Missouri State Treasurer

Missouri State Treasurer
Post	State Treasurer
Body	Missouri
Incumbent	Vivek Malek
Incumbentsince	January 9, 2023
Department	Missouri State Treasurer's Office
Member of	Missouri Executive Branch
Seat	Jefferson City
Appointer	Governor of Missouri
Termlength	Four years, renewable once
Constituting instrument	Missouri Constitution
Formation	1820
First	William G. Pettus
Salary	$120,087 (2023)
Website	[https://treasurer.mo.gov/ treasurer.mo.gov]

Missouri State Treasurer is a constitutional officer within the Missouri Executive Branch and serves as the chief financial officer for the U.S. state of Missouri. The officeholder is responsible for the custody, investment, and disbursement of state funds, managing billions in assets. Elected statewide to a four-year term, the treasurer plays a critical role in the state's fiscal health and administers several key public programs. The current treasurer is Vivek Malek, who was appointed by Governor Mike Parson in January 2023.

History

The office was established upon Missouri's admission to the Union in 1820 under its first Missouri Constitution. The inaugural treasurer, William G. Pettus, took office in 1820, setting early precedents for state fund management. Throughout the 19th century, the office evolved through periods like the American Civil War and Reconstruction era, navigating financial crises such as the Panic of 1873. The Great Depression and subsequent New Deal programs significantly expanded the treasurer's role in managing federal aid and state liquidity. Modernization accelerated in the late 20th century with the advent of electronic banking and sophisticated investment portfolios under treasurers like Wendell Bailey and Bob Holden.

Duties and responsibilities

The treasurer's core constitutional duty is the safekeeping and investment of all state monies, managing the Missouri State Treasury and its pooled investment funds. The office oversees the state's cash flow, processes payments to state vendors and agencies, and administers the issuance of state bonds. Key statutory responsibilities include chairing the Missouri Housing Development Commission, serving on the Board of Fund Commissioners, and managing the Local Government Investment Pool. The treasurer also acts as the state's principal banker, maintaining relationships with financial institutions like the Federal Reserve and coordinating with the Missouri Department of Revenue on tax collections.

List of Missouri State Treasurers

Since statehood, over forty individuals have held the office. Early officeholders included figures like John Jameson and William T. Wood, who served during the antebellum period. The late 19th and early 20th centuries saw treasurers such as William Bishop and Lon Stephens. In the modern era, notable treasurers include James I. Spainhower, a Democrat who served from 1975 to 1985, and Sarah Steelman, the first woman elected to the position in 2004. Recent officeholders are Clint Zweifel, Eric Schmitt (who later became Missouri Attorney General and a United States Senator), and Scott Fitzpatrick, who was appointed Missouri State Auditor.

Election and succession

The treasurer is elected in a statewide general election during the midterm election cycle, coinciding with elections for other offices like Governor of Missouri. Term limits, established by Constitutional Amendment 12, restrict an individual to two four-year terms. If a vacancy occurs, the Governor of Missouri appoints a successor, as occurred with the appointments of Vivek Malek and Judy O'Connor. The treasurer is fourth in the Missouri gubernatorial line of succession, following the Lieutenant Governor of Missouri, Missouri Secretary of State, and Missouri State Auditor.

Office organization

The office is headquartered in the Harry S Truman State Office Building in Jefferson City. It is organized into several divisions, including Banking and Investments, Unclaimed Property, and Administrative Services. Key staff typically includes a Chief of Staff, a General Counsel, and division directors overseeing operations like the MO ABLE program. The office works closely with other state agencies, including the Missouri Office of Administration and the Missouri State Employees' Retirement System, and is subject to audit by the Missouri State Auditor.

Notable initiatives and programs

A major function is administering the Missouri Unclaimed Property program, which returns lost financial assets to citizens, having returned over $1 billion under treasurers like Clint Zweifel. The office also manages the MO ABLE program, established under the federal ABLE Act, which allows individuals with disabilities to save tax-free. Investment initiatives include the Linked Deposit Program, which provides low-interest loans to farmers, small businesses, and local governments. Under Sarah Steelman, the office launched the **Missouri Higher Education Savings Program**, and recent treasurers have emphasized financial literacy outreach through partnerships with organizations like the Council for Economic Education.

Category:Missouri state treasurers Category:Government of Missouri