Legislative Conference

Home , David Lillard, Manju Ganeriwala, Seth Magaziner

2016 NAST Legislative Conference

February 29 - March 2, 2016 | Mandarin Oriental Hotel | Washington, DC Helping State Government Work Better.

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Welcome to the 2016 National Association of State Treasurers (NAST) Legislative Conference!

I am honored to serve as NAST President for 2016 and look forward to working with all of you as we strive to build on the work of NAST’s Immediate Past President David Lillard and explore new possibilities. With your continued support, attendance at this year’s Legislative Conference as well as June’s Treasury Management Training Symposium in New Orleans and September’s Annual Conference in Seattle we can all look forward to a productive and successful year for NAST.

Your participation this week will not only beneﬁt your organization through access to top tier administration and congressional presentations, but will also beneﬁt NAST and all Americans as we highlight issues of importance to treasurers such as the current tax treatment of municipal bonds, fnancial literacy and 529 College Savings Plans as part of our Hill Day.

I want to thank the entire NAST leadership team for guiding this organization through a truly transformative year. The hard work of John Provenzano, our new Executive Director, and the leadership of the Executive Committee, our committee chairs and the indispensable assistance of our Corporate Affliates established a stronger and better equipped association, both fnancially and administratively.

This year I am fortunate to have the dedicated support of a strong Executive Committee including Treasurer Ken Miller of Oklahoma, NAST’s Senior Vice President; Treasurer Elizabeth Pearce of Vermont, NAST’s Secretary-Treasurer; and Regional Vice Presidents, Treasurers Jeff DeWit of Arizona, Lynn Fitch of Mississippi, Deborah Goldberg of Massachusetts and Kelly Schmidt of North Dakota. We are joined on the Executive Committee by former NAST President David Lillard of Tennessee along with Treasurer Ron Estes of Kansas, Mark Pascarella of the State Debt Management Network, Joshua Joyce of the National Association of Unclaimed Property Administrators, Alabama Treasurer Young Boozer of the College Savings Plans Network and Francie Heller, NAST’s Corporate Afﬁliate Board Chair.

I wish you all the best for a successful week in the nation’s capital and look forward to seeing all of you at NAST events throughout the year.

James L. McIntire NAST President Washington State Treasurer

1 SPONSOR ACKNOWLEDGEMENTS

NAST wishes to acknowledge the generosity of the sponsors of the 2016 NAST Legislative Conference.

Legislative Conference Sponsor

Gold Sponsors

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Bronze Sponsors

2 NAST LEADERSHIP & STAFF 2016 EXECUTIVE COMMITTEE PRESIDENT SENIOR VICE James L. McIntire PRESIDENT State Treasurer Ken Miller ASSOCIATION STAFF Washington State Treasurer Oklahoma John Provenzano Executive Director

SECRETARY-TREASURER IMMEDIATE PAST Chris Hunter Beth Pearce PRESIDENT Deputy Executive Director / CSPN State Treasurer David H. Lillard, Jr. Jeremy Dawson Vermont State Treasurer Digital Media Manager Tennessee Jane Hardey Communications WESTERN REGION SOUTHERN REGION Emma Heydlauff VICE PRESIDENT VICE PRESIDENT Membership Services Manager Jeff DeWit Lynn Fitch Susan Hirschmann State Treasurer State Treasurer NAST Government Affairs Arizona Mississippi Donna Maloy Meeting Planning Services EASTERN REGION MIDWEST REGION David Milby VICE PRESIDENT VICE PRESIDENT NAUPA Association Director Deborah Goldberg Kelly Schmidt State Treasurer State Treasurer Lori Slagle Massachusetts North Dakota Accounting Services Preston Weyland LEGISLATIVE CSPN REPRESENTATIVE SDMN Association Director COMMITTEE CHAIR Young Boozer III Kathleen Young Ron Estes State Treasurer Meeting Planning Services State Treasurer Alabama Kansas

NAUPA REPRESENTATIVE SDMN REPRESENTATIVE Joshua Joyce, Esq. Mark Pascarella Director of Unclaimed Executive Director Property Indiana Finance Department of Revenue, Authority Arizona

CORPORATE AFFILIATE REPRESENTATIVE Francie Heller Managing Partner Heller Advisory

