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Simple. Effective. Government.

 

 

Fellow Nevadans,

Last Friday (April 14) was the first major deadline of the Legislative Session. Bills either had to make it out of their first committee or be given an exemption to move forward.

I’m happy that my office was able to effectively work with both parties to push Senate Bill 10 and Senate Bill 76 past this deadline. As you know, the Treasurer’s Office has been successful in dramatically increasing the return on the State’s investments. These increased returns benefit state agencies, local governments and the permanent school fund (PSF) for K-12 schools.

Compared with my predecessor, we have doubled and tripled returns on the General Portfolio, and have even multiplied interest earned 10X on the Local Government Investment Pool (LGIP). We have earned an additional $10 million on the PSF. SB 76 will enable us to continue these gains by expanding the securities the Treasurer can purchase without increasing the risk.

The past two years have also seen a significant decline in the processing period for unclaimed property from 120 to 20 days. If passed, SB 10 will further improve the process by enabling us to better publicize the property we’re holding as well as adding a requirement about how businesses can better comply with the law.

State officials have a duty to govern effectively and forthrightly. Regardless of the bill, laws should be simple enough for citizens to understand and effective to accomplish what its sponsors seek to achieve.

That is what I have done.

Sincerely,

Dan Schwartz

Nevada State Treasurer