Wooden will not seek 2nd term as state treasurer
Connecticut Treasurer Shawn Wooden said Thursday he will not seek a second term, a surprise announcement that set off a frenzy of jockeying and speculation among Democrats over his successor with one month to go before the party’s nominating convention.
Within hours of his announcement, at least three Democrats had expressed interest or said they would consider a run for the seat, including Dita Bhargava, a former investment manager from Greenwich and Arunan Arulampalam, a lawyer and civic activist in Hartford, both of whom sought the office in 2018.
City of Hartford Treasurer Adam Cloud also said Thursday he was “seriously considering” a bid.
Wooden was widely expected to run for reelection even by political insiders following developments closely.
“As a father, I’ve sacrificed countless hours, missing everything from basketball games and track meets to family dinners,” Wooden said in a written statement released by his office Thursday morning. “With one of my sons going to college soon and the other right behind him, I’ve decided not to seek reelection as Treasurer.”
There are now three open seats for the six statewide constitutional offices. Wooden and Secretary of the State Denise Merrill are not running for re-election and former Comptroller Kevin Lembo resigned for health reasons in December.
Democrats talk openly about wanting a diverse ticket that balances gender, race and ethnicity. Wooden, who is Black — and referred Thursday to his role as the father of Black teenagers — was viewed as a cornerstone of that ticket.
For more than 50 years, the Democratic nominee for state treasurer has been an African American, mostly from Hartford city politics — including Wooden and his predecessor, Denise Nappier, who served in the powerful role overseeing the state’s pension funds and debt for 20 years.
A former Hartford City Council president and a pension attorney for Day Pitney, Wooden, 52, was elected in 2018 and sworn into office Jan. 9, 2019. He is the only Black elected state treasurer currently serving in the country, his biography notes.
In addition to Bhargava, Cloud and Arulampalam, a flurry of other names were being floated among Democratic circles Thursday including Rodney Butler, chairman of the Mashantucket Pequot Tribal Nation who was a Democratic Party delegate for President Joe Biden in 2020; and Karen DuboisWalton, head of New Haven’s Housing Authority, who challenged incumbent Democratic Mayor Justin Elicker last year.
Republican state Rep. Harry Arora, who represents Greenwich, was the only declared candidate for state treasurer as of Thursday afternoon. Arora thanked Wooden for his service in a statement Thursday and said if elected, “I intend to define a long-term financial strategy for Connecticut and work hard to increase the returns of our state pension by improving asset allocation and reducing fees.”
Cloud, 52, said he’s “seriously considering” running and received “numerous calls” Thursday expressing support for his candidacy if he decides to seek the job.
“I think I can bring a lot of value to that office based on my experience,” Cloud said. “Of course, I have to consult with my family, which I plan to do in short order.”
Cloud, who is Black, said he’s been married to his wife Nicole for 23 years and has three kids, a 19year-old who is a freshman in college and two 17-year-olds who are going off to college. He cited his experience on Wall Street and in his current job in which he said he’s grown the assets of the city’s pension funds from $840 million to over $1 billion despite tough economic times.
Arulampalam, 36, received 42 percent of delegate support at the 2018 convention, easily qualifying for the primary, but bowed out, saying at the time he did not want to racially divide a party in which many leaders wanted Black candidate on the ticket.
Shortly after exiting the race, Arumlampalam, the son of refugees from Sri Lanka, called for greater diversity in the Democratic Party — beyond balance at the top of ballots.
The corporate finance lawyer was later appointed deputy commissioner of the state Department of Consumer Protection and is now CEO of the Hartford Land Bank, a nonprofit working on housing and development issues. Arulampalam has been talking with fellow Democrats about a possible future run for mayor of Hartford, especially if Mayor Luke Bronin doesn’t seek a third, 4-year term in in 2023.
“I was as surprised as everyone else to hear about Shawn’s announcement and I appreciate his public service,” Arulampalam said Thursday when asked whether he would seek the treasurer seat. “I have gotten calls and texts from a lot of people I respect. The responsible thing to do is to take a serious look at it.”
Arulampalam is the son-in-law of Greg Butler, the Eversource executive who is married to former state House GOP leader Themis Klarides, a Republican candidate for U.S. Senate.
Bhargava, 49, who was elected as vice chairwoman of the state Democratic State Central Committee in January 2017, resigned from her position later that year to explore a run for governor before deciding to seek the Democratic nomination for treasurer. She said in a text message Thursday that she is “humbled and overwhelmed by the number of phone calls receiving encouraging me to run.”