Oregon State Treasury - News Releases

Students across Oregon win college money and improve their financial IQs

Thu, 10 May 2012 17:00:00 -0700

A record number of students completed the annual statewide "Reading is an Investment" financial literacy program -- and fifty of those participants are now better-off financially.

Treasurer Wheeler highlights Oregon opportunities at opening of innovative Hillsboro treatment plant

Wed, 09 May 2012 17:00:00 -0700

HILLSBORO - Innovation can yield opportunity in some unexpected places.

A public-private project unveiled this week in Washington County is a new blueprint for how communities can reduce water pollution, create electricity, produce fertilizer, and offset public utility costs.

State Treasurer Ted Wheeler joined Robert Kennedy Jr., and business and civic leaders Tuesday for the grand opening of what is billed as the world's largest "nutrient recovery" facility, located at the Clean Water Services Rock Creek wastewater treatment plant in Hillsboro.

The plant, developed by Vancouver, B.C.-based Ostara Nutrient Recovery Technologies Inc., will produce an estimated 1,200 tons of high-grade fertilizer from phosphorus being prevented from entering the Tualatin River per year. And the idea of turning wastewater into profits is already attracting attention around the globe.

"Expansion of this sustainable technology is helping to protect and create jobs in Oregon, and Oregon manufacturers are selling equipment for similar plants in other states, generating more than $1 million in sales so far," said Treasurer Wheeler. "These kinds of public-private partnerships are a boon for Oregon because we are protecting the environment, expanding our economy and making critical community projects more affordable."

Oregon students get a nudge toward college through Big Brothers Big Sisters partnership

Thu, 03 May 2012 17:00:00 -0700

The Oregon College Savings Plan is helping to connect more students with the dream of college and post-secondary vocational training.

Oregon files securities lawsuit against British Petroleum to recover investment losses triggered by oil rig disaster

Fri, 20 Apr 2012 17:00:00 -0700

SALEM - Oregon Treasurer Ted Wheeler and Attorney General John Kroger today announced that Oregon is seeking to recover almost $19 million from British Petroleum (BP) that was lost to the Oregon Public Employees Retirement Fund and other Oregon trust funds in the wake of the 2010 Gulf of Mexico oil rig disaster.

A lawsuit filed Thursday in Multnomah County Circuit Court alleges that the British oil giant made materially false or misleading statements to investors about safety procedures and practices in connection with its deepwater drilling operations.

The catastrophic Deepwater Horizon explosion and sustained oil spill was a historic human and environmental disaster. The disaster and the company's inability to control or clean up the spill also proved damaging to shareholders: BP's stock dropped almost 50 percent in the aftermath.
The lawsuit is filed on behalf of the Oregon Public Employees Retirement Fund (OPERF) and other trust funds, and concerns shares of BP ordinary stock purchased from May 2007 to May 2010 on the London Stock Exchange. The defendants are BP PLC, BP America, Inc., and BP Exploration and Production, Inc.

Oregon Public Employees Retirement Fund votes against excessive executive salaries in rebuke of Citigroup

Wed, 18 Apr 2012 17:00:00 -0700

SALEM - The Oregon Public Employees Retirement Fund on Tuesday voted against the executive compensation package at Citigroup Inc., helping to send a rebuke in an advisory referendum known as "Say on Pay."

The chief executive of Citigroup was paid $14.8 million in salary in 2011 and promised an extra $10 million in 2013 as "retention pay," even though independent analyses showed the banking giant was less profitable than its peers. In addition, federal regulators deemed the company as too weak financially to pay shareholders a proposed dividend.

As a result, a total of 55 percent of shareholders voted to reject the compensation plan for top executives. Among the reasons: Poor link between pay and performance; lack of rigorous long term incentive performance formula; overly discretionary short term payouts; and excessive payouts.

State Treasurer Ted Wheeler said the advisory vote at the Citigroup annual meeting is part of the ongoing scrutiny by Oregon trust funds of corporate executive salaries.

"We are sending a clear message that excessive executive compensation is not in the best interests of shareholders," said State Treasurer Ted Wheeler. "We invest in companies on behalf of Oregon beneficiaries and we expect those companies to do business the right way, which includes aligning salaries to company performance."

