Caprio was the Democratic nominee in the 2010 Rhode Island gubernatorial election, losing to Independent candidate Lincoln Chafee, who won with 36 percent of the vote.

[3] He played against Roger Clemens in a 1987 exhibition game[4] and was scouted by Boston Red Sox legend Ted Williams.

He worked as an in-house counsel at Cookson Group plc, a publicly traded company on the London Stock Exchange.

He was elected a delegate from Rhode Island's Congressional District 2 and attended the 1988 Democratic National Convention in Atlanta.

He served two terms as a state representative, traveling by train between classes in Boston each morning and legislative sessions in Providence each afternoon.

On November 7, 2006, Caprio, the endorsed candidate of the Democratic Party, was elected General Treasurer of Rhode Island, receiving 73% of the vote.

[7] His television documentary, Caprio, the Biography, was available for free viewing throughout Rhode Island via Cox Communications's On-Demand program.

[11] As part of his effort to ensure the health of Rhode Island's pension system, Caprio moved $1 billion from Quality D money market funds (with loose terms that could have allowed for investment in CDOs and SIVs) into Quality A institutional money market funds.

At the same time, Caprio moved approximately $150 million in high-yield investments into safe Treasury bonds, before the high yield market began to decline.

Rhode Island's pension fund has maintained its five-year average on investment returns in spite of the current economic turmoil.

[12] For the fiscal year 2010 a national study was done by the Maryland Public Policy Institute which found that Rhode Island's pension plan under Frank Caprio paid some of the lowest fees to outside money managers when compared to the other 49 states.