Massachusetts Treasurer and Receiver-General

Massachusetts Treasurer and Receiver-General
Post	Treasurer and Receiver-General of Massachusetts
Body	Commonwealth of Massachusetts
Seat	Boston, Massachusetts
Incumbent	Deborah Goldberg
Incumbentsince	January 21, 2015
First	Samuel Adams
Formation	1780
Salary	$151,800 (2019)

Massachusetts Treasurer and Receiver-General is an elected constitutional officer in the Commonwealth of Massachusetts who serves as the chief custodian of state funds and oversees public finance operations. The office interacts with the Massachusetts General Court, coordinates with the Governor of Massachusetts's administration, and interfaces with municipal treasuries, financial markets such as the New York Stock Exchange and Federal Reserve Bank of Boston, and regulatory bodies including the Securities and Exchange Commission, Massachusetts Department of Revenue, and Municipal Finance Oversight Board. The role has evolved alongside institutions like the Massachusetts Bay Colony, the Province of Massachusetts Bay, and the Commonwealth of Massachusetts's constitutional framework.

Office overview

The Treasurer and Receiver-General administers custodial functions for the Commonwealth and manages programs related to debt, cash management, and unclaimed property in coordination with entities such as the Massachusetts State Lottery Commission, Pension Reserves Investment Management Board, Massachusetts School Building Authority, Massachusetts Convention Center Authority, and municipal treasurers across cities like Boston, Worcester, Massachusetts, and Springfield, Massachusetts. The office issues debt instruments in the municipal bond market and maintains relationships with underwriters including firms headquartered on Wall Street and investment managers such as those engaged by the Commonwealth Pension System and Massachusetts Bay Transportation Authority. It also administers programs for economic development working with agencies like the MassDevelopment and nonprofit intermediaries such as the Community Development Financial Institutions Fund.

History

The office traces its origins to colonial financial offices of the Massachusetts Bay Colony and Revolutionary-era fiscal offices held by figures like Samuel Adams and contemporaries of the American Revolutionary War era. Under the 1780 Massachusetts Constitution, the office was codified to manage receipts and disbursements for the Commonwealth alongside other early state officers such as the Governor of Massachusetts and Massachusetts Attorney General. During the 19th century, holders navigated financial crises linked to events like the Panic of 1837 and the expansion of railroads tied to entities such as the Boston and Maine Corporation. In the 20th century, treasurers addressed fiscal challenges arising from the Great Depression, World War II financing, and later municipal bankruptcies such as those affecting industrial cities in New England. More recently, the office has adapted to regulatory changes from federal statutes like the Dodd–Frank Wall Street Reform and Consumer Protection Act and to initiatives in the wake of the Great Recession.

Powers and responsibilities

Statutory duties include cash management, state debt issuance, trust fund administration, and oversight of unclaimed property in alignment with statutes enacted by the Massachusetts Legislature (the Massachusetts House of Representatives and Massachusetts Senate). The Treasurer manages relationships with fiscal agents such as the Massachusetts Municipal Wholesale Electric Company and pension entities including the Public Employee Retirement Administration Commission and the Pension Reserves Investment Management Board. The office enforces compliance with federal programs administered by the Internal Revenue Service and coordinates on bond ratings with agencies like Moody's Investors Service, S&P Global Ratings, and Fitch Ratings. It also administers grant programs in partnership with agencies like the U.S. Department of Housing and Urban Development and foundations such as the Robert Wood Johnson Foundation for financial inclusion and affordable housing initiatives.

Election and term

The Treasurer and Receiver-General is elected statewide during biennial or quadrennial cycles established under Massachusetts law and is subject to qualifications and procedures overseen by the Massachusetts Secretary of the Commonwealth and the Massachusetts Office of Campaign and Political Finance. Candidates have included members of major parties such as the Democratic Party (United States) and Republican Party (United States) as well as third-party and independent figures. Elections are certified by county registrars and contested in venues such as the Massachusetts Supreme Judicial Court when legal disputes arise. The officeholder serves a fixed term established by the state constitution and can run for reelection, subject to campaign finance rules enforced by the Federal Election Commission in federal contexts and state agencies for state races.

Organizational structure and divisions

The Treasurer's office comprises divisions including Cash Management, Debt Management, Unclaimed Property, Pension Services, Municipal Finance, and Financial Education, staffed by professionals with backgrounds from institutions like the Wharton School, Harvard Kennedy School, Massachusetts Institute of Technology, and private-sector firms such as State Street Corporation and Fidelity Investments. The office coordinates audits with the Massachusetts Auditor, compliance reviews with the Office of the Inspector General (Massachusetts), and technology projects with the Massachusetts Technology Collaborative and vendors used by state agencies. Regional liaisons work with county officials in places such as Middlesex County, Massachusetts and Suffolk County, Massachusetts.

Notable officeholders

Prominent treasurers and receivers-general have included early patriots like Samuel Adams, 19th-century politicians who shaped fiscal policy during industrialization, and modern figures who advanced programs on debt restructuring, financial literacy, and green investment. Recent officeholders have engaged with leaders in state government such as Charlie Baker and Maura Healey, and with national officials in the United States Department of the Treasury. Some treasurers have later served in other offices or private roles interacting with entities like the Massachusetts Convention Center Authority and the Boston Redevelopment Authority.

Budget, finances, and initiatives

The office manages cash flows tied to the Commonwealth's budget enacted by the Massachusetts House of Representatives and Massachusetts Senate, issues general obligation bonds and revenue anticipation notes sold to investors including mutual funds and pension funds, and administers unclaimed property returns to individuals and organizations. Recent initiatives have focused on financial inclusion, municipal relief programs modeled after federal initiatives from the U.S. Department of the Treasury, green finance linked to climate goals endorsed by the Intergovernmental Panel on Climate Change, and addressing pension liabilities in coordination with entities like the Public Employee Retirement Administration Commission and state actuaries. Programs have partnered with nonprofit organizations such as City Year and financial educators from institutions like Junior Achievement USA to expand access to savings and homeownership assistance.

Category:Government of Massachusetts