Powers
The treasurer's powers are both constitutional and statutory. The treasurer's constitutional powers make him the chief financial officer of the state government and give him control over all of the state's financial assets. Because the state operates with a large reserve fund, this give the treasurer control over a large amount of money. In 2007, the total state portfolio was valued at over $5 billion. The treasurer is permitted to invest the funds several different ways, including investments in United States Bonds, Certified Deposits, repurchase agreements, and money market mutual funds.
The Indiana General Assembly has assigned the treasurer additional statutory power and made him a member of the state Board of Finance, Indiana Finance Authority, Indiana Transportation Finance Authority, State Office Building Commission, Recreational Development Commission, Indiana Grain Indemnity Fund Board, Indiana Underground Storage Tank Financial Assurance Board, and the Indiana Heritage Trust Committee. Additionally, the treasurer is the vice-chairman of the Indiana Housing Finance Authority and the Indiana State Police Pension Fund. As a member of these boards, the treasurer has a wide range of influence on the state's financial management.
The treasurer is also the head of several of the most important state financial organizations. The treasurer is chairman of the Indiana Bond Bank, a state controlled bank that provides financing to municipal government to allow for large infrastructure investments. The bank then sells the debts as secured bonds on the national market. This allows local governments to secure credit a low rate of interest. The treasurer is also the chairman of the Indiana Education Savings Authority which manages savings accounts for college educations. The treasurer chairs the Public Deposit Insurance Fund and the Board for Depositories that insures the deposits of municipal governments in the state, much as the Federal Deposit Insurance Corporation insures private accounts, except without limiting the amount of the insurance. The Indiana Institute for Public Funds Management is private organization that was developed to provide financial education for municipal government leaders. The treasurer is designated by the organization its chairman.
Read more about this topic: Indiana State Treasurer
Famous quotes containing the word powers:
“The Federal Constitution has stood the test of more than a hundred years in supplying the powers that have been needed to make the Central Government as strong as it ought to be, and with this movement toward uniform legislation and agreements between the States I do not see why the Constitution may not serve our people always.”
—William Howard Taft (1857–1930)
“The shadow of a mighty Negro past flits through the tale of Ethiopia the shadowy and of the Egypt the Sphinx. Throughout history, the powers of single blacks flash here and there like falling stars, and die sometimes before the world has rightly gauged their brightness.”
—W.E.B. (William Edward Burghardt)
“Religion differs from magic in that it is not concerned with control or manipulation of the powers confronted. Rather it means submission to, trust in, and adoration of, what is apprehended as the divine nature of ultimate reality.”
—Joachim Wach (1898–1955)