Welcome

When I was elected State Treasurer over a year ago, I promised to make economic recovery and the protection of Oregon’s long-term financial future my two top priorities. Now that the 2011 Legislative term has concluded, I would like to update you on where we stand in those two key areas.

Protecting and Strengthening Oregon’s Finances

Last fall, I urged the Legislature to refrain from issuing new debt as a short-term solution to our Oregon’s fiscal problems. I am proud to say that the Legislature heeded that advice, and we were able to become one of the few states that earned an improved credit rating from Standard and Poor’s. Whereas other states relied on the issuance of debt to ride out these tough economic conditions, Oregon exercised discipline to improve its financial future.

In addition to improving Oregon’s credit rating, my office was also very successful in its partnership with the Legislature to pass several new bills that will save Oregonians money. Senate Bills 18 and 19 are two examples of bills that were passed during the 2011 Legislative Session that saved taxpayers tens of millions of dollars.

The Treasury continues to earn good investment results:

  • The PERS account has been in the top three percent of pension funds, nationally, over the last seven years.
  • The Common School Fund, which supports public education in Oregon, has nearly DOUBLED in value over the last three years.
  • The Oregon 529 College Savings Plan reached a record $1.3 billion in value for the first time this year.

Getting our Economy Back on Track

I am constantly looking for ways to use the tools of the Treasury to unlock financial resources to help expand business opportunities and create jobs here in Oregon. This year we determined that the community banking system is solid enough to lend out a higher percentage of state deposits. In doing so, we made over $1 billion in additional funds available to lend businesses.

I feel very strongly that we have made financial progress as a state in the past year. If you would like to read more about our success, as well as what we still have left to do, please read my op-ed in the Oregonian.

As always, please call me or email me with your ideas, questions, or concerns at 503-830-1964 or Oregon.treasurer@state.or.us. Thank you once again for the privilege of serving you as your State Treasurer.

-- Ted Wheeler