Questions
The League of Women Voters has made every effort to present accurately the candidates' responses as they were submitted.
1. Whate are the duties of the State Treasurer? The State Treasurer is designated as the "custodian of public moneys" by the Utah State Constitution. Fulfilling this responsibility entails three financial functions: 1. Collect money and manage banking relationships, 2. Invest idle moneys, and 3. Issue the debt of the state. On average, the treasurer's office moves $80 million on a daily basis. Money is collected in over 160 bank accounts across the state and concentrated into one account on a daily basis. These moneys, in addition to billions of dollars of city, county and school district money, are invested on a daily basis by the State Treasurer. The treasurer manages investment portfolios of more than $11.5 billion.
By statute, the State Treasurer is also responsible for administering the Unclaimed Property program for the state. Examples of unclaimed property are uncashed pay checks, inactive bank accounts, lost stock certificates and inactive safe deposit boxes. The Unclaimed Property Division tries to reunite owners with their property. In addition, the State Treasurer sits on several boards and commissions like the Utah Retirement System, USTAR, Community Impact Board, and Private Activity Bond Review Board. In each case, the treasurer is appointed as a board member because of his/her expertise in finance.
2. What will be your most difficult challenge?
Today's capital markets are the greatest challenge for the State Treasurer. The types of investment products that are offered by Wall Street continue to become more and more complex. This is evidenced by Collateralized Debt Obligations (CDO), Structured Investment Vehicles (SIV) and similar investments that have created problems throughout the capital markets. The direct and indirect impacts have extended far beyond what most experts expected. With over $11.5 billion of investments under management, the State Treasurer must be vigilant in protecting taxpayer moneys. The treasurer must maintain sufficient diversity through proper asset allocation and understanding the types of securities offered in the capital markets.
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