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New Mexico State Treasurer

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State Treasurer of New Mexico
Seal of New Mexico
Incumbent
Laura Montoya
since January 1, 2023
Term lengthFour years
Formation1912
First holderOwen N. Marron
WebsiteState Treasurer of New Mexico
Politics of New Mexico
Constitution
Executive
Legislature
Judiciary

See also:

Elections
Inferior jurisdictions
Federal representation

The state treasurer of New Mexico is an elected constitutional officer in the executive branch of the U.S. state of New Mexico. Thirty individuals have held the office of state treasurer since statehood. The incumbent is Laura Montoya, a Democrat who took office on January 1, 2023, after being elected on November 8, 2022.

Eligibility and term of office

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No person may be elected state treasurer other than a United States citizen of at least 30 years of age who has resided continuously in New Mexico for five years preceding the election.[1] The state treasurer is elected to a four-year term and is able to serve up to two consecutive terms; more terms may be served after one full term has intervened.[2]

Powers and duties

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The state treasurer is the chief banker and investment officer for the state of New Mexico. As such, the state treasurer receives payments made to the state, deposits sums received with authorized depository institutions, accounts for and manages the state's cash flows, services principal and interest payable on state debt, and disburses public monies in redemption of warrants drawn on state funds.[3] Other programs have been assigned to the state treasurer by law. For example, the state treasurer administers New Mexico's tax-advantaged ABLE and retirement savings programs.[4][5] Likewise, the state treasurer is responsible for the investment of the state's operating funds and local government investment pool which, at the close of the 2023 fiscal year, totaled approximately $17 billion in terms of assets under management.[6]

Functional responsibilities aside, the state treasurer chairs the State Treasurer's Investment Committee, which prescribes investment policies for the state treasury and evaluates the performance of its portfolio. Likewise, the state treasurer is an ex officio voting member of the following boards and commissions:[7]

  1. Capitol Buildings Planning Commission: An intergovernmental agency administratively housed in the State Legislature which is charged with conducting studies and making plans for the long-range facility needs of state government.[8]
  2. Educational Retirement Board: An independent agency responsible for managing the pension benefits of both active and retired employees at New Mexican public schools, institutions of higher learning, and certain employees at state agencies who work in educational programs.[9]
  3. New Mexico Educational Assistance Foundation: A private nonprofit corporation created by the State Legislature in 1981, the Foundation provides student loans to New Mexicans pursuing a higher education at public universities and community colleges.[10]
  4. New Mexico Martin Luther King, Jr. Commission: An independent agency created in 1991 "...to develop, promote, coordinate and review statewide plans and activities for the annual commemoration and celebration of the birthday of Martin Luther King, Jr."[11]
  5. New Mexico Mortgage Finance Authority: A self-supporting quasi-governmental entity that provides financing to make quality affordable housing and other related services available to low- and moderate-income New Mexicans.[12]
  6. New Mexico Retiree Health Care Authority: An independent agency established in 1990 to provide health care coverage to retirees of state agencies and approximately 300 other eligible participating public entities including cities, counties, universities and charter schools.[13]
  7. Public Employees Retirement Association of New Mexico: An independent agency that administers a defined benefit plan for all active and retired public-sector employees, aside from employees of educational service agencies covered by the Educational Retirement Board.[14]
  8. Renewable Energy Transmission Authority: A quasi-governmental entity which facilitates the development of electric transmission and storage projects.[15]
  9. State Board of Finance: An oversight body housed within New Mexico's Department of Finance and Administration, the State Board of Finance has "...general supervision of the fiscal affairs of the state."[16] To this end, the Board designates depository institutions eligible to safekeep state deposits, authorizes the issuance of state bonds, manages the state debt, approves interfund transfers, and prescribes rules and regulations for keeping cash accounts and remitting state agency receipts to the state treasurer for deposit, among other responsibilities.[17]
  10. State Investment Council: An independent agency which directs and administers the investment of New Mexico's four permanent funds: the Land Grant Permanent Fund, the Severance Tax Permanent Fund, the Tobacco Settlement Permanent Fund, and the Water Trust Fund. The State Investment Council is in practice a sovereign wealth fund.[18]

History of corruption

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The Office of the State Treasurer has been the subject of multiple corruption scandals in recent decades.[19] In 1975 Treasurer Jesse D. Kornegay pleaded guilty to perjury charges and served time in federal prison.[20] Again in 1985, Treasurer Earl Hartley pleaded guilty to malfeasance in office related to the diversion of funds from a treasurer's conference to his personal account. His deputy, Ken Johnson, was also arrested in December 1984 and pleaded guilty in 1985 to extortion.[20] Hartley resigned from the office in 1985 and was succeeded by James B. Lewis, an appointee of Governor Toney Anaya.

Treasurer David King testified against one of his office's division managers, Joseph O. Garcia, who was charged with bribery of a public official after offering King a bribe for investment activities. Later in 2005, Treasurer Michael A. Montoya pleaded guilty to federal charge of extortion, and in 2007 he also pleaded guilty to a state charge of racketeering. A Democrat, he served four years in prison.[20] Most recently in 2006, Treasurer Robert E. Vigil was convicted of one count of attempted extortion and was acquitted of 23 counts of extortion and racketeering with regard to the investment of state funds. He served time in Federal prison.[20] Robert E. Vigil was a protege of Michael A. Montoya. Robert Vigil resigned in December 2005 and was succeeded by Doug Brown, who was appointed by Governor Bill Richardson.[21]

