Former Investment Banking Executive Frank Pallotta, Forms Exploratory Committee for Future NJ Congressional District 5 Run
Frank Pallotta announced today that he has formed an exploratory committee of industry leaders and experts to begin a comprehensive assessment of the issues facing NJ, ahead of a potential run for US Congress in District 5 NJ. “I have decided to seriously consider the possibility of seeking the Republican party’s nomination to run in 2020 against former Clinton speech writer, Josh Gottheimer,” said Pallotta. “In the coming months, I plan to travel the district to meet with residents, town officials and party leaders to discuss the current challenges facing our district, state and country,” stated Pallotta.
Pallotta began his career with Goldman Sachs & Co. in the 90’s working closely with many of the largest banks and home builders in the country. Frank eventually moved to Morgan Stanley in 2003 where he helped build a global mortgage franchise that eventually grew to more than 2,000 worldwide. Frank retired as a partner from Morgan in 2008 and helped co-found a New Jersey based start-up to help struggling homeowners effected by the mortgage crises. Those efforts won Frank and his company a TIME Magazine Award for one of the 50 Best Inventions of 2010. Pallotta is seeking the guidance and counsel of three proven industry leaders from backgrounds that are wholly focused on many of the issues facing the district today. These three will be joined by others in the coming weeks.
Kelly Langschultz of New Milford is the President and CEO of Precision Billing & Consulting Services, a New Jersey-based, medical billing company. Her deep-rooted and practical experience with both the financial and economic aspects of healthcare, provides unique insight into the future of healthcare in the country. She is also the President of the New Milford Education Foundation, a nonprofit that raises money for the local school system; and is a councilwoman in the borough of New Milford.
John Grifonetti of Old Tappan will also serve on the committee. Grifonetti began his career with Deloitte & Touche. John then became COO &President of Datek and was instrumental in the sale of the company to what is now TD Ameritrade. John continues to remain active in the creation and development of many start-up companies that have focused primarily on businesses such as mortgage banking, sports apparel and the auto industry.
Teddy Vagias of Montville is the third member of the committee. Vagias is the CEO of Mason Harriman Group; a management consulting firm that provides assistance to both private and public sector organizations by offering the services and insight of former C-level corporate executives. Teddy is also a board member of the Leonidas Foundation (LEO). A non-profit, committed to helping high school students develop necessary life, business and leadership skills.
“The window of opportunity to help lift our district and state from the burden of high taxes and out of control spending, is fast closing. The mass exodus of jobs, businesses and once-loyal residents from our state and district must end. We need to begin to recognize that the far reaching and lasting benefits of spending cuts, lower taxes and the continuation of President Trump’s economic plan, will far outweigh the specter of a party whose increasingly socialist policies threaten our livelihood and prosperity.” said Pallotta