Longtime Republican and chairman of the Board of Economic Advisers John Rainey says GOP state treasurer nominee Thomas Ravenel is a "dilettante" whose election would financially damage the state.

Rainey said he rejected Ravenel's overture to join his steering committee because "he would not commit to me to stay there for four years" and not challenge Republican Sen. Lindsey Graham in 2008.

"As chairman of the BEA, I am concerned about the state's financial and economic team being composed of stable and committed people for the long run," Rainey told The Greenville News in a telephone interview from his summer home in Colorado.

Ravenel did not return calls requesting comment. Rod Shealy, his political strategist, called Rainey a "Rocky Mountain liberal" and said Ravenel would "complete the job of stabilizing our state's finances." He did not say Ravenel would serve a full term.

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Ravenel is a wealthy Charleston developer who ran a close third for the 2004 U.S. Senate nomination, eventually won by Greenville's Jim DeMint. In that campaign and in this year's primary for treasurer, Ravenel has spent approximately $3.4 million in personal funds.

Rainey, an Anderson native, is a wealthy lawyer and chairman of Easlan Capital Inc. He is a former chairman of Santee-Cooper and was a major fund-raiser for President Bush.

He is an appointee of Gov. Mark Sanford and is widely cited as being responsible for convincing Sanford to run for governor.

'Dilettante's approach'

Rainey said Ravenel is taking "a dilettante's approach to the most consequential financial job in the state. His quest for treasurer has nothing to do with public service. It's all about self-promotion."

He said Ravenel's purported interest in a Senate campaign "strikes at the heart of stability" the state needs if it is to win back the AAA credit rating lost earlier in Sanford's administration.

"The treasurer is a critical member of the state's financial and economic team, the face of South Carolina, in charge, by statute, with communicating with the rating agencies and the bond houses," said Rainey.

State and federal campaign finance reports show Rainey and his wife, Anne, have given thousands of dollars to Graham and Greg Ryberg, Ravenel's major opponent for the state treasurer's nomination.

The Raineys have given Graham at least $11,000 since 2000 and each gave Ryberg $3,500 for his campaign.

Katon Dawson, the state GOP chairman, said, "It's unfortunate that Mr. Rainey disapproves of Thomas Ravenel, but we don't always agree. Thomas will be a tremendous treasurer and is a strong asset to our ticket."

Rainey now isn't supporting any candidate for state treasurer.

Democrat Grady Patterson who has held the office for 36 of the last 40 years, is seeking a 10th term.

"I'm not saying I'm supporting Grady, but I cannot support a candidate for state treasurer who is unwilling to commit to the term for which he is asking the citizens of South Carolina to elect him," Rainey said. "It is a two-way street."

'This is bizarre'

"This is bizarre. Not to make a commitment (for a full term) is beyond me. This is not a two-year office," Rainey said.

He said Ravenel cannot be both state treasurer in a fiscally delicate time and a candidate for the Senate. Rainey added that Ravenel has cited fiscal problems "so extensive and so systemic that they are going to require his full, undivided attention for a protracted period of time."

In his e-mail response, Shealy criticized Patterson's record, saying it will be up to Ravenel to deal with loss of the state's AAA credit rating and unfunded liabilities now totaling $27 billion.

"That's money which would ultimately come from the taxpayers if the problem is not solved. Correcting Patterson's damage will require a skilled businessman, not a career politician."

"I can tell you Ravenel is 100 percent committed to completing the job of repairing the financial damage caused by a 36-year career politician, so that future taxpayers are not burdened with a massive bail-out," Shealy said.

"He's devoting his time and money to this important mission, even to the point of not accepting a salary after he's elected. How much more committed can a public servant be?"

Travis Robertson, Patterson's spokesman, said that with Patterson having committed more than 35 years to state service, "we cannot even get Mr. Ravenel to commit to serving four years if elected. If we can't trust Mr. Ravenel to be honest with the voters on this very simple question, how can we trust him with the state's money?"

Ravenel's role

Ravenel, in a runoff primary debate, declined to disavow 2008 senatorial ambitions.

Pressed repeatedly in the televised debate, Ravenel talked around the issue. When asked about published reports he had told his major primary opponent, Greg Ryberg, to wait two years, then he could have the treasurer's job, Ravenel said, "I don't want to comment on that."

Neal Thigpen, a Francis Marion University professor and former state Election Commission chairman, said there has been "a lot of back-channel" talk among Republicans about Ravenel's Senate aspirations.

Rick Quinn, the former state House majority leader who ran third in the primary, said he declined to endorse Ravenel in the runoff because he declined to tell him publicly or privately that he wouldn't run against Graham.

"He said, 'I can't do that. My consultant tells me not to get boxed in,'" Quinn quoted Ravenel as telling him.

"He should at least serve one full term," Quinn said last week. He added that he would support the GOP ticket.

Quinn's father, Richard, is Graham's political strategist.

Graham not worrying

Richard Quinn said Graham is "not going to worry about who may or may not run against him in two years."

Both the treasurer and BEA chairman have key roles in the state's fiscal affairs.

The 2006 South Carolina Legislative Manual says the BEA is "the official voice of the state in economic matters and speaks as one voice through the guidance and direction of the chairman."

Jason Miller, Sanford's campaign manager, said that "Rainey disagrees with us because we think that Thomas Ravenel is a fantastic candidate for treasurer who will be a welcomed additional conservative voice on the Budget and Control Board."

The Rainey-Ravenel schism could be difficult for Sanford.

Sanford and Graham are close and he is expected to join the senator in backing U.S. Sen. John McCain's 2008 presidential bid, as they did his 2000 run.

But a successful Ravenel candidacy could give him a dependable swing vote on the Budget and Control Board. Sanford, the board's chairman, has repeatedly found himself on the short end of 3-2 votes as Patterson sided with two Republican members, Sen. Hugh Leatherman of Florence and Rep. Dan Cooper of Piedmont.

Sanford invited Ravenel to stand with him at a Wednesday morning press conference in Columbia when the Council for Citizens Against Government Waste endorsed the governor's re-election. A Sanford press release noted that Ravenel's platform is predicated on "shaking up the status quo."