State Treasurer of West Virginia

State Treasurer of West Virginia
Post	State Treasurer of West Virginia
Incumbent	John Perdue
Incumbentsince	2016
Department	West Virginia State Treasurer's Office
Style	The Honorable
Seat	Charleston, West Virginia
Termlength	Four years
Formation	1863
First	Peter G. Van Winkle

State Treasurer of West Virginia is a statewide elected official charged with custody, investment, and disbursement of state funds in Charleston, West Virginia. The office interfaces with state agencies such as the West Virginia Department of Education, West Virginia Department of Health and Human Resources, and West Virginia Department of Transportation, and coordinates with federal entities including the United States Department of the Treasury, Federal Reserve System, and United States Congress. Holders of the office have interacted with regional institutions like the Appalachian Regional Commission, West Virginia University, and Marshall University in fiscal oversight and program administration.

Office overview

The office operates from the West Virginia State Capitol in Charleston, West Virginia and maintains accounts that reconcile receipts from the Internal Revenue Service, Social Security Administration, and state tax agencies such as the West Virginia State Tax Department and the West Virginia Secretary of State. The treasurer serves on boards including the West Virginia Investment Management Board, the Board of Treasury Investments, and often represents the state before the Municipal Securities Rulemaking Board and the Securities and Exchange Commission. Tradition and state law align the office with functions overseen by counterparts in states like Pennsylvania, Ohio, Virginia, and Kentucky.

Powers and duties

Statutory duties include receipt and custody of public monies, disbursement upon warrants from the West Virginia Legislature, and investment of surplus funds in instruments governed by statutes influenced by rulings from courts such as the Supreme Court of Appeals of West Virginia and precedents from the United States Supreme Court. The treasurer administers programs tied to the office's investments, coordinates unclaimed property reunification with the National Association of Unclaimed Property Administrators, and manages bond issuance processes working with underwriters from firms like Goldman Sachs, J.P. Morgan, and Wells Fargo. Interactions with rating agencies such as Moody's Investors Service, Fitch Ratings, and Standard & Poor's affect state debt management.

Organization and staff

The office is structured into divisions led by appointed directors for Treasury Operations, Investments, Compliance, and Unclaimed Property, mirroring organizational models used by the Illinois State Treasurer, California State Treasurer, and New York State Comptroller. Staff include certified public accountants credentialed by the American Institute of Certified Public Accountants, investment officers often participating in the National Association of State Treasurers, and legal counsel liaising with the West Virginia Attorney General. The treasurer works with external auditors such as KPMG, Ernst & Young, and Deloitte for financial statement audits and with bond counsel from firms like Sidley Austin and Hogan Lovells.

Election and term of office

The treasurer is elected in statewide general elections coinciding with contests for the Governor of West Virginia and other statewide offices such as Attorney General of West Virginia and Secretary of State of West Virginia. Candidates commonly emerge from parties including the West Virginia Democratic Party and the West Virginia Republican Party and run campaigns regulated by the Federal Election Commission and state election laws administered by the West Virginia Secretary of State. Terms are four years with eligibility and succession rules influenced by precedents from the Constitution of West Virginia and decisions from the Supreme Court of Appeals of West Virginia.

History and notable treasurers

Since statehood in 1863, holders have included early figures connected to the Civil War era like Peter G. Van Winkle and later officeholders who engaged with national events such as the Great Depression, World War II, and the Great Recession (2007–2009). Notable treasurers have partnered with governors including Earl Ray Tomblin, Joe Manchin, and Jim Justice on fiscal policy and with federal officials like Treasury Secretary Janet Yellen and Treasury Secretary Timothy Geithner on debt and stimulus coordination. The office’s evolution parallels institutional changes in other states exemplified by reforms in California, Texas, and Florida treasuries.

Budget, investments, and financial programs

The treasurer manages short-term liquidity and long-term investment portfolios in vehicles such as treasury bills, municipal bonds issued under statutes like the West Virginia Municipal Bond Act, and cash management pools comparable to programs in Ohio and Indiana. The office administers college savings plans akin to 529 plans and unclaimed property redistributions, and oversees programs for small businesses and veterans coordinated with the Small Business Administration, U.S. Department of Veterans Affairs, and regional development authorities like the Appalachian Regional Commission.

Controversies and reforms

Controversies have arisen around investment choices, fee structures, and coordination with private financial firms such as Bank of America and Citigroup, leading to legislative responses in the West Virginia Legislature and oversight hearings before committees analogous to those in the United States House Committee on Financial Services and the United States Senate Committee on Banking, Housing, and Urban Affairs. Reforms have included transparency initiatives, procurement changes modeled after reforms in New York State and Massachusetts, and statutory amendments influenced by advocacy from groups like the National Association of State Treasurers and consumer organizations.

Category:State constitutional officers of West Virginia Category:Politics of West Virginia