by Nancy Lavin, Rhode Island Current
August 1, 2024
Two years before the bell rings, Gov. Dan McKee and Helena Bounanno Foulkes are squaring off for what could be the premiere rematch for governor.
In McKee’s corner are liquor store owners, state government employees and a disgraced jewelry company CEO, according to campaign finance reports filed with the Rhode Island Board of Elections on Wednesday. Meanwhile, Foulkes’ financial fan base features top state business executives, former CVS colleagues, and a Major League Baseball team scout.
Neither Foulkes, former president at CVS Pharmacy, nor McKee have confirmed their plans to run for governor in 2026. But with McKee’s approval rating tanking to 36% among voters surveyed in a June poll by Salve Regina University’s Pell Center and contracting delays holding up the westbound I-95 Washington Bridge demolition and rebuild, the incumbent governor may not have an easy path to reelection.
And Foulkes nearly beat McKee two years ago, finishing three percentage points behind him in the five-way Democratic gubernatorial primary in 2022. But both potential candidates are already building their campaign war chests, according to campaign finance reports submitted on Wednesday to the Rhode Island Board of Elections.
McKee outraised Foulkes in the three-month period that ended June 30, raking in more than $252,000 from individuals and political action committees, according to his campaign finance report. Foulkes brought in just shy of $213,000 in the same time period.
However, Foulkes still has more money in the bank than McKee, thanks to a financial advantage heading into the second quarter of fundraising plus more frugal spending habits. Foulkes ended the quarter with just under $470,000 cash on hand, compared with McKee’s $421,000 balance. McKee spent close to $80,000 on his campaign in the second quarter, nearly double Foulkes’ $41,000 spend.
Both candidates have outstanding loans to their campaigns, with Foulkes owing nearly $1.4 million, while McKee has a loan of just under $22,000.
Camps are lining up behind each of the two potential Democratic gubernatorial candidates. Unsurprisingly, McKee has a lock on state government workers, including a $1,000 contribution from his senior deputy chief of staff Joe Almond (currently serving as McKee’s eyes and ears on RIDOT’s work to demolish and rebuild the I-195 Washington Bridge) and $300 from Tomas Avila, who took a job in McKee’s office in May after three years heading up the state’s Office of Diversity, Equity and Opportunity.
Alexa Benoit, a probation officer with the Rhode Island Department of Corrections and Kerri Costigan, programming services officer for the Rhode Island Department of Children, Youth, and Families, both gave $500 to McKee’s campaign.
More than a dozen liquor store owners and industry association leaders are also shelling out to support the governor’s campaign, including $1,000 from Nicholas Fede Jr, executive director of Rhode Island Liquor Operators Collaborative.
Other noteworthy contributors to McKee’s campaign included Mark DePasquale, CEO and founder of the proliferous (and litigious) solar energy company Green Development; Steven Filippi, owner of Ballard’s Beach Resort on Block Island; Teresa Paiva Weed, outgoing president of the Hospital Association of Rhode Island; and Martha Wofford, president and CEO of Blue Cross Blue Shield of Rhode Island.
Foulkes, too, enjoyed financial support from the health care industry, including many former colleagues at CVS, where she worked for 25 years, with four as president of CVS Pharmacy
Foulkes also drew noteworthy contributions from top business and manufacturing leaders, including $1,000 from former Bank of America Rhode Island President Bill Hatfield, $500 from Don Sweitzer, former IGT Chairman; $2,000 from Dave Chenevert, executive director of the Rhode Island Manufacturers Association; and $2,000 from John Hazen White Jr. executive chairman and owner of Taco Inc.
Foulkes received support from at least two advisors to former Gov. Gina Raimondo: Mike Raia, who now owns his own communications firm, Half Street Group; and Jon Romano, who listed Paolino Properties as his current employer.
Other noteworthy names on Foulkes’ list of donors: former Providence Mayor Jorge Elorza, who gave the maximum $2,000, and Shaun McNamara, a professional scout for the New York Mets who graduated from Brown University.
McKee’s donor list also featured a few standouts: Luis Estrada, who was convicted for felony armed robbery in the 1980s before becoming a local political consultant; former Attorney General Patrick Lynch; and Carolyn Rafaelian, former CEO of the troubled jewelry company Alex & Ani.
Foulkes received one $500 donation from the Good Government PAC, while McKee boasted more than $9,500 in PAC contributions, including from PACs for the Hospital Association, CVS Rhode Island and local trade worker associations.
<h4>Other general office holders</h4>The four other general office seats in Rhode Island will also be decided in 2026. Only one, Attorney General Peter Neronha, cannot seek reelection due to term limits.
Neronha, who was once thought to be a potential Democratic challenger to McKee, has told various media outlets he does not plan to run for governor.
His latest fundraising report also suggests he will not seek another state office; with $100 raised in individual donations for the three months that ended June 30, leaving him with just under $70,000 cash on hand.
Rhode Island Secretary of State Gregg Amore, meanwhile raked in more than $42,000 in second-quarter donations, growing his war chest to $116,000 as of June 30.
General Treasurer James Diossa reported $98,000 cash on hand, after raising $36,800 in the second quarter.
Lt. Gov. Sabina Matos, who had an even lower approval rating than McKee in a June survey by Salve Regina University’s Pell Center, had the smallest campaign fund, with just over $4,000 cash on hand as of June 30. She raised nearly $13,000 in the second quarter.
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