Tobias Read Will Focus on Investment Reform as Treasurer
(August 24, 2015---Portland, OR) - Tobias Read announced today his continued commitment to investment reform, an issue he will focus on as Oregon State Treasurer in 2017. Over a 20-year period, the legislation would save the pension system billions by slashing Wall Street fees and bringing Oregon’s investments in-house.
“Right now, we outsource a lot of our investment duties to expensive Wall Street firms,” said Tobias Read. “By bringing those functions back to Oregon, we can improve our investment structure in a number of ways--earn money to fill the pensions gap, modernize our investment programs, and improve oversight and accountability.”
A number of related actions this year have added to the urgency. Just a few weeks ago, the Public Employees Retirement System (PERS) governing board lowered the assumed rate of investment returns from 7.75% to 7.5%. Starting in 2017, that could mean more obligations are paid for with tax dollars rather than investment returns.
Earlier this year, the Oregon Supreme Court also overturned pension reforms passed by the Legislature in 2013, adding a significant shortfall to the state’s pension system and building on an already critical problem.
“When I launched our campaign, I promised that I would not only focus on the short term, but that I would also work to ensure our long run financial stability. We need to address our upcoming budget problems now, so we can begin to make long-run investments in our schools, in clean energy, and in innovative industries that will create family-wage jobs in Oregon.”
Posted on August 24, 2015.
Oregonians have the right to know.