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Ben Westlund
Oregon State Treasurer
Ben Westlund directs the prudent investment of billions of dollars of Oregon’s money.
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Tomorrow's Money
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November 19, 2009
OREGON 529 COLLEGE SAVINGS BOARD
1:00 - 2:30 p.m.
By Phone
Call-in Number: 1-866-262-1846
Room Number: *1553789*
December 1, 2009
Oregon Growth Account
10 am
PERS Headquarters Building
11410 SW 68th Parkway
Tigard, OR 97223
December 2, 2009
Oregon Investment Council
9:00am
PERS Headquarters Building
11410 SW 68th Parkway
Tigard, OR 97223
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(November 9, 2009) A massive tremblor will not shake the security and safety of Oregon’s critical financial data.
Recently competed “disaster recovery” testing by the Oregon State Treasury verified the state’s financial information is safe and business will continue, even in the event of a disaster that causes a catastrophic computer failure in Oregon.
The annual preparedness analysis is part of the rigor for the Treasury’s secure and separate computer network, which protects public funds by allowing only limited access, maintaining electronic barriers against unauthorized break-ins, and backing up data at secure satellite locations.
“Oregonians can rest easier knowing that we are prepared and the state’s financial data is secure,” said State Treasurer Ben Westlund. “The safety of this information is critical.”
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(November 6, 2009) Remember those U.S. Savings Bonds your grandmother or aunt sent you each Christmas? Ever wonder what happened to them? Now, there’s an effort underway to find out.
The U.S. Department of the Treasury estimates that as many as 400,000 Oregonians may be owed as much as $160 million in mature savings bonds they may not know about. Nationally, the figure is roughly 40 million Americans, who are owed $16.5 billion.
Oregon Senator Ron Wyden, with the support of State Treasurer Ben Westlund, has signed on to a Congressional effort to help find the millions of Americans who have fully matured U.S. Savings Bonds that have been lost or forgotten – or which many believe continue to earned interest.
“State Treasurer Ben Westlund brought this to my attention and deserves a lot of the credit for helping urge the federal government take a proactive approach to returning proceeds of unredeemed savings bonds to their owners,” Wyden said. “What better way to stimulate the economy the make sure people get money that is already rightfully theirs. What we need to do is help them find it.”
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(November 2, 2009) National credit scoring firms Moody’s, Fitch Inc. and Standard and Poor’s have reaffirmed Oregon’s strong and stable credit rating, which has allowed the state to continue to finance job-creating public works projects statewide, and at attractive long-term interest rates.
In three separate reports released during the past week, the firms reiterated the state’s Aa2/AA/AA ratings and said Oregon remains a safe credit risk at a time when many states are being warned about potential downgrades.
The firms said Oregon is benefitting from wise fiscal management including maintaining reserves as a contingency in the event of a deeper economic downturn, and adoption of a budget-reduction strategy in the 2009-11 biennium that relies on significant program cuts of more than $2 billion, as well as new revenue. The approved balanced budget ensures that government programs are financed with stable and recurring sources of funds.
“Our strong rating is saving taxpayers millions in bond-related costs, and is a testament to Oregon’s budgetary restraint and reasoned decision-making,” said State Treasurer Ben Westlund, who chairs the State Debt Policy Advisory Commission. “In addition, Oregon’s credit is stable because of the success of investment officers at the Oregon State Treasury, who are beating their peers and keeping the state pension system among the best-funded in the country.”
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(October 30, 2009) State Treasurer Ben Westlund today invited schoolchildren, parents and teachers to take part in the annual program that teaches important money skills – while also giving participants a chance to earn college scholarships.
The “Reading is an Investment” program, now in its fourth year, formally launched this week. The education effort, which focuses on elementary-aged youths, donates two books focused on financial concepts to every public elementary school library in Oregon.
“Better financial literacy will improve the quality of life for all Oregonians,” Treasurer Westlund said. “The world today is increasingly complicated and filled with financial choices, and we all will be better served by equipping our next generation to make wise decisions.”
This year’s donated books are “A Chair for my Mother,” by Vera B. Williams, which illustrates the value of saving through the story of a family that sets aside money following a fire; and “Kids Guide to Money Cents,” by Keltie Thomas, which allows readers to determine their “money personality” and even offers business startup advice.
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(October 29, 2009) Oregon families will get a better college savings plan, and will pay less for it.
Following three months of analysis and research, the Oregon 529 College Savings Board on Thursday unanimously endorsed a transition plan and new lineup of mutual fund options in the Oregon College Savings Plan that will give families more options such as a principal-protected fund and more low-cost index funds.
In addition, families will enjoy lower overall fees, compared to the current levels. The costs are also the lowest of the six companies that bid earlier this year to manage the program.
The menu of options maintains popular and convenient “age-based” portfolios, which automatically adjust the asset mix of each investor, based on the age of the child.
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(October 15, 2009) Have you ever been hit with a $3 fee to access your own money at a bank automated teller? Have you bought a house, only to find out belatedly that hundreds of dollars of fees were hidden in your mortgage?
Or has your state’s public pension system been walloped by losses, as a direct result of inadequate regulations of the financial industry?
Oregon Treasurer Ben Westlund joined Thursday with legislative leaders and consumer activists and, citing those examples, voiced the strong need in Oregon for new financial market and consumer protection reforms in Washington D.C.
“We have been sailing in some choppy economic waters, and much of the turbulence of the past year has been caused by a lack of proper oversight of financial products on Wall Street,” Treasurer Westlund said during a press conference in his Capitol office. “We don’t want this to ever happen again, and we need help from Congress.”
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(September 30, 2009)A report issued to Oregon lawmakers this week shows that efficient financial management by the Oregon State Treasury continues to save millions.
The new report outlines a $29.5 million net benefit in the 2007-09 biennium from the use of “tax-anticipation notes,” which are functionally short-term loans that allow the state to meet its cash-flow needs until the next round of taxes is collected.
“The Oregon State Treasury has a well-earned reputation for doing business the right way, and that is reinforced through the use of smart and efficient financial tools,” said State Treasurer Ben Westlund. “The actions by State Treasury staff are making Oregon stronger financially, and are saving Oregonians money, both today and in the future.”
Savings to Oregonians are even larger because of the state’s solid ratings from credit-scoring firms, which reflect industry confidence in Oregon’s fiscal responsibility and the state’s ability to repay the notes – even in these tough economic times, Westlund said.
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