List of state treasurers

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# Image Name Took office Left office Party Years in office
1 Owen N. Marron 1912 1916 Democrat 5 [note 1]
2 H. L. Hall 1917 1918 Democratic 2
3 Charles U. Strong 1919 1922 Republican <4 [note 2]
4 O. A. Matson 1922 1922 Republican <1 [note 3]
5 John W. Corbin 1923 1923 Democratic <1 [note 4]
6 Warren R. Graham, Sr. 1923 1928 Democratic <6 [note 5]
7 Emerson Watts 1929 1930 Republican 2
8 Warren R. Graham, Sr. 1931 1933 Democratic 2 [note 6]
9 Clinton P. Anderson 1933 1934 Democratic 2 [note 7]
10 James J. Connelly 1935 1938 Democratic 4
11 Rex French 1939 1942 Democratic 4
12 Guy Shepard 1943 1946 Democratic 4
13 H. R. Rodgers 1947 1950 Democratic 4
14 R. H. Grissom 1951 1954 Democratic 4
15 Joseph B. Grant 1955 1958 Democratic 4
16 Joe Callaway 1959 1962 Democratic 4
17 Joseph B. Grant 1963 1966 Democratic 4
18 H. E. Thomas, Jr. 1967 1967 Republican <1 [note 8]
19 Merrill B. Johns, Jr. 1968 1968 Republican <1 [note 9]
20 Jesse D. Kornegay 1969 1974 Democratic 6
21 Edward M. Murphy 1975 1978 Democratic 4
22 Jan Alan Hartke 1979 1982 Democratic 4
23 Earl E. Hartley 1983 1985 Democratic <3 [note 10]
24 James B. Lewis 1986 1990 Democratic <5 [note 11]
25 David W. King 1991 1994 Democratic 4
26 Michael A. Montoya 1995 2002 Democratic 8
27 Robert E. Vigil 2003 2005 Democratic <3 [note 12]
28 Douglas M. Brown 2005 2006 Republican 1 [note 13]
29 James B. Lewis 2006 2014 Democratic >8 [note 14]
30 Tim Eichenberg 2015 2022 Democratic 8
31 Laura Montoya 2023 present Democratic

Notes

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  1. ^ Since the first state election was in an odd-numbered year (1911), the term lasted five years.
  2. ^ Resigned on February 11, 1922.
  3. ^ Appointed by Governor Mechem on May 31, 1922.
  4. ^ Tenure in office ended in early 1923.
  5. ^ Appointed by Governor Hinkle on May 7, 1923.
  6. ^ Died on January 2, 1933.
  7. ^ Appointed by Governor Seligman on January 7, 1933.
  8. ^ Resigned on December 19, 1967.
  9. ^ Appointed by Governor Cargo in January 1968.
  10. ^ Resigned in December 1985.
  11. ^ Appointed by Governor Anaya on December 12, 1985. First African-American elected to a New Mexico state executive office.
  12. ^ Resigned on October 26, 2005.
  13. ^ Appointed by Governor Richardson on November 7, 2005.
  14. ^ Took office on December 15, 2006.

References

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  1. ^ "Article V, Section 3, Constitution of New Mexico". New Mexico Compilation Commission. Retrieved February 7, 2022.
  2. ^ "About NMOSA". New Mexico Office of the State Auditor. Retrieved May 3, 2013.
  3. ^ "What the Treasurer's Office Does". New Mexico Office of the State Treasurer. Retrieved July 27, 2022.
  4. ^ "ABLE New Mexico". New Mexico Office of the State Treasurer. Retrieved July 27, 2022.
  5. ^ "Work and Save". New Mexico Office of the State Treasurer. Retrieved July 27, 2022.
  6. ^ Annual Report of the Office of the State Treasurer for Fiscal Year 2023 (PDF) (Report). New Mexico State Treasurer's Office. p. 3. Retrieved November 8, 2024.
  7. ^ "Boards and Commissions". New Mexico Office of the State Treasurer. Retrieved July 27, 2022.
  8. ^ Introduction to the Capitol Buildings Planning Commission: CBPC Update 2023 (PDF) (Report). New Mexico Legislature. May 2023. pp. 1–2. Retrieved December 11, 2024.
  9. ^ "Who We Are". New Mexico Educational Retirement Board. Retrieved December 11, 2024.
  10. ^ "About NMEAF". New Mexico Educational Assistance Foundation. Retrieved December 11, 2024.
  11. ^ "About Us". New Mexico Martin Luther King, Jr. Commission. Retrieved December 11, 2024.
  12. ^ "About Housing New Mexico". New Mexico Mortgage Finance Authority. Retrieved December 11, 2024.
  13. ^ "About Us". New Mexico Retiree Health Care Authority. Retrieved December 11, 2024.
  14. ^ "For Members". Public Employees Retirement Association of New Mexico. Retrieved December 11, 2024.
  15. ^ "About". New Mexico Renewal Energy Transmission Authority. Retrieved December 11, 2024.
  16. ^ "Board of Finance Division". New Mexico Department of Finance and Administration. Retrieved December 11, 2024.
  17. ^ "6-1-1, New Mexico Statutes Annotated". New Mexico Compilation Commission. Retrieved December 11, 2024.
  18. ^ "About the SIC". New Mexico State Investment Council. Retrieved December 11, 2024.
  19. ^ Colleen Heild (October 30, 2005). "Treasurer's Office has a Corrupt Past". Retrieved September 23, 2015.
  20. ^ a b c d "Officials behaving badly: A look back at the misdeeds of New Mexico public officials". December 15, 2015. Retrieved December 15, 2015.
  21. ^ "Despite denying extortion charge, State Treasurer Resigns in NM". October 27, 2005. Retrieved September 23, 2015.
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