campaign trail, The

Northwestern Financial Review, Sep 1-Sep 14, 2002 by Dullum, Justin

Bankers embrace the spirit of democracy in an election year

When someone representing the White House makes a request, that request has a good chance of being granted. Such was the case for Bob Beauprez, president, Heritage Bank, Denver. Beauprez received a call from Virginia Congressman Tom Davis, chairman of the National Republican Congressional Commission. Davis said Republican leadership wanted Beauprez to run for U.S. Congress on their behalf. Beauprez had been acting as Colorado state party chairman for three years.

"He also made it clear, as he put it, that this is what the White House wants," said Beauprez. "My opportunity to say no quickly diminished."

Beauprez is a community banker by trade and not the only banker who has eyed an elected office this year. Five bankers in Iowa were seeking legislative seats before the state's primary in July. A banker in Minnesota ran for a spot in the U.S. House of Representatives. A Wisconsin banker is vying for a spot in his state assembly. The list goes on.

Some bankers say their profession lends itself to politics. Their industry associations pay great attention to politics and actively push agendas. At industry conventions, bankers inevitably discuss the latest bills that will affect their industry-and there always are a few. Credit unions, realtors, special interest, consumer groups and bankers are constantly pounding out issues in state and federal capitol buildings.

"There are a lot of important issues that relate to banking, but it's more than that that makes banking and politics an excellent match," said Beauprez. "As a community banker, I get all kinds of people walking in and laying their heart and soul on top of my desk. I'm hard pressed to think there is a better way to prepare for the job of congressman."

In 2002, bankers from east to west are engaging in debates about finance, taxes, education, the future-you name it. They come as elephants, donkeys and shades in between. Whether they win or lose, they're playing the game at a commendable level.

The candidates

Beauprez's bid for office is one of the highest profile congressional campaigns in the country. Running in Colorado's newly drawn seventh district, in mid August Beauprez defeated Rick O'Donnell-Colorado Gov. Bill Owen's chief policy adviser- in a tight Republican primary race. He will face Democrat Mike Freeley in November. The winner will become the state's seventh representative. The U.S. House currently is comprised of 223 Republicans and 210 Democrats. The White House is eager to increase the number of Republicans in that count and Beauprez is a staunch Republican.

"I believe we are over-taxed," said Beauprez. "Over-regulated too, for that matter. I think there's a mood building in the country that is going to demand that congress takes a serious look at reforming our whole tax structure. I'd like to be part of that debate. My wife and I are convinced over half of our income goes to one form of government or another after taxes, licenses and fees. That ought to be enough."

Once a successful dairy farmer, Beauprez sold his herd in 1990 and bought a struggling community bank.

"There were two hundred customers when I bought into this itty-bitty bank. It was trying to die and nobody would cover it up. We have about 20,000 customers now and we're at about $350 million in assets. I've learned about reaching out to people and finding solutions instead of just differences. I think that's what people would like to see from government."

Beauprez is not alone in citing an understanding of the economic underbelly of communities as a qualification for public office. Connie Boyer, chief financial officer at Iowa State Bank & Trust, Fairfield, has found her banking experience useful in discovering the importance of small issues. With an endorsement from party leadership in tow, Boyer is running for the state legislature as a Republican.

Boyer said she found a flaw in the payment method used by Medicaid that would likely fly over the head of a non-banker. "Medicaid providers should be paid by ACH instead of having a check mailed to them," Boyer said. "They could save quite a bit of money and time. Maybe not five million, but what if it's half a million? They say they don't have the equipment or the expertise. But as a banker, I know we have customers that can do this with a [Microsoft] Excel spreadsheet. Somebody isn't trying very hard. It's a small thing, but it's one example."

The campaign is Boyer's first foray into public elections. Boyer was first asked to run for her district's state senate seat by friends. She was convinced to run when unrelated individuals asked her as well.

"What I would like to see is people starting to say,You know what?' We've had this service for years but it's not something the state should be doing," Boyer said of her platform. "We need to re-evaluate services."

Education is another hot topic for Boyer, who said in order to provide schools with adequate funding, Iowa must broaden its tax base by fostering economic growth.