3 CONFERENCE AGENDA

SUNDAY, FEBRUARY 28 2:15 - 3:45 P.M. NAST EXECUTIVE COMMITTEE (Oriental Ballroom A) 6:30 - 9:00 P.M. TREASURERS-ONLY DINNER Dress: Casual 4:00 - 5:00 P.M. MONDAY, FEBRUARY 29 Dress for the Day: Business Casual CSPN FEDERAL INITIATIVES COMMITTEE (Hirshhorn) 7:30 A.M. - 5:00 P.M. 6:00 - 7:30 P.M. REGISTRATION (Oriental Ballroom Foyer) OPENING RECEPTION (Oriental Ballroom B/C) 8:00 - 9:30 A.M. NATIONAL INSTITUTE OF PUBLIC FINANCE (Oriental Ballroom A) TUESDAY, MARCH 1 Dress for the Day: Business

8:30 - 9:30 A.M. 7:30 A.M. - 5:00 P.M. REGISTRATION (Grand Ballroom Foyer) PENSION & TRUST INVESTMENT COMMITTEE (Oriental Ballroom B)

9:45 - 10:45 A.M. 8:00 - 8:55 A.M. BANKING & CASH MANAGEMENT COMMITTEE (Oriental Ballroom A) BREAKFAST (Grand Ballroom C) FINANCIAL LITERACY COMMITTEE (Oriental Ballroom B) 9:00 - 9:10 A.M. 11:00 A.M. - 12:00 P.M. WELCOME & STATE OF NAST ADDRESS (Grand Ballroom A/B) NAST FOUNDATION BOARD (Oriental Ballroom A) • NAST President James L. McIntire, State Treasurer (WA) LEGISLATIVE COMMITTEE (Oriental Ballroom B)

12:15 - 1:30 P.M. 9:10 - 10:00 A.M. PLENARY SESSION (Grand Ballroom A/B) LUNCH FOR COMMITTEE MEMBERS (Oriental Ballroom C) Municipal Bonds: What does the future hold for these critical CORPORATE AFFILIATE BOARD (Gallery) financing tools? This panel will examine what Congress and the Administration have in 12:30 - 1:30 P.M. mind for municipal bonds in 2016. Hear from champions of the current FINANCE COMMITTEE (Freer) tax treatment of municipal bonds as well as making “munis” HQLA. Moderator: Treasurer Manju Ganeriwala (VA) 1:45 - 2:15 P.M. PRESENTATION (Oriental Ballroom A) • Representative Randy Hultgren (R-IL) • Treasurer Steve McCoy (GA) KEYNOTE SPEAKER: Peter Orszag, Vice Chairman, Citigroup, Former • Representative C.A. Dutch Ruppersberger (D-MD) Director, U.S. Office of Management & Budget

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4 CONFERENCE AGENDA

10:00 - 11:00 A.M. 2:15 - 3:15 P.M. PLENARY SESSION (Grand Ballroom A/B) PLENARY SESSION (Grand Ballroom A/B) Tax Reform in 2016? Valuing the Long-Term in State Treasury Operations This bipartisan panel will discuss the likelihood of enactment of Markets respond to the incentives that state treasuries set comprehensive tax reform in the coming year. The panel will debate through their investment decisions. Join this panel session for a the pros and cons of both liberal and conservative proposals and the dialogue about what “long-termism” means for state treasuries impact of each. and how federal policy-making impacts your work in this area. Moderators: Treasurer James McIntire (WA) and Treasurer Moderator: Treasurer Janet Cowell (NC) Ken Miller (OK) • Gerald Chen-Young, United Negro College Fund • David Burton, The Heritage Foundation • Mark McCombe, BlackRock • Chuck Marr, Center on Budget and Policy Priorities • Ron O’Hanley, State Street Global Advisors

11:00 - 11:15 A.M. 5:30 - 8:00 P.M. BREAK (Ballroom Foyer) CONFERENCE RECEPTION & DINNER AT SEQUOIA GEORGETOWN KEYNOTE SPEAKER: Eric Cantor, Former House Majority Leader and Vice 11:15 A.M. - 12:15 P.M. Chairman and Managing Director of Moelis & Company PLENARY SESSION (Grand Ballroom A/B) Please meet on the lower level at 5:00. Buses will depart promptly at Financial Education: Are We Headed in the Same Direction? 5:15. Buses will return immediately after dinner. This panel will address the state, federal and private sector roles in fnancial education and will look to determine areas where increased cooperation amongst the three groups can improve success. WEDNESDAY, MARCH 2 Dress for the Day: Business Moderator: Treasurer Seth Magaziner (RI) 7:30 A.M. • Darlene Goins, Wells Fargo DEPART FOR CAPITOL HILL • Treasurer David H. Lillard, Jr. (TN) Meet on the lower level at 7:30. Buses depart promptly at 7:40. • Representative Steve Stivers (R-OH) 8:00 - 9:00 A.M. 12:30 - 2:00 P.M. BREAKFAST (Capitol Visitor's Center Room HVC 201 A&B) CONFERENCE LUNCH (Grand Ballroom C) KEYNOTE SPEAKER: Jason Furman, Chairman, Council of Economic Advisors 9:00 - 11:00 A.M. SPEAKER SERIES (Capitol Visitor's Center Room HVC 201 A&B)

