Two Democrats - Erin McClelland and Ryan Bizzarro - seek their party's nomination for Pennsylvania Treasurer. The winner will take on incumbent Stacy Garrity, who is running unopposed for the GOP nod. The position, which pays $197,748 a year, is responsible for managing and safeguarding the Commonwealth's financial assets. This includes meeting payroll, receiving taxes and other revenue and issuing lawful payments. The treasurer also invests Commonwealth funds. It holds the pension funds. The purpose of this post is to tell you about them so you can make an informed decision.
Ryan Bizzarro: He's a lifelong resident of Erie County who was stricken with leukemia as a child. He graduated from Edinboro University (political science, criminal justice) and then earned a Master's in public administration from Gannon University. He worked as a victim advocate in Erie County before being elected as State Representative in 2012.
Like Jared Solomon in the AG race, Bizzarro is running simultaneously for state treasurer and re-election as a state representative. As far as I am concerned, that disqualifies him. Plus, who the hell votes for someone named Bizzarro?
Apparently, a lot of people. Bizzarro has raised over $500,000 for this race, and as of early March, has $430,000 to spend.
Erin McClelland: Like Bizzarro, she's also from the western part of the state. She graduated from the University of Pittsburgh (psychology) and Chatham University. She has devoted her private sector career to mental health and substance abuse counseling. She's run for Congress twice and has lost twice.
Her biggest issue, and she diverge sharply from both Bizzarro and Garrity on this point, is her strident opposition to the proposed Keystone Saves program.
As explained by the Keystone Saves Coalition, "The Keystone Saves program is intended for businesses without a retirement plan and would rely on voluntary regular payroll contributions to fund individual retirement accounts (IRAs). Keystone Saves would be a public-private partnership in which IRAs are professionally managed by a third-party financial firm overseen by the state. Administration and investment fees would be kept low through the economies of scale produced by a statewide program." This program has been endorsed by Pew Charitable Trusts and is supported by 75% of 500 polled small business owners. AARP also supports this measure.
The Pennsylvania House passed a bill for this program and Bizzarro voted for it. Incumbent Treasurer Garrity likes this plan as well.
Not McClelland. She calls the plan a "dangerous financial product" susceptible to fraud. She points to an SEC warning about self-directed IRAs like Pennsylvania Saves. "While all investments have risk, self-directed IRAs have some risks that differ from those involved with IRAs offered by registered broker-dealers and investment advisers. These risks include a lack of legal and regulatory protection and a heightened risk of fraud, particularly when investing in alternative assets." She is also bothered that the legislation would make the plan mandatory for any employer with more than five employees.
She has no money for a statewide campaign, As of March, she had raised $110,000 and had $105,000 to spend.
My opinion: Though McClelland offers a contrast to Bizzarro and Garrity, she lacks the resources to run and win. I am unable to vote for either of these Democrats.
