Oregon daily emerald. (Eugene, Or.) 1920-2012, May 19, 1980, Section B, Page 5, Image 17

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    Treasurer races
(Continued from Page 4B)
“I’ve made 20,000 invest
ments and have probably made
one or two bad ones (over his 39
month term as treasurer)" he
says.
"But I’ve almost doubled (the
state’s earnings during my
term,” he adds.
Myers, 52, says he makes
suggestions but not the final
investment decisions on the
long-term investments. He says
the state treasurer's office em
ploys 40 professionals td make
the investments.
"We try to keep politics out (of
the investment interests),’’
Myers says.
“We re able to make money
on the investments and won’t
lose a penny on them” He says.
In response to opponent
George Wingard’s allegations
that the state treasurer’s office
has lost money to inflation while
the private investments funds
have kept up with inflation,
Myers says he was “locked in
to” long-term investments of
former state treasurers. These
investments, he says, contribut
ed to the loss to inflation.
On the other hand, his invest
ments show an improvement in
keeping up with inflaiton, Myers
says.
Myers says the state earns
more than $1,800 per minute or
$100,00 an hour of every work
ing day on its investments.
About $2.5 billion of the in
vestments are “in house” trust
fund money for the Public Em
ployee Retirement System, em
ployer contributions to the State
Accident Fund and the principal
of the Common School Fund.
Since Myers has been trea
surer, the Oregon mortgage
purchases have increased from
$11 million to $423 million.
Myers says these purchases
make more money available to
banks and savings and loan as
sociations to lend out as mort
gages for individuals.
In January, Oregon’s bond
rating by Standard and Poor
were upgraded to AA and the
Moody rating of AAA was main
tained, which are the highest
ratings Oregon has ever
received.
Before his election to the
treasuere's office in 1976,
Myers was the secretary of state
for 10 years and has been an
active participant in community
services.
Myers has the endorsement
of the Oregon Womens' Political
Caucus.
says she isn’t worried about be
ing able to make up for that lack
of experience.
"I would like to spend time
learning more about the State
Land Board,” she says.
Because, ”so many of the
lands fall between the cracks (of
state and federal agencies),”
Lansing says, she proposes
earnings $12 million less than it
otherwise might have. If elected,
Lansing would change admin
istrative regulations to disallow
stand-by committments
because of their speculative
nature.
Boe
State Sen. Jason Boe,
Democratic candidate for state
treasurer, says the state trea
surer’s office should be a "part
of a check and balance system
and not just a rubber stamp."
"The State treasurer has an
obligation to take a leadership
role in all issues," he says.
One of the treasurer's duties
is serving on the investment
board. Boe says he would like to
set up an adversary system
between the board and the
treasuer’s hired staff. He says
such a system wouid eliminate
problems such as incumbent
Treasurer Clay Myers’ invest
ment in stand-by ‘‘Ginnie
Maes.”
Elected to the state senate in
1970, Boe has been senate pre
sident for three consecutive
terms."l know the type of legis
lation that sets the parameters
of the state treasurer,” he says.
His experience in the Legisla
ture would help him as trea
surer, he says, because "the
Legislature is the ultimate
decider of what the state
treasuere does."
Boe adds that as a senator he
has been involved with the State
fr
Land Board, which decides
state policy on land rights.
As a board member, Boe says
he would work “to make Oregon
become more energy self-suf
ficient.”
In reference to the Sagebrush
Rebellion, Boe says “no one
has more duty to set the issues
in motion than the State Land
Board"
“ Those states (involved in the
rebellion) have only one shot at
it (getting their mineral resource
ownership returned by the
federal government); Oregon
has fiber to keep it going," Boe
cautions. “I’m not sure Oregon
would be a better help than the
Bureau of Land Management
and the Forest Service."
Of Jewel Lansing's charge
that Boe would use the trea
surer’s office as a "political
stepping stone” to the gover
norship, Boe says, “We’re not
closing out any options. The
state treasurer’s office has his
torically been a testing ground
for the governor. I don’t think
that it would interfere with the
state treasurer.”
Boe is critical of Myers’ term
as treasurer.
"Myers has been invisible as
state treasurer,” Boe charges.
“He ignored ‘the prudent man
rule’, which advises the trea
surer to invest funds as if her
were investing them for himself,
by making specialized invest
ments," Boe says. “We re load
ed into too many long-term in
vestment* ”
l
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Lansing
Jewel Lansing, Democratic
candidate for State Treasurer,
says the state treasurer is ba
sically a manager of the state's
money.
But her opponent, State Sen.
Jason Boe, says that the state
treasurer must have knowledge
of the Legislature.
“The state Legislature and
the state treasurer's office have
no correlation at all; it’s a non
sequitor,” Lansing says. "My
background as a certified public
accountant and as five-year
Multnomah County Auditor
(highly qualify me for state trea
surer).” As Multnomah County
Auditor, Lansing examines and
manages the county's financial
functions.
Lansing says serving on the
State Land Board is an impor
tant function of the treasurer
because all of Oregon’s land
and mineral rights are under the
board’s jurisdiction.
Jason Boe, as a former legis
lator, may have more exper
ience working with the land
board than Lansing, but she
.1
creating an agency to coordin
ate federal and state policy on
state lands.
Lansing considers environ
mental concerns of importance
to the land board but says she
realizes businesses and er/ir
onmentalists “must go hand in
hand” in determining policy.
But, citing a 1979 Oregon En
vironmental Council rating,
Lansing says Boe voted wrong
on eight out of 10 environmental
bills. The Oregon Council of
Environmental Voters endorses
Lansing.
Lansing says she’s “leary of
the Sagebrush Rebellion,” a
move by western states that
would return ownership of
federal lands to the states.
Lansing is worried about the
possibility of states selling lands
to private interests. Of the per
formance of incumbent trea
surer Clay Myers, Lansing says
“The stand-by investment in
"Ginny Maes” (government-in
sured mortgage loans) shows
very poor judgement on his
part.”
According to Lansing, Myers’
investment resulted in the state
ION SILVERMOON
Candidate for
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ut Bill’s experience to work for you in the
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P«ld tor by Wooten lor Comnteaionor, Elteon Raymund-'Wooten, Troas., P.O. Box 10838 Eugono, Oregon 97440 689-4390
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