WINTER 2017 VOL 2 ISSUE 1 LOOK TO THE STATES

FIC L OF ER IA S C FO N U A N N I D F A LOOK TO THE STATES

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5 P T H E Y I E H A S R R S E D O F A B O L D L E Fiscal Note

Will Donald Trump Be a Good President? By Lynn Fitch

I am very optimistic jobs, threatening our energy independence, and about what a Trump leaving American entrepreneurship in a holding Administration can pattern afraid to move forward. do to get America back on track. His policy prescriptions will get Americans working again, According to a report by the Competitive jumpstart our economy, and control our growing Enterprise Institute, the Federal Register, the national deficit. The strong team of conservative daily record of federal rules and regulations, has leaders he is assembling right now for his only topped 80,000 pages in four years - 2010, Cabinet will help President Trump move money 2011, 2015, and this year, 2016 - all of them during out of Washington and back into hard-working the last eight years. The National Association of Americans’ pockets. Manufacturers puts regulatory costs at over $2 trillion a year and the National Small Business State elected officials like me are very excited Association estimates that small businesses about the opportunities ahead. That’s particularly face a disproportionately higher regulatory cost true about prospects for cutting back the of $10,585 per employee annually. Red tape is regulatory overload that has stalled our economy. keeping a lot of money from making its way back The last eight years have brought mountains of to family budgets. red tape, keeping the private sector from creating From the President From the Chair

Happy New Year! 2017 2017 promises to be an has arrived and for those exciting year for SFOF! The of you keeping track, we free market principles that are celebrating SFOF’s 5th have been foundational to Anniversary this year! In the successful policies we’ve this issue of The Fiscal Note been establishing in our you will find a spotlight on home states should now have our newly elected national chair, Treasurer Lynn a welcoming partner in Washington, D.C. with Fitch (MS). Our leadership team also includes the incoming Trump Administration. Treasurer Ron Crane (ID) as our national vice For our first five years, SFOF has been saying, chair, Treasurer Kelly Schmidt (ND) as our “Look to the States.” Our members have immediate past chair, and Deputy Treasurer demonstrated that fiscally conservative public Seth Metcalf (OH) as our staff representative. policy can generate real economic growth and I am thrilled to get to work with such fantastic positive financial outcomes for citizens in our leaders! states. With like-minded policies able to take root As part of 5th anniversary we are celebrating at the federal level, the opportunities ahead are the Bold Leadership of our members! We are boundless. celebrating the addition of three new state The greatest resource that SFOF offers is our treasurers and the remarkable growth that members. The ideas we generate, the give and take SFOF has had over the past five year. We also between us about what works and what doesn’t want to recognize and spotlight three of our and what to try next multiply the possibilities for award winners from 2016. change. SFOF has been a great support for me We hope that you will join us for our special since taking office and I am so proud to be a part 2017 Spring National Meeting and retreat of this organization. I am honored to serve as April 3-6 in Dallas, TX, and our Fall National your Chair, especially at this exciting inflection Meeting hosted by Treasurer Ron Crane (ID) point in our nation’s history. in Coeur d’Alene, ID, the week of October 2-5. Our Spring meeting is right around the corner, In 2017 we will continue to focus on our April 3-6 in Dallas, Texas and I hope you are mission of educating and advancing free planning to participate. It promises to be chock- market principles in the states. If you are a full of our trademark top-notch presenters, financial officer such as a Treasurer, Controller, stimulating panel discussions, and robust or Auditor please accept this as your invitation networking events. I look forward to seeing you to join us. there!

Continue to look to the states, Best, Continued from page 1

The State Financial Officers Foundation (SFOF) has been closely monitoring many of these regulations and have been particularly concerned by federal overreach at the Securities and Exchange Commission (SEC), Consumer Financial Protection Bureau (CFPB), and other financial agencies. To us, President Trump brings the promise of relief. As an experienced businessman who has lived life outside the Capital Beltway, he understands what American entrepreneurship needs to innovate and thrive.

During his campaign, Donald Trump ran under the slogan, “Make America Great Again.” State financial officers like me are ready to do our part to turn those words into action. We’re looking forward to what the future holds for the American people because Donald Trump is going to be a very good president.

LOOK TO THE STATES

Lynn Fitch is Treasurer of the State of Mississippi and Chair of the State Financial Officers Foundation (SFOF). Learn more about the Office of the Mississippi State Treasurer at www.TreasurerLynnFitch.com.

