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In this week’s gubernatorial candidate series, your League profiles Adam Cote, Democrat candidate for Governor. We asked Adam a series of questions which, along with his answers are below.
Can you share some of your experiences with credit unions?
My very first savings account was with the York County Federal Credit Union in Sanford, and that is where I still have my primary checking and savings accounts. I have always loved my experiences there and felt like my credit union was part of the community. I was very proud to have earned the support of the Maine Credit Union League the only other time I ran for office when I ran for Congress in 2008.
We have almost 700,000 members and a strong advocacy team in Augusta and Washington. Many elected leaders use us as a resource as they make decisions. If elected would you consider using us as a resource on financial issues?
Absolutely. I have been a credit union member for decades. I know how important they are in helping average Maine people face challenges, how they are more likely and willing to help regular people than big banks. They are close to their communities, know their members, and have valuable insights for any governor.
Our credit unions have identified cannabis banking as one of their top issues. Regardless of your views on marijuana, would you support credit unions efforts to gain clarity on the issue?
Yes. The voters have spoken. It is time to get a clear regulatory regime and so people who want to start a business can get moving. I will be a constructive partner in working to resolve any questions that remain when I become governor.
Credit unions engage in small business lending – the average loan for one of our largest credit unions is $90,000. What’s your plan to help small businesses in Maine grow? Would you be open to engaging credit unions to be part of that effort?
I would absolutely want credit unions to be part of a small business growth strategy. With job, income, and economic growth in Maine lagging New England and the country, my central focus will be growing a Maine economy that works for all of us. I have detailed information on many issues on my website (www.coteformaine.com/issues) and have released several detailed plans that would help grow small small and medium businesses in Maine. One is on how Maine can become a regional and national leader on clean energy. The other is on a new, modern, flexible workforce training program called the Maine Human Capital Investment Fund. We have also been under-investing in infrastructure, especially real high-speed broadband, and I would change that. I would also work to make sure state government is “customer friendly” for both citizens and small businesses.
Our credit unions are also concerned about the student loan burden for many young people in Maine. If you’re elected, would that be a priority for you?
Absolutely. I am interested in helping both traditional college students – and people who need workforce training at any age. The Maine Human Capital Investment Fund mentioned above would make it easy for individuals, small businesses, unions, and institutions to get skills they need for new careers and higher earning jobs across trades. As I often say, it is harder to find a finish carpenter, a plumber, or an electrician in Maine than it is to find a lawyer. For college affordability, I am looking into several ideas and it would be a top priority. I would welcome the credit union’s input on how best to tackle the challenge.
How will your Administration compare to the present one?
My focus will be on positive, inclusive leadership where all people are welcome. I will focus every day on how we build an economy that works for all of us. Right now, we are behind New England and the country when it comes to job, income, and economic growth. Also, just like on this campaign, as governor I will spend time out across the state talking and listening to Mainers and finding out how we can help them succeed.
Who are your advisors on the campaign?
My campaign is run by Tom Janenda and Monica Castellanos. They are both friends and experienced political folks who also have a small business that consults with many businesses and organizations in Maine and beyond on economic development, conservation, broadband, and other issues. My network of advisors is large and growing all the time. I have had more nearly 600 campaign events and meetings, small business tours, etc. and I am always listening, learning, and collecting people who have expertise in various areas.
What do you do for fun? What are your hobbies?
I love to spend time with my wife and five kids. Pretty much anything with them is fun. As most parents understand, our fun and hobbies mostly revolve around trying to make sure our five kids are getting to all of their activities. We have a great group of friends and we do a trip to Sebago Lake every summer together. I used to like to hunt and fish, but shoulder injuries during my Iraq deployment make that difficult now. I do love reading biographies and listening to good music, especially the King, Elvis Presley.