north and west by Mexico; to the northeast by Belize and the Caribbean; to the east by H ...
. Mailers sent out by the Chafee campaign called the cards "illegal immigration cards" and said accepting them poses a security risk. However, others contended that the cards help police and immigrants. The national Republican establishment went after Laffey, believing he was too conservative for heavily liberal Rhode Island. The NRSC spent $1Million in TV ads attacking Laffey.
Laffey was defeated by Chafee in the primary election on September 12, 2006. The Republican primary was the largest turnout in Rhode Island history. Although he lost the primary, Laffey received a total of 29,500 votes, more than the 27,906 votes received by John Chafee in 1994 and more than the combined GOP gubernatorial primary of Carcieri and James Bennett in 2002. The actions of the National Republican Senatorial Campaign Committee during the primary were referred to as unprecedented as they engaged in attacks on an elected Republican.
Chafee was eventually defeated by Democratic state attorney general
Sheldon Whitehouse
Sheldon Whitehouse (born October 20, 1955) is an American lawyer and politician serving as the junior United States senator from Rhode Island since 2007. A member of the Democratic Party, he served as a United States Attorney from 1993 to 1998 ...
in the general election by an 8-point margin (54% to 46%). Despite Chafee's high approval ratings statewide, Whitehouse pointed out that Chafee supported his party's more conservative leadership. After the defeat, Chafee stated that he was unsure if he would remain in the GOP and stated that he felt that the loss may have helped switch control of power in Congress back to the Democrats.
Gubernatorial candidate
Laffey was believed to be a potential candidate for the governorship in 2010. He was rumored to be a candidate with incumbent Republican
Donald Carcieri
Donald Louis Carcieri ( ; ; born December 16, 1942) is an American politician and corporate executive who served as the 73rd Governor of Rhode Island from January 2003 to January 2011. Carcieri has worked as a manufacturing company executive, aid ...
being unable to run for a third term due to Rhode Island's two term limit. He later announced he would not run. He declared that he would run for
Governor of Colorado
The governor of Colorado is the head of government of the U.S. state of Colorado. The governor is the head of the executive branch of Colorado's state government and is charged with enforcing state laws. The governor has the power to either app ...
in
2014
File:2014 Events Collage.png, From top left, clockwise: Stocking up supplies and personal protective equipment (PPE) for the Western African Ebola virus epidemic; Citizens examining the ruins after the Chibok schoolgirls kidnapping; Bundles of wat ...
, but withdrew from the race a week later after former Congressman
Tom Tancredo
Thomas Gerard Tancredo (; born December 20, 1945) is an American politician from Colorado, who represented the state's sixth congressional district in the United States House of Representatives from 1999 to 2009 as a Republican. He ran for Presi ...
declared that he would also run.
United States House of Representatives
Laffey sought the Republican nomination for
Colorado's 4th congressional district
Colorado's 4th congressional district is a congressional district in the U.S. state of Colorado. Located in the eastern part of the state, the district encompasses most of the rural Colorado Eastern Plains, Eastern Plains as well as the larger C ...
in
2014
File:2014 Events Collage.png, From top left, clockwise: Stocking up supplies and personal protective equipment (PPE) for the Western African Ebola virus epidemic; Citizens examining the ruins after the Chibok schoolgirls kidnapping; Bundles of wat ...
. He finished fourth in the primary with 16% of the vote, behind winner
Ken Buck
Kenneth Robert Buck (born February 16, 1959) is an American lawyer and politician who has represented Colorado's 4th congressional district in the United States House of Representatives since 2015. From March 30, 2019, to March 27, 2021, Buck s ...
(44%),
Scott Renfroe
Scott Renfroe (born December 7, 1966) is a former legislator in the U.S. state of Colorado. Elected to the Colorado State Senate as a United States Republican Party, Republican in 2006, Renfroe represented Colorado's 13th Senate district, Senate ...
(24%), and Barbara Kirkmeyer (16%).
