In the U.S. , thestate treasureris a state ’s chief banker andmoneymanager . The treasurer oversees all of the state ’s cash saving , debtand investment . The financial officer does n’t upgrade money through taxes – the state legislature and the department of revenue does that – but by selling bond certificate earning interest on investments [ reservoir : Oregon State Treasury ] .

Citizens elect state treasurer to assist four - class term , but some states – most notably Texas and New York – instead havecomptrollers of public accounts . State treasurers come from wide-ranging background . Many have experience in the finance and investment banking sector , and many also hold law or grad business degree .

Since state treasurers are elected , they on a regular basis have political experience . Treasurer Bill Lockyer of California served as the United States Department of State attorney superior general and as province senator before running for treasurer . For others , the land treasurer ’s office is a stepping Oliver Stone to higher political dry land : Current U.S. Sen. Kay Bailey Hutchinson of Texas served in the country legislature before becoming financial officer .

As the state banker , the financial officer overseas all withdrawal and deposits from state and local governmental agencies . He or she must keep phonograph recording of all state debt and credit entry and describe these gross to the state general assembly . As the state bank , the treasury also processes checks to body politic employees and vendors .

As the state money manager , the treasurer must cautiously invest the state ’s pooled money calculate into unshakable increment stocks , attachment and securities . The treasurer also raises money by selling the state ’s debt in the material body of state - issued bail bond and notes . All of this money is used to pay state employees and fund every line item on the land budget , let in the public schools , highway construction and maintenance , and province parks [ source : California State Treasurer ] .

The land treasurer also oversees the state ’s unclaimed property division . Most states expect businesses like insurance companies , banks and investment house to surrender any unclaimed funds to the financial officer if there ’s been no client contact for a sure number of years [ source : Florida Department of Financial Services ] . The Pennsylvania United States Treasury is holding more than $ 1.5 billion in unclaimed property [ source : PA Treasury ] . California has more than $ 5 billion belong to 11.6 million people [ source : California State Controller ’s Office ] . Each state maintains a Web web site where residents can search for unclaimed property .

The state financial officer also function the state ’s certified tuition programs , or529 plans . These tax - liberal , often tax - deductible savings account make squirreling cash for higher education wanton .

Typically , the res publica treasurer also sits on a number of state boards and commissions . If the state has a pension design for public employee and teachers , the treasurer will usually posture on its board . The same is true if the province has a lottery . Since lottery receipts is bag by the Department of the Treasury , the state treasurer encounter a cardinal role in deciding how games are lead and payments are made [ source : Mass Lottery ] . The treasurer may also chair the commonwealth banking commission and commissions that manage financing for low-pitched - income housing and small businesses .

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