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| New Hampshire State Treasurer | |
|---|---|
| Title | State Treasurer of New Hampshire |
| Incumbent | David A. Lemoine |
| Incumbentsince | 2023 |
| Style | The Honorable |
| Department | New Hampshire Department of the Treasury |
| Seat | Concord, New Hampshire |
| Appointer | New Hampshire General Court |
| Termlength | Two years |
| Formation | 1784 |
New Hampshire State Treasurer The State Treasurer is the constitutionally established fiscal officer charged with custody and management of state funds in Concord, New Hampshire. The office interfaces with the New Hampshire General Court, Governor, Attorney General, and external entities such as the state banking regulators, New Hampshire Retirement System, and national financial markets in matters of cash management, debt issuance, and investment policy. Holders of the office have included career public administrators, former legislators, and private-sector bankers.
The office traces to post-Revolutionary institutions formed in the aftermath of the American Revolutionary War and the ratification of state constitutional arrangements; early treasurers interacted with the Continental Congress and federal fiscal mechanisms established under the Articles of Confederation. During the 19th century the office adapted to the rise of Second Bank of the United States, the expansion of railroads in New England, and state responses to financial panics such as the Panic of 1837 and Panic of 1893. Twentieth-century transformations were shaped by the New Deal, the creation of federal programs administered in part through states, and postwar fiscal modernization paralleling reforms in Massachusetts, Vermont, and Maine. Recent decades saw interactions with national events including the Great Recession and the regulatory aftermath of the Dodd–Frank Wall Street Reform and Consumer Protection Act.
Statutory and constitutional powers include custody of all state funds, investment and reinvestment authority subject to law, and administration of state debt consistent with approvals by the New Hampshire Fiscal Committee and legislative appropriations from the New Hampshire House of Representatives and New Hampshire Senate. The treasurer executes financial instruments, signs warrants related to payments authorized by the Governor of New Hampshire and the legislature, and serves on boards such as the New Hampshire Retirement System Board of Trustees, the Lottery Commission (New Hampshire), and interagency panels with the Department of Administrative Services (New Hampshire). Responsibilities extend to oversight of cash flow forecasting, short-term borrowing like tax anticipation notes, long-term bonds used for capital projects, and fiduciary stewardship of trust funds tied to entities like the University System of New Hampshire and municipal distributions authorized under state law. The treasurer also liaises with federal counterparts including the United States Department of the Treasury and the Federal Reserve Bank of Boston for payments and liquidity operations.
Notable officeholders have included long-serving treasurers who advanced debt management strategies modeled after practices in Connecticut, Rhode Island, and Pennsylvania. Officeholders have often come from backgrounds in state legislatures, commercial banking, or fiscal policy units within the New Hampshire Department of Administrative Services. Some treasurers later sought or held other statewide positions such as Governor of New Hampshire or federal appointments. The roster of treasurers reflects shifts in New Hampshire politics involving parties like the New Hampshire Republican Party and the New Hampshire Democratic Party, and interactions with national figures including Senator Jeanne Shaheen and Representative Chris Pappas on fiscal matters.
The treasurer is chosen biennially by the New Hampshire General Court rather than by direct popular vote, in a process legislatively governed and timed with organizational sessions of the New Hampshire House of Representatives and New Hampshire Senate. The two-year term aligns with other biennial state offices and permits reappointment; removal procedures involve legislative mechanisms and executive cooperation consistent with the New Hampshire Constitution. Election contests have at times reflected broader state legislative majorities and alignments with governors such as Maggie Hassan and John Lynch in determining fiscal policy continuity.
The Treasury department comprises divisions responsible for cash management, debt issuance, investments, and disbursements, staffed by professionals with experience from institutions including regional banks like Bank of New Hampshire, auditing firms with links to PricewaterhouseCoopers and Deloitte, and municipal finance specialists who have worked with the New Hampshire Municipal Association. Senior staff often hold certifications such as Certified Treasury Professional and liaise with the Government Finance Officers Association and the National Association of State Treasurers. The office maintains relationships with state entities including the New Hampshire Lottery Commission, Department of Health and Human Services (New Hampshire), and local municipalities in New Hampshire for fund transfers and investment management.
The treasurer administers the operational budget for the treasury office drawn from appropriations passed by the New Hampshire General Court and signed by the Governor of New Hampshire. Key responsibilities include managing the state's cash position, coordinating short-term borrowing and long-term bond sales in coordination with underwriters from firms like Goldman Sachs and J.P. Morgan, and implementing investment policy that addresses liabilities of the New Hampshire Retirement System and other trust funds. Fiscal responsibilities intersect with state fiscal documents such as the New Hampshire Comprehensive Annual Financial Report and rating assessments by agencies like Moody's Investors Service, Standard & Poor's, and Fitch Ratings, which influence borrowing costs for capital projects in sectors including transportation infrastructure in New Hampshire and higher education.
Initiatives led by treasurers have included modernization of cash-management systems, adoption of treasury management software comparable to implementations in Vermont and Massachusetts, and sustainable investment policies responding to advocacy from groups linked to Common Cause, Sierra Club, and institutional investors. Controversies have arisen around debt issuance practices, selection of underwriters and financial advisors, and management of public pension liabilities tied to the New Hampshire Retirement System, occasionally drawing scrutiny from legislative oversight committees and media outlets such as the Concord Monitor and New Hampshire Public Radio. Debates have also touched on participation in state-level banking relationships, responses to federal regulatory changes after the 2008 financial crisis, and the treasurer's role in state bond rating outcomes that affect borrowing for school building aid and transportation bonds.
Category:Government of New Hampshire Category:State treasurers of the United States