2025 -- S 0372

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     STATE OF RHODE ISLAND

IN GENERAL ASSEMBLY

JANUARY SESSION, A.D. 2025

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S E N A T E   R E S O L U T I O N

EXPRESSING CONDOLENCES TO THE MURPHY FAMILY ON THE PASSING OF THE

HONORABLE JOHN M. MURPHY

     Introduced By: Senators Britto, Felag, Rogers, de la Cruz, Paolino, LaMountain, Urso,
Appollonio, Lawson, and Bell

     Date Introduced: February 25, 2025

     Referred To: Recommended for Immediate Consideration

     WHEREAS, John M. Murphy was born and raised in the Fox Point section of Providence

to Jeremiah and Catherine Murphy, émigrés from Ireland. John Murphy was the beloved husband

of Gracilda “Grace” Murphy, the love of his life, for fifty-five years. Mr. Murphy graduated from

Hope High School in 1956 and briefly attended Bryant College before he joined the United States

Army, where he served our nation with distinction and honor in Korea from 1958 to 1960; and

     WHEREAS, After finishing his United States Army obligations, Mr. Murphy entered the

workforce and started a successful career in the consumer loans business, eventually resulting in

Mr. Murphy becoming the CEO of Beara Capital, Northern National Life Insurance Company

and the Home Credit Corporation of Rhode Island. As a banking executive and extraordinary

entrepreneur, Mr. Murphy secured billions of dollars in home equity mortgages across the United

States. In recognition of his great success, in 1991 and 1992, Inc. Magazine named Mr. Murphy

the finance industry’s Entrepreneur of the Year; and

     WHEREAS, Thanks to Mr. Murphy’s great success and generosity, many deserving

institutions have been gifted millions of dollars by Mr. Murphy, including the Rhode Island

Foundation, St. Joseph’s Hospital, St. Jude Children’s Research Hospital, the Boys & Girls Clubs

of Providence, Assumption Parish Food Ministry, Fatima Hospital, and many other deserving

institutions; and

     WHEREAS, John Murphy’s generosity and compassion for others was almost endless.

Mr. Murphy helped to finance the San Miguel School in Providence and the Louverture Cleary

School in Haiti, he financially established an educational alliance for Southeast Asians, and

helped to create and underwrite the Major Jeremiah Murphy Scholarship Fund for the children of

Providence police officers. Mr. Murphy also developed a scholarship program for students of

African-American heritage at Providence College in honor of his good friend, the late Dr.

Kenneth Walker, and later endowed, also at Providence College, the Murphy-Healy Irish Lecture

series, an annual event on Irish-American culture named in honor of his parents; and

     WHEREAS, John Murphy was also a dedicated and distinguished public servant. He was

elected to the Providence City Council in 1966, and served with distinction and abiding integrity

for eight years on the Council. During his tenure on the City Council, Mr. Murphy focused much

of his efforts on improving the ability of his constituents to purchase a home. Thanks to his vast

knowledge of real estate laws and history, Councilman Murphy succeeded in resurrecting the

inactive charter of Home Loan Investment Bank and thanks to his leadership, within a generation,

the bank converted to a federal charter, securitized loans on Wall Street, and originated home

equity mortgages in 48 states, all of which made it much easier for working people to attain their

first homes; and

     WHEREAS, In addition to his wife, Grace, John Murphy leaves behind his sons, John

“Jay” Murphy, Jr., and his wife, Melissa, Kevin Murphy, and his wife, Kate, Brian Murphy, and

his wife Amy, and Daniel Murphy. Mr. Murphy was the devoted grandfather of Jane, Kate, Mary

Grace, Jeremiah, William, John “Jack” III, Sam, Amelia, Olivia, Lauren and Rory Murphy; now,

therefore be it

     RESOLVED, That this Senate of the State of Rhode Island hereby expresses its deepest

condolences to the Murphy Family on the passing of John M. Murphy; and be it further

     RESOLVED, That the Secretary of State be and hereby is authorized and directed to

transmit a duly certified copy of this resolution to Mrs. Gracilda “Grace” Murphy and Family.

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