11:30 A.M. - 4:00 P.M. CAPITOL HILL MEETINGS WITH HOUSE & SENATE MEMBERS & STAFF

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5 HOTEL INFORMATION

The Mandarin Oriental Hotel 1330 Maryland Avenue, SW, Washington, DC 20024 | (202) 554-8588 www.mandarinoriental.com/washington

6 SPEAKER BIOS

Address to the NAST Executive also serves as the Chair of the Virginia for prosperity and free enterprise and for Committee Treasury Board and is a member of ten other smaller, smarter government. boards including the Virginia Port Authority, Randy served on the Financial Institutions Virginia Resources Authority and Virginia Committees in the Illinois House and Keynote Address: Housing Development Authority. Peter Orzag Senate and is credentialed in FINRA Series Former Director of OMB, Ganeriwala has more than 30 years of 7, 6 and 63. He later became a Vice experience in the public and private sectors. President at Performance Trust Investment Vice Chairman, Citigroup Prior to her appointment as Treasurer, she Advisors in Chicago. Peter Orzag is Vice Chairman served as Deputy Secretary of Finance in of Corporate and Investment Randy was born March 1, 1966 in Park Governor Kaine’s Administration, Chief Banking and Chairman of Ridge, Illinois. He graduated from Bethel Financial Offcer for the Virginia Department the Financial Strategy and Solutions Group College in 1988 and later attended Chicago- of Medical Assistance Services and Associate at Citigroup, Inc. He is also a Nonresident Kent College of Law, graduating in 1993. Director for the Virginia Department of Senior Fellow in Economic Studies at the He currently resides in Plano with his wife, Planning and Budget. Her experience Brookings Institution and a Contributing Christy, and four children. also includes strategic planning, mergers Columnist at Bloomberg View. and acquisitions analyses, and long-range Panelist: Treasurer Prior to joining Citigroup in January 2011, forecasting for the East Ohio Gas Company in Steve McCoy (GA) Dr. Orszag served as a Distinguished Visiting Cleveland, Ohio. Steve McCoy has served Fellow at the Council on Foreign Relations Ganeriwala holds a Bachelor of Commerce as Georgia State Treasurer and a Contributing Columnist at the New York degree from the University of Bombay and a since November 2011. The Times. He previously served as the Director Master’s in Business Administration degree Treasurer serves as cash of the Offce of Management and Budget in from the University of Texas at Austin. management offcer for the the Obama Administration, a Cabinet-level She is the 2009 recipient of the YWCA’s State on behalf of the State Depository Board position, from January 2009 until July 2010. Outstanding Women Award (Government) responsible for managing $18 billion of State From January 2007 to December 2008, Dr. and is a 2013 Toll Fellow. Ganeriwala served and local government investments; approval Orszag was the Director of the Congressional as president of the National Association of of banking services for state agencies; Budget Offce (CBO). State Treasurers in 2013 and served as chair oversight of the State’s 529 college savings Prior to CBO, Dr. Orszag was the Joseph A. of the State Debt Management Network in plan; and, managing the State’s program for Pechman Senior Fellow and Deputy Director 2015. She is a recipient of the prestigious accepting electronic payments. McCoy serves of Economic Studies at the Brookings Jesse M. Unruh award recognizing her on boards of the Georgia State Financing and Institution. While at Brookings, he also outstanding service to the association and Investment Commission, State Depository served as Director of The Hamilton Project, profession. In the March 2014 issue of the Board, State Properties Commission, Georgia Director of the Retirement Security Project, Governing Magazine, she was featured as Building Authority, Georgia Higher Education and Co-Director of the Tax Policy Center. one of twenty-fve women chosen for the Savings Plan, and the State’s pension funds. inaugural Women in Government Leadership McCoy previously has served as the Deputy Dr. Orszag graduated summa cum laude State Treasurer & Chief Investment Offcer in economics from Princeton University Program. In December of 2015, she was named one of the ten Trailblazing Women in and also as State Treasurer from 1993- and obtained a Ph.D. in economics from 1997. McCoy has extensive private sector the London School of Economics, which he Public Finance by The Northeast Women in Public Finance and the Bond Buyer. experience in public fnance and investments attended as a Marshall Scholar. He has including managing an SEC registered coauthored or coedited a number of books Panelist: Rep. Randy investment advisory frm from 1997-2010 and serves on a number of boards. and as an investment banker from 1981- Hultgren 1993 where he was Managing Director of Born and raised in Illinois, Lehman Brothers’ Southeast offce of the Municipal Bonds: What Does the and having spent more than Public Finance Division. Mr. McCoy earned a Future Hold for These Critical 15 years serving Illinois BBA in Finance from the University of Georgia and its citizens at multiple Financing Tools? and an MBA from Georgia State University. levels of government, Congressman Randy Hultgren represents the Moderator: Treasurer Panelist: Rep. C.A. Dutch state’s 14th Congressional District. Manju Ganeriwala (VA) Ruppersberger Manju Ganeriwala was frst In Washington, Congressman Hultgren has Congressman C.A. Dutch appointed State Treasurer by committed himself to working for fscal Ruppersberger is serving Governor Kaine in January sanity, real healthcare reform, and pro-growth his seventh term in the 2009, and reappointed by policies that will put Americans back to work. United States House both Governor McDonnell in In the current 114th Congress, Randy serves of Representatives for 2010, and Governor McAuliffe in 2014. As on the Financial Services and Science, Space the citizens of Maryland’s 2nd District. Treasurer, she oversees the investment of & Technology Committees. Congressman Ruppersberger is known as a over $10 billion in public funds; management Randy was elected to the DuPage County common sense consensus builder who works of over $15 billion in debt; issuance of Board and County Forest Preserve with Members from both sides of the aisle bonds; provision of banking services; and Board in 1994, to the Illinois House of to get results for Maryland and the nation. administration of the state’s insurance and Representatives in 1999, and to the Illinois Congressman Ruppersberger currently unclaimed property programs. Ganeriwala Senate in 2007. At every level, he has fought serves on the powerful House Appropriations

