For Immediate Release
July 21, 2016
PA Treasurer Reese Statement on Federal Indictments
Harrisburg, PA – Pennsylvania Treasurer Timothy Reese today issued the following statement regarding the announcement of federal indictments involving two former state Treasurers.
“In light of the federal indictments implicating two former state Treasurers, I want to reassure the public of the prudent management and safekeeping of all funds within Treasury’s custodial care. While I will not comment on the ongoing legal proceedings, it is important to note that these indictments do not allege any improper use or mismanagement of public funds entrusted to Treasury.
“As Treasurer, I believe it is critical to preserve the public’s trust and confidence while meeting my obligation to protect and safeguard the state’s finances. Since assuming this office, I have insisted on maintaining the highest ethical standards throughout the Department, which is staffed by dedicated professionals who take their responsibilities as fiduciaries very seriously.
“To ensure equal access and eliminate any perception of favoritism, Treasury maintains an ‘open-door’ policy that allows any potential investment manager to submit a proposal for the Department’s consideration. All proposals are subjected to an independent analysis and due diligence review with investment decisions made solely on their merits with no regard to political considerations.”
Pennsylvania Treasurer, Timothy Reese
Media contact: Scott Sloat, 717-787-2991 or firstname.lastname@example.org.
The Pennsylvania Treasury is an independent department of state government led by the state treasurer, who is elected every four years. The department's primary duty is to safeguard and manage the state's public funds. It invests state money to generate income on behalf of the citizens of Pennsylvania, reviews and processes payments for state government agencies, and serves as custodian of more than $100 billion in state funds. Key Treasury programs include Unclaimed Property, PA 529 College Savings Program and the Board of Finance and Revenue.