In The News: Treasurer candidates differ on financial-background issue (Patriot News 4/17/2008)

April 17, 2008
The Patriot News
Treasurer candidates differ on financial-background issue
By Jan Murphy of The Patriot News

Pennsylvanians have not regarded financial expertise as a prerequisite for a person they elect to serve as state treasurer in at least the past 25 years.

Instead, they have entrusted this office to a state legislator, an urban planner, a nurse and an attorney during that time.

But this year, financial knowledge that candidates possess is at issue. Four candidates are seeking the Democratic nomination for the $141,565-a-year post.

Candidates Dennis Morrison-Wesley of Harrisburg and Rob McCord of Montgomery County consider financial knowledge vital to the job. Both have financial backgrounds.

The other two Democrats -- Jennifer Mann of Lehigh County and John Cordisco of Bucks County -- cite their wealth of experiences as better, including state government service. Both have been state legislators.

Whoever wins the Democratic nod Tuesday will face Republican Tom Ellis of Montgomery County in the fall. He is uncontested for the GOP nomination.

State Treasurer Robin Wiessmann, who was appointed in 2006 to serve out the unexpired term of Bob Casey Jr. following his election to the U.S. Senate, is not seeking re-election.

The treasurer is charged with leading an office that serves as the custodian and investor of state money.

The treasurer also holds a seat on the boards of the state's two public pension systems, which oversee more than $100 billion in retirement funds for active and retired state and school employees.

Morrison-Wesley, an account executive and financial adviser who is a registered investment adviser, said he thinks financial knowledge is so important that the law should require the treasurer to be a certified public accountant or registered investment adviser.

That way, if a bad decision gets made, he said, "You can't say you didn't know. Or you can't blame it on bureaucrats, who would totally run the show."

McCord said he regards a financial background as important.

"We clearly have had huge changes in the financial markets," said McCord, a financial executive who worked on budget and regulatory issues in Washington, D.C., for Democratic senators.

"This is no time to play politics with the Treasury office because we have immense challenges in both the equity markets and bond markets ... and there is a lot of important work to be done to be sure the pension funds are adequately cared for."

But Cordisco, a lawyer, former legislator and CEO of two small companies, suggests a treasurer performs a multitude of tasks that do not solely require financial expertise.

"I don't see it as a necessity," he said. "It may possess certain advantages to the office itself if you should have that broad base of experience."

Managing a department with about 520 employees and $60 million budget requires CEO experience, he said.

A legal background comes in handy in approving sole-source contracts and bonds, according to Cordisco.

Mann, a state representative in the Lehigh Valley, is seeking the party's nomination for her House seat in addition to the state Treasurer's office. She said if nominated, she would serve in only one office. She said she is the candidate with the most relevant experience for the treasurer's office.

"Knowledge of how state government works, how state budgets work, how they come to be, that's the most important experience and what I can offer taxpayers," she said.

She said her travels have taught her there's distrust about Wall Street types among Pennsylvanians.

"Government should be focused on helping people, and certainly Wall Street has been taking care of itself and left lots of people hurting along the way," Mann said.

JAN MURPHY: 232-0668 or jmurphy@patriot-news.com 

INFOBOX:

TONIGHT'S DEBATE The four Democratic candidates for state treasurer are expected to participate in a forum at Harrisburg Area Community College at 7 tonight. The forum will be aired live on PCN and replayed at 10 p.m.

Source: http://www.patriot-news.com/