7 SPEAKER BIOS

Committee, including the Defense and State, Tax Reform in 2016? elected to a four-year term in 2010 and Foreign Operations and Related Programs was unopposed for re-election in 2014. subcommittees. Moderator: Treasurer As the state’s top elected fnancial offcer, Miller protects and manages more than The assignment comes after a committee- James McIntire (WA) $22 billion of taxpayer money deposited record 12 years serving on the House James L. McIntire was each year, safeguards the fnancial health Intelligence Committee, including four elected as Washington’s of the state, promotes responsible fscal as Ranking Member. Congressman 22nd State Treasurer in policy, and operates the state’s unclaimed Ruppersberger was the frst Democratic 2008. Prior to this election, property program. freshman ever appointed to the committee, he was a successful which oversees the collection and analysis business economist for Navigant Consulting Miller chairs the Oklahoma College Savings of intelligence from around the world to Inc. McIntire earned his PhD in economics Plan Board of Trustees, the State Pension ensure our national security and prevent at the University of Washington, where he Oversight Commission, and the Tobacco potential crisis situations — especially founded and directed a fscal policy center Settlement Endowment Trust Fund Board terrorist activity. He traveled to more than and taught economics for 25 years. He of Investors. He is a member of the State 50 countries including Iraq, Pakistan, began his political career working in the U.S. Board of Equalization, which certifes funds Afghanistan, Yemen, China and Venezuela Senate for Hubert Humphrey, and served as available for the state budget. during his time on the committee. a policy advisor to congressional committee Miller is an offcer in the National Association A former assistant state’s attorney chairmen and Washington governors. He of State Treasurers, past chair of the in Baltimore County, Congressman has chaired statewide boards on economic association’s 501(c)(3) foundation, and Ruppersberger decided to run for offce development and nonproft housing. co-chair of the National Institute of Public after a near-fatal car accident while As a fve-term State Representative, Finance at Pepperdine University. investigating a drug traffcking case. McIntire provided leadership on several Miller earned his Ph.D. from the University Thanks to the dedication of doctors at the fnancial committees. He sponsored the of Oklahoma, a M.B.A. from Pepperdine University of Maryland Shock Trauma Center, frst state law making identity theft a crime, University and a bachelor’s degree in Congressman Ruppersberger survived and a constitutionally protected, “Rainy Day economics and fnance from Lipscomb began campaigning for offce to assist Shock Account,” performance audits, priorities of University. His felds of specialization are Trauma after they saved his life. He remains government budgeting, and the new Citizen applied public economics and public fnance an active supporter of the hospital, serving Commission for Performance Measurement effects on economic growth. In addition as Vice Chairman of its Board of Visitors. of Tax Preferences. During a budget shortfall, to his duties as state treasurer, Miller is a He also serves on the United States Naval McIntire helped to re-enact the estate tax tenured economics professor at Oklahoma Academy Board of Visitors. and raise cigarette taxes to pay for schools Christian University, where he teaches at the A native of Baltimore City, he attended and children’s health care. graduate and undergraduate levels and has Baltimore City College and the University been honored with the “Who’s Who Among of Maryland College Park, where he played Moderator: Treasurer American Teachers” award and the Merrick lacrosse. He earned his Juris Doctorate from Ken Miller (OK) Foundation Award for Excellence in Teaching the University of Baltimore Law School. Ken Miller, Ph.D., is the 18th Free Enterprise. State Treasurer of Oklahoma. A Republican, Miller was frst

