Security Traders Association President and CEO Jim Toes has had the same early-October routine for 13 years now: confirm speakers, finalize panels, add delegates, and otherwise cross t’s and dot i’s for the STA’s annual market structure conference in Washington, DC.
This year, once the last ballrooms have been cleared and Ubers whisk away the final STA delegates from the JW Marriott on Oct. 13, Toes has a new to-do list item: running for Congress.
On Aug. 31, Toes, a Republican, announced his candidacy to represent New York’s 3rd congressional district, which spans parts of the north shore of Long Island, Nassau County, and Queens. The district has been in the national headlines recently, as its current Representative, Republican George Santos, is fighting federal fraud charges.
Toes told Traders Magazine his motivation for running is 80% about the big picture, and 20% about Santos, who has been charged with money laundering, theft of public funds, and making materially false statements to the House of Representatives, among other transgressions. In a January poll, 78% of his district’s voters said he should resign.
“My wife and I have four kids, ages 20 to 31, and it just really became very clear to us around five years ago that the world that the younger one was growing up in was very different than the one that the older one was experiencing,” Toes said. “We have some concerns around some of the things we see, both on a national level and the local level.”
“The bottom line is that I believe our government is failing to fulfill its basic responsibility of protecting us, of keeping its citizens safe,” Toes continued. “As Americans, we should feel safe from the dangers of bodily harm and damage to our property. As a father, I’m deeply concerned about the fentanyl crisis and rising crime rates. We should feel our finances are safe and that our lawmakers are looking out for us instead of lining their own pockets. A lot of people don’t believe their representatives in DC are serving their constituents, and that’s a problem.”
Santos ‘Debacle’
Toes calls the Santos situation a “debacle” that underscores the need for a return to the type of effective leadership the district has had previously, most recently with Democrat Tom Suozzi, who held the seat from 2017 until 2023.
“Tom Suozzi was a good congressman, very moderate,” Toes explained. “Our district is very moderate. Our district does not like craziness. Almost one-third of the district doesn’t even identify as Republican or Democrat, and the ones who do vote across party lines.”
“When Tom decided not to run again, I started following the race a bit more closely,” Toes said. “And unfortunately, Santos is just the type of politician that I can’t stand – political hacks who just talk and yell and blame everything on the opposing party, and gaslight their constituents on a regular basis.”
Toes, 60, is a lifelong resident of the 3rd district and has deep ties to the New York City area and Wall Street. After graduating from Fordham University with an economics degree, Toes worked on Wall Street for 25 years, 18 of those years at Bank of America Merrill Lynch, where he held various management positions in equity sales, trading and clearing.
Toes was named STA President and CEO in 2011. The STA is a grassroots trade organization for securities-industry professionals founded in 1934 with 24 affiliates in North America, which provides its members with educational content on regulatory issues and industry trends that impact the financial services industry.
While Toes is a political outsider, anyone who knows him from his role at STA knows he has the room-working and glad-handing skills needed to connect with people. And he has ample experience with government leaders, as he maintains STA’s relationship with U.S. regulators and congressional policymakers.
Indeed, the STA conference takes place just 2,150 feet from the White House; Rep. Bryan Steil (WI) is appearing this year, while previous STA speakers from Congress include Ben Sasse (2018), Bill Huizenga (2017), and Ron Johnson and Sean Duffy (2015).
Toes cited Dwight D. Eisenhower and John F. Kennedy as political role models – “two true statesmen who I believe changed America for the better.” In the present day, Toes said he likes current Democratic presidential candidate Robert F. Kennedy Jr., who “seems like a true independent thinker, who talks the talk and walks the walk.”
Crowded Field
In the New York race, not surprisingly given Santos’ basement-level favorability ratings, candidates are lining up to challenge for the seat. Toes is one of at least seven Republican challengers who have announced, as have eight Democrats, one libertarian, and one independent.
Toes is looking ahead to the June 2024 primary. “The Santos thing creates a level of complexity that most elections don’t have because it could trigger a special election. But I’m just staying focused on the June primary.”
Toes acknowledges his name recognition beyond his town of Manhasset, New York is not high, but that’s not necessarily a bad thing. “There are Republicans who are more well known, but I do think that people are looking for someone like myself – someone who is a political outsider, but at the same time has hands-on experience dealing with the federal government.”
When asked what Congressman Jim Toes would stand for, he offered: “I view myself as a ‘hardcore moderate’ with unbending principles. Some characterize the terms moderate and bipartisan as weak, but anyone who knows me will tell you that I’m not soft.”
“As Congressman, I’ll be willing to compromise and to meet in the middle,” Toes added. “I believe constructive discussion and compromise are key components of our democracy.”