Bold Leadership Spotlight: Treasurer Lynn Fitch

In October, SFOF members elected Mississippi State Treasurer to MSPB, she also served as Deputy Executive Director at the Lynn Fitch as our new Chair. She is currently serving in her Mississippi Department of Employment Security and as Counsel second term as the Magnolia State’s 54th Treasurer. She is the first for the Mississippi House of Representatives Ways and Means and Republican woman to hold the office and one of only four women Local and Private Legislation Committees. to ever hold a statewide elected office in Mississippi. She was honored as Outstanding Woman Lawyer of 2012, Raised in Holly Springs, Mississippi, Lynn earned both a Bachelor recognized as a Woman Trailblazer by the Mississippi Bar of Business Administration and a Juris Doctorate at the University Association, and recently named a Mississippi Bar Fellow. She of Mississippi. At 23, Lynn began practicing law as a Special was selected as a 2015 Honoree of the Women in Government Assistant Attorney General and was later in private practice as a Leadership Program by Governing Magazine and a 2016 Leader bond lawyer. in Finance by the Mississippi Business Journal. Lynn also serves on the boards of several charitable organizations, including Goodwill, In 2009, Lynn was appointed by Governor Barbour to serve as the Red Cross, and the Juvenile Diabetes Research Foundation. Executive Director of the Mississippi State Personnel Board. Prior LOOK TO THE STATES MEET THE FINANCIAL OFFICERS

2017 18 STATESTATE FINANCIAL FINANCIAL OFFICERS OFFICERS FOUNDATION FOUNDATION 2017 18 STATESTATE FINANCIALFINANCIAL OFFICERS OFFICERS FOUNDATION FOUNDATION LEADERSHIP COUNCILCOUNCIL LEADERSHIPLEADERSHIP COUNCIL COUNCIL EXECUTIVE COMMITTEE COMMITTEE

ArizonaArizona Treasurer Treasurer ArkansasArkansas Treasurer Treasurer ColoradoColorado Treasurer Treasurer FloridaFlorida CFO CFO GeorgiaGeorgia Treasurer Treasurer IndianaIndiana Treasurer Treasurer KansasKansas Treasurer Treasurer JEFFJEFF DEWIT DEWIT DENNISDENNIS MILLIGAN MILLIGAN WALKERWALKER STAPLETON STAPLETON JEFFJEFF ATWATER ATWATER STEVESTEVE MCCOY MCCOY KELLYKELLY MITCHELL MITCHELL RONRON ESTES ESTES

Mississippi Treasurer IdahoIdaho TreasurerTreasurer NorthNorth Dakota Dakota Treasurer Treasurer OhioOhio Deputy Deputy Treasurer Treasurer SFOFSFOF LYNN FITCHFITCH RONRON CRANE KELLYKELLY SCHMIDTSCHMIDT SETHSETH METCALFMETCALF DEREKDEREK KREIFELSKREIFELS KentuckyKentucky Treasurer Treasurer KentuckyMaine AuditorTreasurer MaineMissouri Treasurer Treasurer MissouriNebraska Treasurer Treasurer NebraskaNevada Treasurer Controller NevadaNevada Controller Treasurer NevadaNorth Treasurer Carolina Treasurer ALLISONALLISON BALL BALL MIKETERRY HARMON HAYES TERRYERIC HAYESSCHMITT ERICDON SCHMITT STENBERG DONRON STENBERG KNECHT RONDAN KNECHT SCHWARTZ DANDALE SCHWARTZ FOLWELL Chair ViceVice ChairChair PastPast Chair Chair Sta Sta Representative Representative PresidentPresident

NorthOhio Carolina Treasurer Treasurer OhioSouth Treasurer Carolina Treasurer SouthSouth Carolina Dakota Treasurer Treasurer SouthWashington Dakota Treasurer Treasurer WashingtonWyoming Treasurer Treasurer Wyoming Treasurer DALEJOSH FOLWELL MANDEL JOSHCURTIS MANDEL LOFTIS CURTISRICHARD LOFTIS SATTGAST RICHARDDUANE DAVIDSONSATTGAST DUANEMARK DAVIDSON GORDON MARK GORDON

BOLD LEADERSHIP LEADERSHIP ..04 WA NH VT ME MT ND OR MN ID SD WI NY MA WY MI RI PA NE IA CT NV OH UT IL IN NJ CA CO WV KS VA DE MO KY MD NC TN OK AZ NM AR SC

MS AL GA

TX LA

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2017 18 STATE FINANCIAL OFFICERS FOUNDATION 2017 18 STATE FINANCIAL OFFICERS FOUNDATION State Financial Officer Non-Member LEADERSHIP COUNCIL LEADERSHIP COUNCIL Member States States EXECUTIVE COMMITTEE

2017 18 STATE FINANCIAL OFFICERS FOUNDATION 2017 18 STATE FINANCIAL OFFICERS FOUNDATION LEADERSHIP COUNCIL LEADERSHIP COUNCIL

Arizona Treasurer Arkansas Treasurer Colorado Treasurer Florida CFO Georgia Treasurer Indiana Treasurer Kansas Treasurer EXECUTIVE COMMITTEE JEFF DEWIT DENNIS MILLIGAN WALKER STAPLETON JEFF ATWATER STEVE MCCOY KELLY MITCHELL RON ESTES