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Panelist: David R. Burton Burton received a juris doctor degree from where he analyzed the impact of public policy Senior Fellow in Economic the University Of Maryland School Of Law. on fnancial markets. He also holds a Bachelor of Arts degree in Policy, The Institute for Marr has a BA in Economics from the Economics from the University of Chicago. Economic Freedom and University of Rochester and an MBA in Burton grew up in Baltimore. He and his wife, Opportunity at The Heritage Finance from Columbia Business School. Foundation Nancy, currently reside in Mason Neck, VA. David R. Burton focuses on Financial Education: Are We tax matters, securities law, entrepreneurship, Panelist: Chuck Marr Headed in the Same Direction? fnancial privacy and regulatory and Director of Federal Tax administrative law issues as The Heritage Policy, Center on Budget Moderator: Treasurer Foundation’s senior fellow in economic and Policy Priorities policy. Burton was general counsel at the Chuck Marr is the Director Seth Magaziner (RI) National Small Business Association for two of Federal Tax Policy at the Rhode Island General years before joining Heritage’s Roe Institute Center on Budget and Policy Treasurer Seth Magaziner for Economic Policy Studies in 2013. He Priorities. From 1999 through 2004, he was is committed to promoting previously was chief fnancial offcer and Economic Policy Advisor to Senate Majority economic growth and general counsel of the start-up Alliance Leader Tom Daschle and Senior Advisor fnancial stability for for Retirement Prosperity, a conservative for Budget Policy at the National Economic all Rhode Islanders. In his frst year alternative to AARP. Council from 1997 through 1999 during the as Treasurer, Magaziner championed successful legislation establishing new green For 15 years, Burton was a partner in the second term of President Clinton. Tax policy was a key area of responsibility of both these infrastructure programs at the Rhode Island Argus Group, a Virginia-based law, public Infrastructure Bank to put tradesmen and policy and government relations frm. His positions. In addition, earlier in his career he was Chief Economist of the Senate Budget women back to work on energy effciency and career in fnancial and tax matters also renewable energy projects. His Transparent includes the posts of vice president for Committee and a professional staff member of the Senate Banking Committee. Treasury initiative includes an investment fnance and general counsel of New England policy to only invest with fund managers who Machinery, a multinational manufacturer Most recently, prior to joining the Center will publicly disclose their performance and of packaging equipment and testing in March, 2009, he was a senior political fees, and an online investment information instruments, and manager of the U.S. strategist in the Washington Research Group center where all Rhode Islanders can see Chamber of Commerce’s Tax Policy Center. of Lehman Brothers and Barclays Capital, how their funds are invested. Treasurer

