Democrats should support Wheeler for state treasurer From the Archives

Published 5:00 am Wednesday, April 21, 2010

Democrats have a choice in the primary for state treasurer between Ted Wheeler, who has held the position after the death of Ben Westlund, and Rick Metsger, a three-term state senator. Voters should support Wheeler.

Soon after Wheeler took over for Westlund, his office was making the headlines. “Oregon Treasury employees wined and dined by investment firms they oversee.” “Investment firms pampering officials.”

Wheeler, the former county chair of Multnomah County, said someone described it as: “Out of the frying pan and into the frying pan.”

An investigation by The Oregonian revealed that the money managers in the Treasury Department were getting expenses picked up by the companies wooing Oregon’s money. It looked bad. And it’s likely to stretch right through the election.

But the measure to judge Wheeler by is not what The Oregonian has found. The issues The Oregonian investigated were dumped firmly in his lap. It’s what he’s done and doing about it that should matter.

On those counts, it’s hard to say how he could handle it much better. He’s got the auditors coming in. He says there will be no more expenses except as they specifically relate to duties. There will be no more flying first class, expensive meals and free golf. Unless somebody can give him a good reason why travel needs to be handled differently for Treasury officials, it’s going to be handled just like expenses for other state employees.

Most of the business of being state treasurer is about managing the state’s billions in investments. The treasury is also like the state’s bank, about $177 billion flows through the office every year. So what the position demands is a high level of competence and achievement in financial matters.

Compare the resume for Wheeler and Metsger and the answer is clear. Wheeler studied economics, business and public policy. He has made his living as a small business owner, in commercial real estate and working as an investment manager for multi-billion dollar firms. Of course, there are all kinds of professional staff at the Treasury Department but it’s much more valuable to have the person in charge with relevant financial and business expertise.

Both Wheeler and Metsger are committed to ensuring that Oregon’s investments are secure. Wheeler is the better choice to meet that challenge.

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