James B. Lewis
I consider it a great honor to serve as New Mexico state treasurer. Over the past 3.75 years, I have successfully fulfilled the duties as the state’s chief banker and invested New Mexico’s short-term funds through one of the most challenging economic environments since the Great Depression 80 years ago.
The Office of the State Treasurer is managed in strict compliance with the constitution, statutes, rules and policies of the State of New Mexico. When I took office Dec. 15, 2006, I promised to restore public trust and confidence in the Office of the State Treasurer, and I believe I have achieved that goal.
During this term, I worked with employees to improve their morale and build confidence in my leadership. I reorganized the administrative structure of the office to improve supervisory roles and communication. I upgraded the furnishings for employees to create a more conducive work environment. I thoroughly updated obsolete policies and procedures and established the first true “business continuity” plan, setting up a disaster recovery site in Albuquerque, in case of fire, building damage or some other disaster preventing employees from working in the current treasurer’s office.
During my term, SHARE, the statewide enterprise accounting system, was successfully implemented and our office recently had a successful transition to a new fiscal agent and custody bank. I have placed a high priority on preventing check fraud against the state using “Positive Pay” to detect and prevent fraudulent checks from being redeemed out of the state’s bank account.
Additionally, I worked with law enforcement officials, bankers and the Albuquerque Chamber of Commerce on a check fraud awareness campaign to provide information about the common techniques used to commit fraud. Numerous arrests have also been made on check fraud crime.
Responsibility
A total of $17 billion runs through the state treasury annually. When I include the financial boards I serve on, I have a total fiduciary responsibility for oversight of $40 billion. I am directly responsible for investing the state’s short-term funds, with a market value in the range of $4 billion to $5 billion, which include the state’s general fund, bond funds and the local government investment pool.
The state treasurer invests funds according to the following principles: safety, liquidity and yield, in that priority order. This year I made a change to the state treasurer’s investment policy to increase the maximum cap of CD investments in state banks to $400 million, allowing banks to loan money back into their communities for small business and individual consumer loans. Hopefully, this will assist the state to pull out of the worst economic conditions the state has experienced since the Great Depression.
I serve on 14 state boards and commissions and I am the only state official that serves on all of the state’s financial boards. I have worked diligently to set policy and provide clear, definitive guidance and oversight as a board member, without interfering in the day-to-day operations of the organization.
My peers around the country elected me to serve as president of the National Association of State Treasurers in 2010. I also serve on the executive committee and as secretary of the National Association of Auditors, Controllers and Treasurers.
Long hours
I have worked long hours to restore the public’s trust and confidence in the Office of the State Treasurer. If I have a second term in office, I will continue to manage the office with honesty and integrity, and with full accountability and transparency to the public. My top three priorities if re-elected will be:
- Maintain high standards of honesty and integrity by hiring honest, well-qualified employees, raising performance standards, strengthening internal controls and supporting ethics reform.
- Improve transparency and accountability to the taxpayers with strong customer service and comprehensive information on our website.
- Provide efficient service with fewer resources by automating manual procedures, converting to electronic payments, and reducing staff when possible.
As New Mexico’s state treasurer, I take my fiduciary responsibilities very seriously and maintain the highest standards. I will continue to uphold the public’s trust and confidence in the office.
Lewis, a Democrat, is the state treasurer.