If money talks, as it so often does in Florida politics, Senate President Tom Lee should be favored to win the Republican nomination in a three-way contest for chief financial officer that’s focusing on who can solve the state’s property insurance crisis.
Lee, 44, has outraised his major opponent, state Rep. Randy Johnson, by several hundred thousand dollars, and has the endorsements of Gov. Jeb Bush, House Speaker Allan Bense and Lt. Gov. Toni Jennings, who also serves as the honorary chairwoman of his campaign.
And while Lee’s campaign had raised more than $1.6 million by the end of June, it’s not enough money to make the media buys needed to guarantee victory.
“I don’t need as much money, said Johnson, who has instead tried to outwork his legislative cohort. “Solutions matter in this race.”
The CFO serves as the state’s chief fiscal officer, responsible for the billions of dollars that flow into the state’s treasury each year and the Department of Financial Services’ 2,700 employees, including those who regulate insurance and banking and handle consumer complaints against those industries.
Incumbent Tom Gallagher chose to run for the Republican nomination for governor rather than seek a second term. He was the first person elected to the CFO job, which combined the previous responsibilities of the comptroller and insurance commissioner before voters shrunk the Cabinet from six elected offices in 1998.
The CFO shares executive branch decision-making with the attorney general, agriculture commissioner and governor. The job will pay $131,604 annually after an Oct. 1 raise. But voters know little about the job and even less about the candidates.
“It’s a hard job that’s hard to define,” concedes Lee, a Tampa-area home builder and real estate investor. He says it’s been difficult to get his message to voters: “That I’m the most qualified candidate in this race.”
“I have the experience to lead and I’ve proven that,” added Lee, pointing to his two years guiding a tumultuous Senate that split earlier this year over picking his successor.
Johnson, a business executive from Celebration near Walt Disney World in central Florida, and Lee are expected to split most of the Republican vote.
A third Republican, 63-year-old Milt Bauguess of Tallahassee, has spent a long career as an investment adviser, but is largely unknown statewide and without money to advertise.
The winner moves into the Nov. 7 main event against Democrat Alex Sink, a former banker who is unopposed in the primary. She is the wife of Bill McBride, the Democratic nominee for governor in 2002.
For his part, Lee believes he can capitalize on his 10 years in the Senate and two somewhat rocky years as its leader to get him off to a fast start in the Cabinet job if elected.
“I am no stranger to any of these critical areas of state government,” Lee boasts on his campaign Web site. “I would know what questions to ask, and who to ask, to make things happen.”
Johnson, 46, doesn’t like the property insurance bill that Lee helped push through the Legislature this spring and he thinks that’s good reason for Florida consumers to reject Lee’s bid to become the state’s chief financial regulator.
“For too long, insurance companies have been setting the policy direction,” Johnson said in a position paper on revamping the state’s insurance requirements.
Lee and Johnson have been fighting over the state’s handling of the property insurance crisis created by the eight hurricanes that hit the state in the last two years.
Johnson’s “blue tarp” campaign is targeted at reminding voters of the thousands of homeowners still waiting for full coverage from the damages they suffered.
He has been particularly critical of the property and casualty insurance bill that passed on the last day of the 2006 legislative session with Lee’s backing. The measure was aimed at enticing private insurance companies to cover more property here. The more companies that do, the more choices consumers would have and, theoretically, the lower premiums should go.
So far that hasn’t happened with rates still surging and some companies either leaving the state or threatening to.
With much of the GOP establishment behind Lee’s candidacy for chief financial officer, Johnson is hoping for a big turnout of rank-and-file Republicans in his uphill bid for the party’s nomination Sept. 5.
“You offset it by having the right message, a real plan,” Johnson said. “A principled, conservative Republican position on how to fix the insurance crisis.
And while Lee has many big-name endorsements, Johnson also has some influential backing, including incoming House Speaker Marco Rubio of Miami.
Johnson, a former Navy jet pilot with the same name as the New York Yankees pitcher, thinks his maverick approach will appeal to independent Republicans, and that GOP voters won’t be influenced by Lee’s support among some high ranking party officials.
“What you stand for matters,’ said Johnson.
“The message is an insurance crisis is looming,” he said.
“Clearly the crisis is here.”
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On the Net:
The Florida Department of Financial Services: www.fldfs.com
Johnson campaign: www.johnsonforcfo.com
Lee campaign: www.tomleeforcfo.com
Bauguess campaign: www.miltbauguessclu.com
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