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9 SPEAKER BIOS

Magaziner also worked with a bipartisan fnancial services providers and consumers. State Auditors, Comptrollers and Treasurers group of legislators to design and pass the Darlene holds a bachelor’s of science in (NASACT). In 2012, he was a recipient of 2015 ABLE Act, which will establish tax- Electrical Engineering and a master’s of the NASACT President’s Award recognizing effcient savings accounts for the families science in Engineering-Economic Systems outstanding service. In 2015, he served as of disabled children. Magaziner holds a (now the Department of Management the President of the National Association bachelor’s degree in history from Brown Science) from Stanford University. of State Treasurers (NAST). He is currently University and a master’s degree in business representing NAST on the Governmental administration from Yale University. Accounting Standards Advisory Council Panelist: Treasurer David (GASAC). He has also served as Chair of the H. Lillard, Jr. (TN) Panelist: Darlene Goins State Debt Management Network and Chair David H. Lillard, Jr. has Senior Vice President, of Banking/Cash Management Committee. served as Tennessee State Head of Hands on Banking, Treasurer since his election Treasurer Lillard is an attorney who earned Government & Community by the Tennessee General a Juris Doctor degree at the University Relations, Wells Fargo Assembly in January 2009. of Memphis and also a Master of Laws Darlene Goins serves A lifelong Republican, Treasurer Lillard has in Taxation (LL.M. in Taxation) from the as Senior Vice President extensive professional experience in public University of Florida. He practiced business and Head of Wells Fargo’s Hands on and private corporate fnance transactions, law for over 25 years in the private sector, Banking®, a leading program that provides municipal fnance, governmental budgeting specializing in fnance, securities, health free fnancial education to children, teens, and related felds. and tax law. He served as a Shelby County adults, seniors, military and entrepreneurs Commissioner, was Chairman of the Shelby throughout the company’s national footprint. Under his leadership, the Tennessee Treasury County Board of Commissioners and also In this role, she is responsible for setting the Department internally manages investments served as president of the Tennessee County vision and creating and driving the overall in domestic equities, fxed income, private Commissioners Association. strategy and execution for the program. This equity, real estate and strategic lending includes managing community initiatives and valued at approximately $50 billion Panelist: Representative partnerships related to fnancial education, throughout the year. Additionally, Treasury Steve Stivers (R-OH) and promoting team member involvement and directs multiple state programs with a staff Co-Chair of the House volunteerism in support of Hands on Banking. of approximately 260 employees and a department budget of $33 million. Treasurer Financial Literacy Caucus Darlene joined Wells Fargo in January 2016 Lillard’s achievements include restructuring Raised in Ripley, Ohio, from FICO, where she developed and led the state pension fund to an adjustable Steve Stivers learned from FICO® Score Open Access, an innovative hybrid plan, to provide a cost effective, his mother and father the program through which FICO partners with suffcient and sustainable retirement beneft, importance of family, hard work and public fnancial institutions provide FICO® Scores establishing the TNStars® College Savings service, which have been the values he has and credit education for free to over 100 529 Program and the Tennessee Financial carried with him through his life, whether million consumer account holders. For its Literacy Commission. as a student at The Ohio State University, a advancement of fnancial education and soldier serving overseas, as a State Senator, credit score transparency, this program Treasurer Lillard is currently serving as First or as a Member of Congress. Stivers is garnered support and recognition from Vice President of the National Executive currently serving his third term as a Member regulators, legislators, consumer advocates, Committee of the National Association of

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10 SPEAKER BIOS of Congress and represents Ohio’s 15th and Assistant to the President. Immediately Treasurer Cowell is focused on keeping Congressional District. prior to the Administration, Furman was North Carolina fscally strong and promoting Economic Policy Director for the President’s Stivers is serving his third term on the innovation and education as keys to the campaign in 2008 and a member of the Financial Services Committee, which state’s economy. She oversees $90 billion Presidential Transition Team. Furman oversees the banking, insurance, real estate, in pension investments for the more than held a variety of posts in public policy and public and assisted housing, and securities 900,000 teachers, frefghters, and public research before his work with President industries. In addition, Stivers has been employees in North Carolina. Obama. In public policy, Furman worked tapped to serve on the Committee on Rules, As Treasurer, she manages the 32nd largest at both the Council of Economic Advisers which is charged with determining which bills public pension in the world and the second and National Economic Council during the reach the House Floor for a vote. A career most solid in the nation. Under Treasurer Clinton administration and also at the World soldier, Stivers has served 30 years in the Cowell’s executive leadership, North Carolina is Bank. In research, Furman was a Senior Ohio Army National Guard and holds the one of only ten states in the country to earn an Fellow at the Brookings Institution and rank of Colonel. He served the United States AAA bond rating by all three rating agencies. the Center on Budget and Policy Priorities overseas during Operation Iraqi Freedom in and also has served in visiting positions at Treasurer Cowell was twice named one of the Kuwait, Iraq, Qatar and Djibouti where he led various universities, including NYU’s Wagner top 25 public pension executives in the world 400 soldiers and contractors and is proud Graduate School of Public Policy. Furman by Sovereign Wealth Fund Institute. She is a that each and every one returned home has conducted research in a wide range of Wharton School of Business alumna. safely to the United States. Stivers received areas, such as fscal policy, tax policy, health the Bronze Star for his leadership throughout economics, Social Security, and domestic Panelist: Gerald Chen- the deployment. Stivers received both his and international macroeconomics. In bachelor’s degree and his MBA from The Young addition to numerous articles in scholarly Ohio State University. Vice President & Chief journals and periodicals, Furman is the editor Investment Officer, United Tuesday Lunch of two books on economic policy. Furman Negro College Fund holds a Ph.D. in economics from Harvard Gerald Alain P. Chen-Young Keynote Address: University. is the Chief Investment Jason Furman Offcer for the United Negro College Fund, Chairman, Council of Valuing the Long-Term in State Inc. (UNCF). Mr. Chen-Young joined UNCF in September 2002 and manages UNCF’s Economic Advisors Treasury Operations three (3) investment portfolios that totaled Jason Furman was confrmed approximately $1 billion at their peak. The by the Senate on August 1, Moderator: Treasurer largest is a dedicated, fxed-income portfolio 2013 as the 28th Chairman Janet Cowell (NC) representing a special scholarship program of the Council of Economic Advisers. In this Janet Cowell is North created in conjunction with the Bill & role, he serves as President Obama’s Chief Carolina’s popularly-elected Melinda Gates Foundation and is managed Economist and a Member of the Cabinet. Treasurer and is the frst using an active management strategy of Furman has served the President since the woman to hold the offce. immunizing cash flows, similar to that of a beginning of the Administration, previously She was frst elected to pension plan; the second is a traditional holding the position of Principal Deputy the post in 2008 and re-elected in 2012. endowment portfolio that is fully diversifed Director of the National Economic Council

