Republican announces run for RI governor

PROVIDENCE—Republican business executive Rory Smith announced Wednesday that he would run for Rhode Island governor and called for spending and tax cuts to help revive a tanking economy that’s pushed unemployment to 13 percent.

The relatively unknown businessman is the first candidate to enter the race as a Republican. Smith has no elected experience, but he may be the party’s best chance of finding a successor to Republican Gov. Don Carcieri, who must leave office after finishing his second term in early January 2011.

Smith, 48, was a founding partner at Nautic Partners LLC, a private equity firm in downtown Providence, until resigning recently to focus on his run. He lives in East Greenwich with his wife and three children.

“I’ve spent my entire career working with small businesses and mid-size businesses to grow them and make them successful,“ Smith said in an interview. “And that’s what I want to do in state government, is to get Rhode Island back on the right track and put Rhode Islanders back to work.“

Smith said Rhode Island must cut its tax rates to become financially competitive and trim spending to solve chronic budget deficits. Smith said that the state’s education system needs reform, but that he wasn’t ready to outline specific plans.

His candidacy will probably invite comparisons to Carcieri, a little-known business executive who emerged from the political wilderness to win the governor’s seat in 2002. Although Carcieri was popular, his approval ratings have dropped as the state falls deeper into an economic quagmire.

Carcieri spokeswoman Amy Kempe said the governor has met Smith but not endorsed any candidates.

Democratic Party chairman Bill Lynch said his party will focus on Smith’s ties to Wall Street amid an economic downturn that has left 74,000 residents unemployed.

“I’m thrilled to have the Republicans running a Don Carcieri Jr. after the last eight years,“ he said.

Unlike Carcieri, Smith is a moderate on social issues. For example, he supports civil unions for same-sex couples, a step Carcieri has resolutely opposed. He believes abortion is a decision that should be left to women, their doctors and their faith leaders.

Despite being outnumbered nearly 4 to 1 by Democrats, Republicans have held onto the governor’s seat for 21 of the past 25 years. But the party suffered big setbacks in the last election, and its leaders have been searching for someone to replace Carcieri, the biggest name in the state GOP.

Former Cranston Mayor and U.S. Senate candidate Stephen Laffey earlier decided against running. Rep. Joseph Trillo of Warwick also has considered a run but recently said he was leaning against it. State GOP chairman Giovanni Cicione said he was unaware of any other Republicans serious about entering the race.

Next year’s race could be crowded. Democratic Attorney General Patrick Lynch and General Treasurer Frank Caprio are aggressively raising money, while former Republican Sen. Lincoln Chafee also is exploring a run as an independent.