Writing and filmmaking
Author
![SteveLaffeyFixingAmerica](https://upload.wikimedia.org/wikipedia/commons/8/87/SteveLaffeyFixingAmerica.jpg)
Laffey is the author of the book ''Primary Mistake: How the Washington Republican Establishment Lost Everything in 2006 (and Sabotaged My Senatorial Campaign).'' The book was published in 2007 by
Penguin Group Publishing. The book details his 2006 Senatorial campaign loss as well as the GOP losing power in the House and the Senate. The book talks about the GOP control loss due to what he describes as the Republican Party compromising their conservative principles. He also details what he describes as the betrayal of the vision of Ronald Reagan by the GOP engaging in negative and personal attacks on fellow conservatives, including him. Professor and political science commentator
Darrell M. West
Darrell is a given name derived from an English surname, which was derived from Norman-French , originally denoting one who came from Airelle in France. There are no longer any towns in France called Airelle, but is the French word for huckleberr ...
from
Brown University
Brown University is a private research university in Providence, Rhode Island. Brown is the seventh-oldest institution of higher education in the United States, founded in 1764 as the College in the English Colony of Rhode Island and Providenc ...
described the book as "vintage Steve Laffey…smart, energetic, and hard-hitting."
Laffey has also written numerous op-ed pieces throughout his career.
* 2009 – "Budget Puts State on Road To Collapse" – ''Providence Journal''
* 2005 – "State Police Must Spare Pristine Land" – ''Providence Journal''
* 2004 – "Why The Rhode Island Taxpayer Revolt Is Spreading" – ''Providence Journal''
* 1985 – What They Do Teach You at Harvard Biz" – ''Wall Street Journal''
Film
![SteveLaffeyFamily](https://upload.wikimedia.org/wikipedia/commons/2/24/SteveLaffeyFamily.jpg)
In 2012, Laffey released ''
Fixing America'', a documentary film about ordinary Americans and their suggestions on fixing the issues with America's economy and the disconnect with the political elite. The documentary collects their thoughts and emotions as people detail their solutions for these issues.
Laffey stated that he was inspired to write the film after attending the Sundance Film Festival with some people who wanted him to start a company with them. He stated that while doing a radio interview at the festival, he listened to someone who was making a movie and the idea to make a movie about fixing America was born. Laffey stated that he learned over the years talking to ordinary people that Americans have better thoughts about fixing the economy than the people who they elect. Laffey was the creator, producer and writer for the film.
Personal life
Still active in politics, Laffey travels across the country for radio show appearances and public speeches. He currently resides in
Fort Collins, Colorado
Fort Collins is a home rule municipality that is the county seat and the most populous municipality of Larimer County, Colorado
Larimer County is a county located in the U.S. state of Colorado. As of the 2020 census, the population was 359 ...
, with his wife and children, raising
Irish Dexter cattle and
Irish Gypsy Cob horses.
See also
*
United States Senate election in Rhode Island, 2006
The 2006 United States Senate election in Rhode Island was held on November 7, 2006. Incumbent Republican Lincoln Chafee sought re-election to a second full term in office, the seat he had held since 1999 when he was appointed to fill the vacanc ...
References
External links
LinkedIn profile*
Fixing American Movie WebsitePrimary Mistake Official WebsiteLaffeyon
Hardball with Chris Matthews
''Hardball with Chris Matthews'' was an American television talk show that was hosted by Chris Matthews. The program premiered on the now-defunct America's Talking network in 1994 (as ''Politics with Chris Matthews'') before moving on CNBC, and ...
on
MSNBC
MSNBC (originally the Microsoft National Broadcasting Company) is an American news-based pay television cable channel. It is owned by NBCUniversala subsidiary of Comcast. Headquartered in New York City, it provides news coverage and political ...
Laffey's Irish Animals
{{DEFAULTSORT:Laffey, Stephen
1962 births
Living people
Mayors of Cranston, Rhode Island
Bowdoin College alumni
Politicians from Warwick, Rhode Island
Rhode Island Republicans
Harvard Business School alumni
American chief operating officers