Thursday, November 7, 2024

PORTLAND, OR — Mary King’s race for State Treasurer successfully secured the Working Families Party ballot line for the next four years, garnering 115,238 votes and counting, or more than 6.5% of the total vote.

King laid out a plan for creating a greener, more inclusive and prosperous Oregon economy, with more affordable housing, family wage jobs, better schools, and more local economic development.

“I have spoken to Senator Elizabeth Steiner, our next State Treasurer, to congratulate her on her victory, and hope to continue conversations with her about the potential of the Treasurer’s office to build a better future for Oregon and Oregonians,” said Mary King, a Professor of Economics Emerita at Portland State University.

Oregon’s $140 billion currently managed by the State Treasury is far too heavily invested in risky, unreliable, and often destructive private equity funds. Rex Kim, the Treasury’s Chief Investment Officer, described private equity’s outsize role in our portfolio as “risky” and a major concern. Additionally, the state’s investment in fossil fuels represents a risky investment, as other investors will keep getting out. A worsening climate crisis has sparked a growing number of suits against oil companies, generating mounting legal costs that cut into profits.

“It’s imperative that we better fund the Oregon PERS system, to keep the Treasury from taking on too much risk to chase the unrealistically high returns demanded to compensate for historical underfunding,” says King. “As it is, we take on too much investment risk and shortchange our kids, the schools and other state agencies, gouging money out of lean budgets to ‘backfill’ PERS. At the same time we offer ever worsening retirement options to newer state employees, while underpaying teachers, public defenders, and others.”

Mary King thanked her campaign supporters, donors, allies, and the Working Families Party staff and members, as well as the Pacific Green Party, which co-nominated her for State Treasurer.