I’m running for State Treasurer for one reason – to help restore the financial stability of the State of Connecticut. It’s been an honor to travel Connecticut and listen to voters about their concerns regarding the decades of fiscal mismanagement.
The Treasurer, as Connecticut’s Chief Financial Officer, is the “sole fiduciary” of a diverse $42.3 billion portfolio of state funds. This is a very serious responsibility that demands sophisticated knowledge of the financial markets, training and education. I have held a similar executive level role, Chief Investment Officer, for a decade during my 35-year career.
The largest portion of the portfolio is the state pension funds that provide for the retirement security of teachers, public safety workers and state employees.
I believe that the investment return on Connecticut’s pension assets can improve from their current levels. For decades, Connecticut’s performance has ranked substantially below the median performance of other large public pension plans. Indeed, the mediocre performance compounded over decades has contributed to the growing unfunded liability.
Additionally, the Treasurer holds important seats on over twenty boards and commissions including the State Bond Commission. Decades of irresponsible bonding have damaged Connecticut’s credit rating. This means money is more expensive to borrow and the higher cost is passed down to every taxpayer.
I will demand responsible bonding policies regardless of which party controls the Governor’s mansion or the legislature. I have been vocal on this issue throughout my campaign, whereas my opponent has been virtually silent.
It’s time to get serious about the challenges that face Connecticut. I understand the duties of the Office of Treasurer, I have the experience, competence and vision to serve, and I ask for your vote on Tuesday, Nov. 6.
The writer is running as a Republican for state Treasurer.
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