Rhode Island State Treasurer

Rhode Island State Treasurer. The Rhode Island State Treasurer is a constitutional officer in the Government of Rhode Island, responsible for managing the state's finances, including the Rhode Island Pension Fund and the Rhode Island Lottery. The office is also responsible for overseeing the state's banking and investment activities, as well as providing financial services to Rhode Island's citizens, including the City of Providence, Newport, Rhode Island, and Warwick, Rhode Island. The current treasurer, James A. Diossa, has been in office since 2023 and has worked closely with Governor of Rhode Island Dan McKee and the Rhode Island General Assembly to implement fiscal policies and manage the state's finances, including the Rhode Island State Budget.

History of the Office

The office of the Rhode Island State Treasurer has a long history, dating back to the American Revolution and the Rhode Island Colonial Charter of 1663, which was granted by King Charles II of England. The first treasurer, Stephen Hopkins, was appointed in 1663 and served until 1688, during which time he worked closely with the Rhode Island General Assembly and the Governor of Rhode Island to manage the colony's finances, including the Rhode Island Colony's trade relationships with the British Empire and the Dutch West India Company. Over the years, the office has evolved to meet the changing needs of the state, with notable treasurers including Nelson Aldrich, who later became a United States Senator and played a key role in the creation of the Federal Reserve System, and Theodore Francis Green, who served as treasurer from 1933 to 1937 and later became the Governor of Rhode Island and a United States Senator, working closely with President Franklin D. Roosevelt and the United States Congress to implement the New Deal policies.

Powers and Responsibilities

The Rhode Island State Treasurer has a range of powers and responsibilities, including managing the state's cash management and investment activities, overseeing the Rhode Island Lottery, and providing financial services to the state's citizens, including the City of Cranston, Pawtucket, Rhode Island, and East Providence, Rhode Island. The treasurer also serves on several boards and commissions, including the Rhode Island Public Employees Retirement System and the Rhode Island Infrastructure Bank, which was established to finance infrastructure projects in the state, such as the I-95 highway and the T.F. Green Airport. The treasurer works closely with the Governor of Rhode Island and the Rhode Island General Assembly to develop and implement fiscal policies, including the Rhode Island State Budget, which is approved by the Rhode Island House of Representatives and the Rhode Island Senate.

List of Treasurers

There have been many notable treasurers in Rhode Island's history, including Stephen Hopkins, Nelson Aldrich, and Theodore Francis Green. Other notable treasurers include Gerald S. Garfield, who served from 1963 to 1969 and later became a United States District Judge, and Anthony J. Solomon, who served from 1969 to 1977 and later became the United States Under Secretary of the Treasury for Monetary Affairs, working closely with President Jimmy Carter and the Federal Reserve to implement monetary policy. The current treasurer, James A. Diossa, has been in office since 2023 and has worked to improve the state's financial management and oversight, including the Rhode Island State Pension Fund and the Rhode Island Lottery, which generates revenue for the state and supports education and economic development initiatives.

Election and Term

The Rhode Island State Treasurer is elected by the people of Rhode Island to a four-year term, with elections held in November of even-numbered years, such as 2020 and 2022. The treasurer must be a resident of Rhode Island and a registered voter, and must meet certain eligibility requirements, including being at least 18 years old and a United States citizen. The treasurer is limited to serving two consecutive terms, although they may serve again after a four-year period, as specified in the Rhode Island Constitution and the Rhode Island General Laws.

Duties and Authorities

The Rhode Island State Treasurer has a range of duties and authorities, including managing the state's finances, overseeing the Rhode Island Lottery, and providing financial services to the state's citizens, including the City of Woonsocket, Coventry, Rhode Island, and West Warwick, Rhode Island. The treasurer also serves as the chair of the Rhode Island Public Employees Retirement System and the Rhode Island Infrastructure Bank, and works closely with the Governor of Rhode Island and the Rhode Island General Assembly to develop and implement fiscal policies, including the Rhode Island State Budget and the Rhode Island Capital Budget. The treasurer is also responsible for overseeing the state's debt management and cash management activities, and for providing financial guidance and advice to the state's agencies and departments, including the Rhode Island Department of Transportation and the Rhode Island Department of Education.

Organizational Structure

The office of the Rhode Island State Treasurer is organized into several divisions, including the Cash Management Division, the Investment Division, and the Lottery Division. The treasurer is assisted by a deputy treasurer and a staff of financial professionals, including accountants, auditors, and investment managers, who work closely with the Rhode Island General Assembly and the Governor of Rhode Island to manage the state's finances and implement fiscal policies. The office is also responsible for providing financial services to the state's citizens, including the City of Newport, Bristol, Rhode Island, and Warren, Rhode Island, and for overseeing the state's financial regulatory activities, including the Rhode Island Department of Business Regulation and the Rhode Island Insurance Division. The treasurer works closely with other state agencies, including the Rhode Island Department of Revenue and the Rhode Island Office of Management and Budget, to ensure the effective management of the state's finances and the implementation of fiscal policies, as specified in the Rhode Island General Laws and the Rhode Island Constitution. Category:State treasurers of Rhode Island