Mississippi Treasurer Idaho Treasurer North Dakota Treasurer Ohio Deputy Treasurer SFOF Arizona Treasurer Arkansas Treasurer Colorado Treasurer Florida CFO Georgia Treasurer Indiana Treasurer Kansas Treasurer LYNN FITCH RON CRANE KELLY SCHMIDT SETH METCALF DEREK KREIFELS Kentucky JEFFTreasurer DEWIT Maine TreasurerDENNIS MILLIGANMissouri TreasurerWALKER STAPLETONNebraska TreasurerJEFF ATWATERNevada ControllerSTEVE MCCOYNevada TreasurerKELLY MITCHELLNorth CarolinaRON Treasurer ESTES ALLISON BALL TERRY HAYES ERIC SCHMITT DON STENBERG RON KNECHT DAN SCHWARTZ DALE FOLWELL Chair Vice Chair Past Chair Sta Representative President

Mississippi Treasurer Idaho Treasurer North Dakota Treasurer Ohio Deputy Treasurer SFOF LYNN FITCH RON CRANE KELLY SCHMIDT SETH METCALF DEREK KREIFELS Kentucky Treasurer Maine Treasurer Missouri Treasurer Nebraska Treasurer Nevada Controller Nevada Treasurer North Carolina Treasurer Ohio TreasurerALLISON BALL South CarolinaTERRY Treasurer HAYES South DakotaERIC Treasurer SCHMITT WashingtonDON Treasurer STENBERGWyoming TreasurerRON KNECHT DAN SCHWARTZ DALE FOLWELL Chair Vice Chair Past Chair Sta Representative President JOSH MANDEL CURTIS LOFTIS RICHARD SATTGAST DUANE DAVIDSON MARK GORDON

BOLD LEADERSHIP .04

Ohio Treasurer South Carolina Treasurer South Dakota Treasurer Washington Treasurer Wyoming Treasurer JOSH MANDEL CURTIS LOFTIS RICHARD SATTGAST DUANE DAVIDSON MARK GORDON

BOLD LEADERSHIP .04 2017 Spring National Meeting SFOF 5th Anniversary Retreat APRIL 4-6

Located at the Cooper Hotel, Conference Center & Spa 12230 Preston Road, Dallas, TX 75230 SFOF has negotiated room rates at $179 plus tax. For room reservations call (972) 386-0306 and ask for the State Financial Offi cers Foundation room block. For conference registration information email Derek@statefi nancialoffi cers.com

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2017 FALL NATIONAL MEETING OCTOBER 2-5 2016 SFOF Award Recipients In 2016 the SFOF Board of Directors recognized some of the individuals whose work behind the scenes merited recognition and thanks. Below are last year’s recipients and their stories. We are proud to recognize these individuals and give them our sincerest thanks for all they do.

SERVANT LEADERSHIP AWARD: Treasurer Kelly Schmidt (ND) and staff about the SEC rule change that would change the way money market funds are calculated in state accounting. She and North Dakota Treasurer Schmidt was one of other industry leaders worked to build a coalition of investment a handful of leaders with the vision to help companies, and several state and local governments to work to get SFOF off the ground. She and others overturn the SEC rule. Together this coalition has built a bipartisan recognized the need to organize a meeting group of leaders in Washington and are now continuing to work to where free market leaders could come pass legislation reversing the rule in the new congress. together and discuss the issues that Treasurers were facing in their respective states. SFOF HERO AWARD: Treasurer Schmidt served as the first Vice Chair of the SFOF Martin Whitmer, Whitmer & Worrall, LLP Leadership Council and was elected chair by her peers in 2014 for a two-year term. Treasurer Schmidt has dedicated countless The SFOF Hero Award is to go hours to SFOF as an advisor to staff, a leader with her colleagues to an individual who has shown presiding over meetings, as an expert on our panel discussions, an exceptional commitment to and by representing SFOF at several meetings and conferences. In helping grow the State Financial 2016 North Dakota voters elected Treasurer Schmidt to a fourth Officers Foundation. consecutive term. Martin Whitmer been a friend to SFOF since the beginning. ECONOMIC FREEDOM AWARD: Over the past five years he Amy Michaliszyn, Federated Investors has hosted SFOF leaders on numerous occasions in an effort The economic freedom award is to be awarded to spread the word about SFOF to a corporate member who has worked to and the work our state treasurers bring to light an important issue that could SFOF Board Member Jimmy are doing. He has helped others have implications for State Treasurers and/ Kemp and award recipient Martin Whitmer see the importance of the role or their respective states. Amy Michaliszyn of State Treasurers across the has long sounded the alarm against the SEC’s United States. Rule 2a-7. Amy worked to warn Treasurers LOOK TO THE STATES PRSRT STD U.S. POSTAGE PAID MCPHERSON, KS PERMIT NO. 2

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