Smith has strong ties to Gov. Martin O'Malley, and the governor could tap him for his administration. Possible jobs include open positions at the head of the transportation and labor departments.
But even if he never again takes an elected or appointed office, Smith will remain a potent financial force in Maryland politics. And the apparatus is already in place for him to distribute the money as he sees fit.
In 2006, Smith helped form the Baltimore County Victory Slate. Campaign finance laws allow him to transfer any amount of money to the slate, which can then transfer any amount of money to other members of the slate - circumventing the usual $6,000 limit on transfers between campaign accounts.
New members can be added at any time and don't have to have anything to do with Baltimore County.
Among the current 21 members of the slate - all Democrats - are O'Malley, several state senators and delegates and Baltimore County State's Attorney Scott Shellenberger.
Ryan O'Donnell, director of Common Cause, a Maryland campaign finance reform group, said slates are "basically a slush fund."
Such slates create a loophole in campaign finance law "big enough to drive a truck through," he said. Senate President Thomas V. Mike Miller, House Speaker Michael E. Busch, O'Malley and many Republican leaders all maintain slates, as well.
Smith has experience with the permissive intra-slate transferring practices.
In 2006, Smith gave $585,000 to the victory slate. The slate, in turn, gave Shellenberger $435,000 in a contentious battle to become the county's top prosecutor.
"Certainly, his political guidance and financial support was very, very helpful to me in winning my first-ever campaign," Shellenberger said. Smith, once a Baltimore County Circuit Court judge, had known Shellenberger as a prosecutor and the two developed "a deep respect for one another," Shellenberger said.
Smith started his re-election year with more than $1.5 million in his personal campaign fund and has seen similar success in raising money this election cycle, even though he never formalized his candidacy.
Well over 100 supporters attended a Smith campaign event in March at the Martin's West function hall in Woodlawn, padding considerably the $957,000 that Smith reported as cash on hand in January 2009. The next campaign finance report isn't due until January 2010.
