Editor’s note: This editorial has been corrected to accurately reflect the results of the primary election.
Despite being a historic race between two Republicans, the contest for state treasurer features sharp contrasts in style and experience. The Columbian’s Editorial Board recommends a vote for Duane Davidson in his race against Michael Waite.
As always, this is merely a recommendation. The Columbian has faith in the ability and desire of voters to examine the issues and study the candidates.
Under Washington’s top two primary system, Davidson and Waite advanced out of a five-person primary that included three Democrats. Davidson led the way with 25 percent of the vote, leaving no clear favorite in Washington’s first statewide election to feature two Republicans. It also is an election that will put a Republican in the treasurer’s office for the first time in 60 years, with the winner replacing Jim McIntire, who did not seek a third term.
Aside from party affiliation, there are few similarities between Davidson and Waite and how they would approach the job. Davidson has been Benton County treasurer since 2003 and is president of the Washington State Association of County Treasurers. He has a strong understanding of the duties of the office and would be a calm, steady steward of the taxpayers’ money. He has demonstrated this in Benton County through a history of efficiency and clean audits for his office. In his role of managing public investments, he stresses safety and liquidity, with yield being a distant third: “I’m very risk-averse because the public has no tolerance for a loss of public funds.”
Davidson also views the treasurer’s office as one of management rather than advocacy, which distinguishes him from his opponent. The treasurer oversees the state’s cash flow, debt, long-term and short-term investments, and the sale of bonds. The Legislature makes the spending decisions, and Davidson says he would offer advice if asked but would not consider that to be one of his paramount duties.
Waite, on the other hand, views the treasurer’s office as an investment opportunity for the state. With experience in private finance — including, in the past, managing funds for the Bill & Melinda Gates Foundation — he expresses a desire to improve the return on the state’s investments and to offer financial advice to those who control state funds. “The problem is that government massively underperforms,” he told the Editorial Board.
Waite intends to use the treasurer’s office as a bully pulpit to oppose any effort to institute a personal income tax in Washington, something that had been supported by the outgoing treasurer. Davidson also opposes an income tax but does not feel that such advocacy is the role of the treasurer.
Waite is smart, and there is no doubt that he understands finance and can handle amounts that have a lot of zeros. There is reason for confidence that he could do the job and be an energetic advocate for policies he supports, and we encourage the political newcomer to remain involved in public policy.
But Davidson possesses a more nuanced understanding of the role, along with respect for the constraints of ensuring and protecting the public trust. He notes that county treasurers have a deep understanding of the importance of open-meeting laws and open-records laws, and says, “I really strongly believe the treasurer should stay out of politics as much as possible.”
Duane Davidson’s experience and his steady hand make him a better fit for state treasurer, and The Columbian recommends that voters support him.
