Glenn Youngkin: From private equity to politics
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Virginia Republican gubernatorial candidate Glenn Youngkin is a newcomer on the political stage, but he is proving to be a formidable candidate against Democratic opponent Terry McAuliffe – despite the latter's name recognition as a former resident of the governor's mansion.
The close battle for who will lead the The Old Dominion State is being watched by the nation. Ahead of voters' decision on Election Day Nov. 2, FOX Business takes a look at Youngkin's career as an investment titan and his vision for the future of Virginia.
BACKGROUND
Republican gubernatorial candidate Glenn Youngkin speaks at a campaign rally to encourage voters to cast their ballots early Sept. 24, 2021, in Harrisonburg, Virginia. (Photo by Win McNamee/Getty Images / Getty Images)
Youngkin is a Virginia native who went to Rice University on a basketball scholarship. After graduating with an engineering degree, he worked in capital financing at investment bank First Boston before leaving to earn an MBA from Harvard Business School.
Youngkin and his wife, Suzanne, have four children.
THE CARLYLE GROUP
Glenn Youngkin, co-chief executive officer of the Carlyle Group LP, speaks during the Bloomberg Invest Summit in New York. (Victor J. Blue/Bloomberg)
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Shortly after leaving Harvard, Youngkin joined global investment firm The Carlyle Group, where he remained for 25 years, rising through the ranks and becoming co-CEO. During that time, he reportedly amassed a net worth estimated to be $300 million.
The Carlyle Group announced Youngkin's retirement in July 2020. He said in a statement at the time, "As the world continues to face so many challenges today, and as Carlyle is well-positioned, now is a natural point to focus my full-time efforts on community and public service efforts that I believe can make a meaningful impact."
POLITICS
Youngkin's platform has five planks, the first of which is cutting costs for Virginians. He aims to accomplish that by eliminating the commonwealth's grocery tax and suspending its gas tax for a year. He also wants to provide a one-time tax rebate, require voter approval for increases on property taxes and cutting income taxes.
The Republican has been an outspoken supporter of law enforcement and advocates for keeping qualified immunity for officers. Youngkin wants to cut regulations by 25%, fix the DMV and Virginia Employment Commission, restore voter ID laws and invest in infrastructure.
Glenn Youngkin, Republican gubernatorial candidate for Virginia, shakes hands with attendees during a campaign event in Burke, Virginia, on Tuesday, Oct. 19, 2021. (Craig Hudson/Bloomberg)
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Where the businessman has seen added momentum in his campaign, however, has been in his views on education.
As school boards across the country have faced increasing pushback from parents left and right on curriculums featuring critical race theory and libraries featuring pornographic books, multiple Virginia districts have garnered national bad press, namely Loudoun and Fairfax counties' public schools.
Former Virginia Gov. Terry McAuliffe, D-Va. (left), and Republican gubernatorial candidate Glenn Youngkin (right) participate in a debate hosted by the Northern Virginia Chamber of Commerce Sept. 28, 2021, in Alexandria, Virginia. The gubernatorial e (Win McNamee/Getty Images / Getty Images)
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Youngkin has taken parents' side on the issues, while McAuliffe made headlines when he declared during a debate last month, "I don't think parents should be telling schools what they should teach."
McAuliffe had led the race in nearly every poll until last week, when the most recent Trafalgar Group and Monmouth surveys both placed the two candidates in a dead heat.