Pete Ricketts

John Peter Ricketts, born on August 19, 1964, is an American businessman and politician who served as the 40th governor of Nebraska from 2015 to 2023. A member of the Republican Party, Ricketts transitioned from a successful business career to public service, culminating in his election as governor after a competitive primary and general election. Following his governorship, he was appointed as the junior United States senator from Nebraska in 2023.

Early life and career

Pete Ricketts was born in Nebraska City, Nebraska, as the eldest of four children in the family of Joe and Marlene Ricketts. His father, Joe Ricketts, founded First Omaha Securities in 1975, which later evolved into TD Ameritrade, a significant player in the discount brokerage industry. The family eventually relocated to Omaha, where Ricketts and his siblings attended Westside High School. Ricketts graduated from high school in 1982 before pursuing higher education at the University of Chicago. He earned a Bachelor of Arts in biology in 1986 and later obtained a Master of Business Administration in marketing and finance in 1991.

After completing his education, Ricketts returned to Omaha and began his professional career. He initially worked for Union Pacific Railroad for a year, followed by a position as a salesman for a Chicago-based environmental consulting firm. In 1993, he joined his father's company, TD Ameritrade, starting in the call center and gradually moving up to various executive roles. Eventually, he became the chief operating officer during his father's tenure as CEO. His involvement in the family business contributed significantly to his financial standing, with a reported net worth between $45 million and $50 million in a 2006 disclosure.

In 1997, Ricketts married Susanne Shore, a nurse and graduate of Oklahoma State University. The couple has three children. Ricketts's political ambitions began to take shape in the mid-2000s when he ran for the U.S. Senate in 2006. Although he lost to incumbent Ben Nelson, he returned to TD Ameritrade's board until the Ricketts family stepped down from board positions in 2016. Ricketts also co-founded the Platte Institute for Economic Research in 2007, a think tank promoting free-market principles, and served as a national committeeman for the Republican National Committee from 2007 to 2012.

Governorship

Pete Ricketts entered the political arena more prominently when he decided to run for governor of Nebraska in 2014. The incumbent governor, Dave Heineman, was unable to seek reelection due to term limits, opening the field for new candidates. Ricketts officially announced his candidacy in September 2013, positioning himself as a leading contender alongside state auditor Mike Foley. The Republican primary was competitive, with Ricketts ultimately securing the nomination with a narrow victory over several opponents, including Jon Bruning, who had entered the race later.

In the general election, Ricketts faced Chuck Hassebrook, who had run unopposed for the Democratic nomination. Ricketts campaigned on a platform advocating for tax reductions and opposing the expansion of Medicaid under the Affordable Care Act. The campaign was marked by significant spending, with Ricketts outpacing Hassebrook in campaign expenditures. Ultimately, Ricketts won the election and took office as governor in January 2015.

Ricketts was reelected in 2018, continuing his administration's focus on fiscal policies and governance. During his tenure, he approved various budgets and tax cuts aimed at stimulating economic growth in Nebraska. His administration was also characterized by a firm stance on capital punishment, with the state carrying out its first execution since 1997 during his governorship.

Ricketts's time in office concluded on January 5, 2023, after completing his second term. Following his departure from the governor's office, he was appointed to the U.S. Senate by his successor, Jim Pillen, to fill the vacancy left by Ben Sasse's resignation.

Policy focus and legacy

Throughout his governorship, Ricketts emphasized a conservative fiscal agenda, advocating for tax cuts and budgetary measures aimed at reducing the financial burden on Nebraskans. His administration's approach to governance included a commitment to maintaining a balanced budget while promoting economic growth through business-friendly policies. Ricketts's support for capital punishment was a notable aspect of his tenure, reflecting his alignment with certain conservative values prevalent among his constituents.

Ricketts's administration also faced challenges, including debates over healthcare policy, particularly regarding Medicaid expansion. His opposition to expanding Medicaid under the Affordable Care Act was a significant point of contention during his campaigns and time in office. Ricketts's views on minimum wage increases also aligned with his broader economic philosophy, as he opposed raising the state's minimum wage, arguing that such measures could hinder job growth.

In addition to his political career, Ricketts's involvement in sports, particularly as a part owner of the Chicago Cubs, has contributed to his public persona. The Cubs' victory in the 2016 World Series marked a significant achievement for Ricketts and his family, enhancing their visibility in both the sports and business communities.

Ricketts's legacy as governor will be shaped by his fiscal policies, his stance on social issues, and his ability to navigate the complexities of governance in Nebraska. His appointment to the U.S. Senate marks a continuation of his public service, as he seeks to influence national policy while representing the interests of Nebraskans at the federal level. As he prepares for future elections, Ricketts remains a prominent figure in Nebraska's political landscape, with a career that reflects both his business background and his commitment to public service.