state treasurer Archives

Treasurer candidate Sen. Schmitt welcomes debate about tax cut proposals (AUDIO)

July 2, 2014 By Mike Lear

Republican state Senator Eric Schmitt (R-Glendale) ended months of speculation about his political future Wednesday by declaring his candidacy for the State Treasurer’s office in the 2016 campaign cycle.

Senator Eric Schmitt

Schmitt has helped author the major tax cut proposals of the last two legislative sessions, both of which were vetoed by Governor Jay Nixon (D), with the latter of the two vetoes having been overturned. He knows if he becomes the Republican nominee for Treasurer in 2016, those tax cut bills are likely to be focused on by any Democratic opponent. He says he welcomes that debate.

“I hope that this campaign is about issues like reforming our tax code, and again I’m proud of the leadership role that I’ve been able to have in that debate,” says Schmitt. “I think any time we can allow people to keep more of what they earn, people to have more take home pay, that means a lot for families all across this state.”

Schmitt as Treasurer he can draw on his time as the Chairman of the Senate Committee on Jobs, Economic Development and Local Government.

“In that office I think you are uniquely positioned to make sure that people are aware of what that growth strategy is, what it should be for our state, and I’m looking forward to that,” says Schmitt.

Schmitt, a lawyer, cannot seek another term in the Senate. He had been considered a likely candidate for attorney general.

Senator Kurt Schaefer (R-Columbia) has already declared his candidacy for Attorney General and House Speaker Tim Jones (R-Eureka) has also been considering running for that office. Schmitt says they didn’t factor in his decision not to join that race.

“The treasurer’s office is a natural … there’s alignment there with some of the things I’ve spent a lot of time on and policies I’ve advocated for, so for me that was the office that made sense,” says Schmitt.

One of his priorities during his time in the legislature has been finding ways to help patients and families deal with autism. Schmitt has an autistic son, and says that will remain a priority to him if he is elected Treasurer.

“I empathise and I want to do everything I can in that office to make programs available for folks,” says Schmitt. “One of the things I think I can also bring to that job is I have a good working relationship with both Republicans and Democrats in both the House and the Senate, and so to the extent there are priorities that we need to get passed I feel confident working with the legislature to try to move those priorities through.”

At the end of April, Schmitt had more than $866,000 in his campaign account.

AUDIO: Mike Lear interviews Senator Eric Schmitt, 10:22

Treasurer warns retired Missourians about pension advances

September 18, 2013 By Mike Lear

The state treasurer is warning retired Missourians about a threat to their pensions. Advertisements have been popping up for “pension advances,” which offer an up-front, lump-sum payment in exchange for signing away a part of a pension.

Missouri State Treasurer Clint Zweifel

Treasurer Clint Zweifel says these advances are particularly tempting for individuals who are desperate for money to pay bills for themselves or aging parents.

“These schemes take advantage of retired employees during tough financial times, charging sky-high fees and interest rates. Effective interest rates have ranged up to 106 percent but they can be even higher than that. As State Treasurer it’s my job to protect Missourians from schemes that threaten their retirement security.”

Zweifel says these advances are not classified as a loan or a security.

“They’re really in some sort of Purgatory in terms of regulatory environment. What it means is that these folks are really taking advantage of Missouri seniors, and they’re threatening their retirement security with these instruments … and really no consumer protections in place for the individual borrower.”

Zweifel says it is not known how many Missourians might have already entered into a pension advance agreement. He says his office is working with that of Attorney General Chris Koster to investigate.

“That process is beginning through conversations I’m having with the public, but also online there’s a portal on my website, treasurer.mo.gov, where individuals can share experiences they’ve had in dealing with any of these companies, whether they’ve been approached or done business with them.”

Zweifel says he is also talking to state and federal lawmakers about combatting the practice legislatively.

Election bill advances from House Committee

January 16, 2013 By Mike Lear

The House Elections Committee has approved House House Speaker Pro Tem Jason Smith’s (R-Salem) proposal that would require openings for lieutenant governor, secretary of state, attorney general, state auditor, state treasurer and U.S. Senator be filled at the next general election after they become vacant. It also would block a temporary office holder appointed by the Governor from running to fill the seat he or she is appointed to fill.

House Speaker Pro Tem Jason Smith (R-Salem) (photo courtesy, Tim Bommel, Missouri House Communications)

Smith told the Committee, “It’s just the purpose that a lot of people brought forward in the past that they felt like an individual being appointed would have an unfair advantage over someone who is running for the position.”

Critics say Smith’s bill is politically motivated, aimed at keeping a Democrat Governor, Jay Nixon, from naming the replacement for a Republican Lieutenant Governor, Peter Kinder, who is pursuing the 8th District Congressional Seat being vacated by Jo Ann Emerson. Smith says, not so.

See the proposal, HB 110.

“It’s legal reasons, not political reasons, because the law’s not clear. The law provides in section 105.030 that upon a vacancy of a statewide office, for example Lieutenant Governor, it’s filled by special election, but then the governor of the state is saying that no, he gets to appoint it.”

Representative Stacey Newman (D-St. Louis County) is skeptical.

Representative Stacey Newman (D-St. Louis County)

“I think the public is suspect, too. We talk about transparency and we hear all the time about smaller government. This bill has some elements that are more government.”

Newman was the only “no” vote in the Committee. She believes this bill wouldn’t have been filed if there was not a Democrat in the Governor’s Office.

“I think this issue has arisen because of potential vacancies in the Lieutenant Governor’s office now. That potential has been there for some time and I think if that wasn’t part of the discussion we wouldn’t be pushing this so fast.”

This is Smith’s fifth year to file the bill. He says it’s been changed to address the concerns of Governor Nixon, who vetoed it two years ago.

The bill is scheduled to be heard by the House Rules Committee today. Smith hopes it will be debated on the floor next week.