On the rare occasions that voters think about the duties of a state treasurer, they likely picture a policy wonk pouring over spreadsheets. Considering that Washington ranks No. 1 in the nation in long-term financial stability, according to U.S. News and World Report, the description somewhat fits incumbent Treasurer Mike Pellicciotti. But Pellicciotti also has taken on an expanded role that enhances his service to the people of the state. The Columbian’s Editorial Board recommends that Pellicciotti, a Democrat, be elected for another four-year term as state treasurer.
As always, this is merely a recommendation designed to foster discussion and provide information. The Columbian trusts that voters will examine the candidates and the issues before casting an informed vote in the November general election.
Under Pellicciotti’s leadership, the state government has maintained a top credit rating and refinanced its debt, lowering its interest payments and leaving more money for local jurisdictions. It has made the GET/529 college savings program more affordable for families. It has passed a Washington Saves bill to facilitate savings for workers who do not have retirement accounts through their employment.
On top of that, Pellicciotti has testified before Congress and urged lawmakers to make banking legal for the cannabis industry, and he has vocally opposed the merger of supermarket giants Kroger and Albertsons. These actions reflect his broad interest in making government and the economy work for all Washington residents.
During an interview with the Editorial Board, Pellicciotti demonstrated an expansive understanding of state finances and an enthusiasm for public advocacy. He has served as an assistant attorney general and as a state representative from the Puget Sound area, giving him insight to the intricacies of state agencies and the Legislature.
“I now have an understanding of how critical it is to have a respected voice,” Pellicciotti told the Editorial Board about dealing with legislators or officials from other states.
Republican Sharon Hanek, Pellicciotti’s opponent, is a certified public accountant who focuses on the nuts and bolts of the treasurer’s job. She says her accounting background can help eliminate wasteful spending in state government and that she will be a diligent watchdog.
“There are some fundamental skills that seem to be lacking,” she told the Editorial Board. “I’m looking at the external control accounts system.”
That is necessary, but the bulk of such oversight is handled by the state auditor’s office.
Hanek, who ran for state treasurer in 2012, said: “When I looked at the investment situation 12 years ago, it’s in much better shape today. I don’t know if I would have done anything differently, because the goal is to maximize returns.”
In other words, Pellicciotti is doing an effective job of overseeing the state’s finances, which is the most important part of his job. His advocacy for forward-thinking legislation that helps individual residents merely adds to his credentials.
Among that advocacy is one thing the candidates agree upon – the need for improved financial literacy. Both Pellicciotti and Hanek support enhanced education in public schools to help students learn to manage their money and prepare for the future.
Beyond that, however, Pellicciotti has a broader view of the duties and the potential inherent in the office of state treasurer. The Columbian’s Editorial Board recommends that he be reelected.
