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Treasurer Schmitt delivers big results for Missouri during his time in office

Wednesday, January 02, 2019


After almost two years, Eric Schmitt’s time as Missouri’s Treasurer is coming to an end.

Schmitt was sworn in as the 46th Treasurer of the state of Missouri on January 9, 2017. As State Treasurer, Schmitt focused on protecting Missouri taxpayers, supporting small businesses, and empowering individuals and families while overseeing the state’s $3.6 billion investment portfolio as its Chief Financial Officer.

Last month, Schmitt was appointed by Governor Mike Parson to replace Senate-Elect Josh Hawley as Missouri’s Attorney General and will be officially sworn in on January 3, 2019.

Key highlights from Treasurer Schmitt’s time in office include:

STOPPING FRAUD:  Since January 2017 the State Treasurer’s Office has issued 3.1 million checks and payments with zero incurred losses due to fraud.

INVESTING WISELY:  In his first two years on the job, he has already earned more than $100 million in interest for the state.

LEADING EDGE OF TRANSPARENCY IN GOVERNMENT SPENDING: Treasurer Schmitt built and launched two different, ground-breaking portals for citizens to access information relating to the state’s fiscal activity and health:

Show-Me Checkbook - A new age of transparency in Missouri state government.

·Published 30 million data points covering vital financial information on state government such as revenues, expenditures, payroll, and liabilities.

·Kept development and maintenance costs low at only $2,000, plus staff time.

Economic Dashboard - The first statewide economic portal by a state treasurer

·Praised by watchdog groups advocating for state government transparency and accessibility.

·Read by viewers right here in Missouri as well as all over the world.

PROTECTING MISSOURI’S PENSIONS: After using his first year in office to raise awareness to the troubled status of the state’s public employee retirement system, Schmitt led the Board of Trustees to adopt realistic assumptions. He also championed in the legislature and advanced benefits reform that will save taxpayers tens of millions of dollars.

ANTI-TERROR POLICY: The office’s Anti-Terror Policy was expanded in 2017 at the direction of Treasurer Schmitt to further prohibit investment in companies with material operations in State Sponsors of Terror. In 2018, MOSERS adopted similar policies due to Schmitt’s leadership. 

Missouri FIRST:

·411,795,982 invested in small business and agricultural loans, across 809 deposits.

·$80,678,103 approved and awaiting placement, across 142 additional deposits.

·Agricultural loans alone have increased 150% across Missouri

Unclaimed Property:

·Returned $87.3 million of Unclaimed Property

·Set a new record for most Unclaimed Property returned in first 21 months

·Secured over $540,000 for account owners through auctions

MOST 529:

·29,667 new accounts created

·Surpassed $3 billion in assets under management

·Revamped the MOST 529 outreach effort

·National leader on expanding program to include K-12 tuition, following the 2017 federal tax reforms.

MO ABLE:

·Joined best ABLE partnership in the nation

·Set a national model for launching an ABLE program

·Established and chaired the National ABLE Committee with other state treasurers

·Reached $3.7 million in assets

Schmitt was elected the 46th Treasurer of the State of Missouri on November 8, 2016 with more votes than any other State Treasurer in Missouri history.

Governor Parson recently appointed Republican Rep. Scott Fitzpatrick as Missouri’s next State Treasurer and will be sworn in later this month.