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Utah Treasurer

The Utah Office of State Treasurer performs a broad array of functions that are critical to the banking, investment, and financing operations of state agencies and municipalities.The office is also committed to helping Utahns find their lost property and increase their financial capability.

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    David Damschen
    (Rep)

  • Richard Proctor
    (Con)

  • Joseph Speciale
    (L)

Biographical Information

What are the most important responsibilities of the office of State Treasurer?

Why are you the best candidate for this office?

What will be your priorities if elected to this office? Will you change any policies?

Campaign Mailing Address 1586 E 2200 N
Layton, UT 84040
Campaign Email Address dcdamschen@gmail.com
Campaign Phone (801) 554-7143
Twitter @DamschenDavid
Current Employment Utah State Treasurer
Education B.A. in Finance, University of Washington Foster School of Business
Campaign Website https://damschenfortreasurer.com/
Most fundamentally, the Utah Constitution provides that the Treasurer is the “custodian of public moneys.” Additional Treasurer’s duties are provided in Utah Code Title 67, chapter 4. Functionally, treasury encompasses collections, disbursements, banking and cash management, finance and debt management, and investments.

The Treasurer manages a Local Government Investment Pool of taxpayer investments with over $18 billion prudently invested. The Treasurer also issues legislatively-authorized bonds to finance critical public infrastructure such as highways, and is responsible for investor and rating agency relations - protecting Utah's coveted AAA bond rating.

The Treasurer also oversees the Unclaimed Property Division, a state agency which returns lost money to Utahns. Last year, over $40 million was returned.

Lastly, the Treasurer serves by law on 18 boards and commissions, protecting taxpayer interests and minimizing the burden they bear through prudent and professional conduct.
My entire career has centered on treasury, banking, investments, and finance - primarily stemming from a 20 year career in private sector banking.

I left banking to serve as Utah's Chief Deputy Treasurer in 2009 - I held that post for 7 years before becoming Utah State Treasurer in 2015.

The work of a state treasurer is inherently complex and multi-faceted. A good treasurer will be hands on and should have a great depth of professional experience.

I'm thankful for the opportunities I've had to build the base of knowledge and experience that is needed for a state treasurer to be effective in his or her role.
1. Maintaining and improving upon investment processes is essential - in addition to running an $18 billion Local Government Investment Pool, the office invests another approximately $500 million in various longer time horizon portfolios. I plan to work with my team to competitively procure an investment consultant to assist with policy and implementation strategies which will ensure that we continue to apply best practices in our management of those investments. 2. Continuing to protect Utah's AAA bond rating will always be a top priority. I've taken a multi-pronged approach to building on our state's legacy credit strengths, enhancing our investor information portal and working with our Legislature to strengthen statutory prioritization of debt service. Going forward, I will look for additional opportunities to further fortify Utah's credit strength. 3. We've achieved consistently strong growth (18% annually) in payment of lost money to Utahns. I'll work to continue that legacy.
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