This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Mayor Leads RI Capital City Out Of Financial Peril

A similar public retirement system overhaul, led by state Treasurer Gina Raimondo and approved by the General Assembly in 2011, unfolded much differently: It's tied up in legal wrangling, with unions and retired government workers calling the changes unconstitutional, unfair and a breach of contract.

The son of Dominican immigrants and Providence's first Latino mayor, Taveras finds himself one of the best-liked politicians in the state, with a difficult choice to make later this year â¿¿ whether to seek the governor's office. That could pit him against Raimondo in what would be a hard-fought Democratic primary.

Taveras' relatively limited national profile got a boost recently when Providence bested more than 300 other cities to win the $5 million top prize in a Bloomberg Philanthropies contest with a plan to improve poor children's language skills. He has made improving schools a signature issue, holding himself up as an example of how education is the way out of poverty. He likes to say he went from Head Start to Harvard.

Last year, Taveras helped President Barack Obama with outreach to Latino voters during the re-election campaign, making trips to New Hampshire and doing interviews on Spanish-language radio in Florida, California and Colorado.

With his slight frame and soft manner, Taveras, who has a 15-month-old daughter, comes off as bookish. Cranston Mayor Allan Fung, who went to high school with him and is a friend, said some misinterpret the mayor's tendency to do things quietly.

"A lot of people can mistake his outward demeanor as a lack of toughness, but that's not it at all," Fung said. "He really takes a methodical approach on issues."

Reflecting on his time in office, Taveras says he regrets how he handled the issuance of firing notices to nearly all of Providence's almost 2,000 teachers two years ago â¿¿ a move that earned him bad national press and the ire of teachers and their union leaders, who dubbed the move "insane." While he said at the time most would not be fired, he insisted he had to take the step to give the city financial flexibility and because of a state-imposed deadline for layoff notifications.

2 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,856.72 -128.89 -0.76%
S&P 500 1,960.03 -12.80 -0.65%
NASDAQ 4,378.92 -40.1140 -0.91%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs