Denise Nappier

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.[11] Frustrated with his defeat, Lecce challenged Nappier for the nomination in a further primary challenge; where Nappier won with 59% of the vote.[12] In the general election, Napier faced Republican incumbent Paul J. Silvester, Libertarian Louis A. Garofalo and Concerned Citizens Party candidate Joseph J. Ciccomascolo.[13] 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.[14] Nappier was the first African-American to be elected to statewide office in Connecticut.[15]

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.[16]

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.[17]

In 2010, after Newington Mayor Jeff Wright suspended his campaign for Governor of Connecticut, he decided to run for State Treasurer.[18] Nappier defeated Wright in the general election, with 54% of the vote.[19]

As Connecticut's chief elected financial officer, Nappier oversees $64 billion in state funds, including the state's retirement plans and trust funds.[20]

After the 2001 Enron scandal, 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.[21] Since the bankruptcy of Enron, Nappier has been an advocate for tighter regulation of financial institutions, and for separation between auditing and consulting firms.[22]

In 2004, Nappier and then Connecticut Attorney General Richard Blumenthal filed suit against the private equity firm Forstmann Little & Company[23] 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.[24] Nappier and Bluementhal argued that the firm breached contractual obligations and fiduciary responsibilities, and violated securities law.[25] 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.[26] On July 24, a six-person jury in Rockville, Connecticut, 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.[27]

In April 2009, Nappier called on Bank of America CEO Ken Lewis to resign.[28] 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 and $20 billion in losses in the fourth quarter of 2008.[29] 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.[30] At the annual shareholders meeting in Charlotte, North Carolina, 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."[31] She also called on the board members of American International Group to resign, citing executive bonuses after the insurance firm received $182 billion from the federal government Troubled Asset Relief Program.[32]

Nappier is a member of the boards of both the National Association of Corporate Directors and the International Foundation for Electoral Systems.[33] 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.[33]