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11 SPEAKER BIOS across multiple asset classes; and the third Panelist: Ron O’Hanley Tuesday Dinner at Sequoia is a short-term, treasury-type of portfolio that President and CEO, State Georgetown typically has staggered maturities across a Street Global Advisors variety of short-term instruments. Ronald P. O’Hanley is Keynote Address: president and chief Prior to UNCF, Mr. Chen-Young spent six- Eric Cantor and-a-half years with UBS/PaineWebber, executive offcer of State Street Global Advisors, the Vice Chairman and frst in institutional sales and then in retail Managing Director, Moelis brokering. Before UBS/PaineWebber, he investment management arm of State Street & Company worked in the commercial banking division of Corporation and a global leader in asset Eric Cantor is Chairman and Riggs National Bank in Washington D.C., and management with $2.6 trillion in assets Managing Director of Moelis then briefly as a Teaching Assistant in the under management. He is also a member of & Company. He is also a member of the Department of Economics at York University State Street’s Management Committee. Moelis & Company Board of Directors. in Canada. Mr. Chen-Young holds post- Prior to State Street, Mr. O’Hanley was graduate degrees in Economics from the president of Asset Management and Mr. Cantor, who has more than 25 years London School of Economics (Dip. Econ.) and Corporate Services for Fidelity Investments of political and business experience, was York University (M.A. (Monetary Economics)), from 2010-2014, where he was responsible formerly United States Representative for and in Law from the University of Miami for all asset management activities Virginia’s 7th Congressional District and (J.D.) and the Washington College of Law with a combined total of $1.8 trillion in House Majority Leader. He served in the U.S. (LL.M (Law & Government)). He completed assets under management, as well as House of Representatives between 2001- his undergraduate studies in Economics at key corporate functions and enterprise 2014. American University in Washington, D.C. with technology. Before joining Fidelity, Mr. He was elected by his colleagues in the honours. O’Hanley served as president and chief House to serve as the Majority Leader for executive offcer of BNY Mellon Asset the 112th and 113th Congresses where he Panelist:Mark McCombe Management in Boston. He served at led the public policy agenda for the House. Senior Managing Director, Mellon and BNY Mellon from 1997-2010. During his time in offce, Mr. Cantor was a Global Head of Institutional leading voice on the economy, job creation Client Business, Co-Head and policies focused on improving the lives of of BlackRock Alternative Mr. O’Hanley is on the board of Unum Corp the American middle class. He championed Investors and Rhode Island Commerce Corp. He has pro-growth solutions including lowering Mark McCombe, Senior a broad range of philanthropic and civic taxes, eliminating excessive regulation, Managing Director, is Global Head of interests, and serves on the boards of the strengthening businesses, and encouraging BlackRock’s Institutional Client Business, of Beth Israel Deaconess Medical Center entrepreneurship. He was also regularly and Co-Head of BlackRock Alternative Board of Director; East/West Institute; The featured in publications focusing on a wide Investors. Mr. McCombe is responsible Boston Foundation; the Committee for range of topics including both domestic and for driving the growth of BlackRock’s Economic Development; WBUR; and the international matters. institutional business and alternatives Maxwell School of Citizenship and Public presence globally. He is a member of Administration at Syracuse University. Mr. Mr. Cantor received his undergraduate BlackRock’s Global Executive Committee, O’Hanley is a frequent writer and speaker on degree from The George Washington and previously served as Chairman of a wide range of issues, including retirement University, his law degree from The College of BlackRock’s Asia Pacifc region. security, corporate governance, and market William and Mary, and his master’s degree structures. He received his Bachelor of Arts from Columbia University in New York. Mr. McCombe has had an international degree in political science from Syracuse career in fnance spanning more than 20 University and his MBA from the Harvard years. Before joining BlackRock, he served Business School. as Chief Executive Offcer in Hong Kong, for HSBC. He was also a Non-Executive Director of Hang Seng Bank Ltd., and Chairman of HSBC Global Asset Management (HK) Ltd. Prior to that, he was based in London where he was Chief Executive of HSBC Global Asset Management. Mr. McCombe earned an MA degree from Aberdeen University and attended Wharton Business School, where he completed the Advanced Management Program. He was recognized in the Queen’s New Year Honours List in 2006 with an OBE.

12 ABOUT NAST

The National Association of State Treasurers was founded in 1976 to provide a forum for state treasurers to share information and learn from each other. NAST seeks to provide advocacy and support that enables member states to pursue and administer sound fnancial policies and programs benefting the citizens of the nation. Membership is composed of all state treasurers or state fnance offcials with comparable responsibilities from the United States, its commonwealths, territories, and the District of Columbia. The private sector is represented through the Corporate Affliate Program that was established to build professional relationships and foster cooperation between the public and private sectors. The association serves its members through educational conferences and webinars, a variety of working groups, policy advocacy and publications that provide information about developments in public fnance.

NAST AFFILIATES NAST COMMITTEES

COLLEGE SAVINGS PLANS NETWORK (CSPN) Executive Committee The College Savings Plans Network is a network of offcials who The NAST Executive Committee is charged with determining the administer Section 529 qualifed tuition programs and are dedicated path of the organization. Made up of eight voting and fve non-voting to enhancing the communication, cooperation and effective members, the committee has “all powers necessary to effectuate the administration among the plans. The Network seeks to influence the objectives of the Association.” setting of national policy affecting the Section 529 qualifed tuition Banking and Cash Management Committee plans and those saving for college, and to ensure that Section 529 qualifed tuition plans remain a leading choice for families to save for The Banking and Cash Management Committee keeps the NAST college. membership abreast of developments in its topical area and assists in development of educational sessions for NAST events as well as other duties assigned by the President. NATIONAL ASSOCIATION OF UNCLAIMED PROPERTY ADMINISTRATORS (NAUPA) Pension & Trust Investment Committee The Pension and Trust Investment Committee alerts the NAST Formed in 1962, NAUPA is the foremost authority on unclaimed property membership to developments in its topical area and assists in and the affrmed leader of the coalition of states, administrators, and development of educational sessions for NAST events. holders working together to reunite rightful owners with their property. The purpose of the association is to promote and strengthen unclaimed Legislative Committee property administration and interstate cooperation in order to enhance The Legislative Committee consults with other NAST committees States’ return of unclaimed property to rightful owners and provide and affliated networks to develop the public policy positions of the a forum for the open exchange of information and ideas. Members association and promulgates those to the Executive Committee for represent all states, the District of Columbia, the Commonwealth of consideration. The Legislative Committee also coordinates NAST’s Puerto Rico, U.S. Virgin Islands, several Canadian provinces, and other advocacy on behalf of those policy positions and alerts NAST governmental entities. membership on evolving issues. STATE DEBT MANAGEMENT NETWORK (SDMN) Long Range Planning Committee The State Debt Management Network represents state offcials and The Long Range Planning Committee helps the Executive Committee: other persons involved in the issuance, management, and/or oversight of oversee development of the NAST strategic plan; monitor and public debt. SDMN provides assistance, shares information and promotes implement the strategic plan; and implement organizational changes professional relationships in the large state debt community while and succession planning. providing educational and professional development opportunities for its Program Committee membership. The Program Committee develops and approves the program and program materials for all NAST conferences. Financial Literacy, Financial Wellness and Retirement Readiness Committee The Financial Literacy, Financial Wellness and Retirement Readiness Committee educates NAST membership on best practices and emerging products in its topical area and communicates this information within the NAST community.

13 2016 CONFERENCES

TREASURY MANAGEMENT TRAINING SYMPOSIUM June 14-17 Hilton New Orleans Riverside — New Orleans, Louisiana

ANNUAL CONFERENCE September 10-14 Fairmont Olympic Hotel — Seattle, Washington

2017 CONFERENCES

LEGISLATIVE CONFERENCE February 11-14 Grand Hyatt Hotel — Washington, DC

TREASURY MANAGEMENT TRAINING SYMPOSIUM May 8-12 Marriott Hotel — Minneapolis, Minnesota

ANNUAL CONFERENCE September 16-20 Boston Marriott Long Wharf — Boston, Massachusetts

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