Treasurer Wheeler applauds business innovators in Southern Oregon

Thu, 12 Apr 2012 17:00:00 -0700

JACKSONVILLE - State Treasurer Ted Wheeler opened the second annual Southern Oregon Angel Investment Conference Wednesday with a message to business innovators and investors, from border-to-border: Keep the positive momentum going.
"Innovation has been -- and will continue to be -- vital to Oregon's economic future," Treasurer Wheeler told the audience at Bigham Knoll Event Center in Jacksonville. "We all will benefit from Oregon's new generation of business success stories, which will result in more jobs, higher wages and stronger communities."
The Oregon Growth Account, chaired by Wheeler, is investing in entrepreneurs selected at new venture competitions across the state. This year, a total of as much as $175,000 from the OGA will be invested among the best proposals at five different events, in Portland, Eugene, Bend, The Dalles and Jacksonville.
The Oregon Growth Account is one of the state's strategic economic development tools, and invests a share of Oregon Lottery proceeds to help emerging companies succeed. Returns from profitable in-state investments go to help Oregon schools through the Education Stability Fund.
"The purpose of the Oregon Growth Account is to invest in Oregon, and we know there are promising opportunities all over the state," Wheeler said.

Governor Kitzhaber and Treasurer Wheeler celebrate signing of Oregon Investment Act

Fri, 06 Apr 2012 17:00:00 -0700

Standing in front of an FEI scanning electron microscope today, Governor Kitzhaber signed HB 4040, the Oregon Investment Act, into law; setting in motion a strategy to better leverage the state's economic development investments.

Treasurer Wheeler highlights availability of lower-cost financing to help community nonprofits save money

Wed, 04 Apr 2012 17:00:00 -0700

SALEM - Oregon hospitals, universities, social service organizations and even Clackamas County-based Guide Dogs for the Blind have saved money and better achieved their missions thanks to a State Treasury-administered program that helps community nonprofits secure low-cost financing.
State Treasurer Ted Wheeler wants to see that tool used more often, and in all parts of Oregon.
In a meeting Wednesday with the Board of the Oregon Facilities Authority, the Treasurer congratulated members for the busiest year in the Authority's 22-year history, in fiscal year 2011. And he called for additional outreach about what he calls one of the "hidden gems" at the State Treasury.
By making tax-exempt financing available, the Oregon Facilities Authority can make it more affordable for nonprofits to build or expand, or to refinance existing debt that was used to acquire facilities.

State Treasury bond refinancing will save taxpayers $27.7 million

Thu, 22 Mar 2012 17:00:00 -0700

The Oregon State Treasury is saving taxpayers millions thanks to the state's strong credit ratings and also the availability of bargain-basement interest rates. The State Treasury is refinancing existing debt and selling new bonds to fund previously authorized projects this spring to take advantage of the current climate in the municipal bond market.

Treasurer applauds passage of Oregon Investment Act

Fri, 02 Mar 2012 17:00:00 -0800

SALEM - State Treasurer Ted Wheeler applauded the passage of the Oregon Investment Act, the multifaceted strategy that will better coordinate how the state allots business development resources - and which will help Oregon companies to thrive and hire.

The legislation, House Bill 4040, passed easily in both the House and Senate, a testament to support across party lines and from business, financial industry and business labor organizations.

The blueprint was drafted based on input from Oregon businesses, who met with the Treasurer, legislative architects and state economic development officials during a statewide tour during the past six months. The plan won the endorsement of the state's major business and business labor associations, and also newspaper endorsements from across Oregon.

Wheeler recognized the efforts of Rep. Tobias Read (D-Beaverton) and the other chief sponsors. He also thanked the governor's office and Business Oregon director Tim McCabe for helping to design a better way to deploy economic development resources.

"The Legislature heard what businesses have been saying: We need to be smarter and more strategic with our economic development dollars," said Treasurer Wheeler. "The Oregon Investment Act is the first step towards a more robust economic development strategy."

Treasurer applauds spotlight on corporate compensation in shareholder votes

Wed, 29 Feb 2012 17:00:00 -0800

Corporate compensation practices will be a target of deserved scrutiny at upcoming shareholder meetings at which Oregon trust funds will be represented, State Treasurer Ted Wheeler said Wednesday.

Oregon seeks to lead securities lawsuit against Bank of New York Mellon to recover $15.7 million in losses

Tue, 14 Feb 2012 17:00:00 -0800

Oregon Treasurer Ted Wheeler and Attorney General John Kroger today announced that Oregon is seeking to co-lead a class action lawsuit and recover at least $15.7 million from Bank of New York Mellon Corp. that was lost to the Oregon Common School Fund and Oregon Public Employees Retirement Fund.

Treasury refinancing will save millions in lower borrowing costs

Mon, 13 Feb 2012 17:00:00 -0800

State Treasurer Ted Wheeler announced today the successful start of a new public debt refinancing effort that will save Oregon taxpayers potentially tens of millions of dollars over the life of the bonds.

Treasury receives Rockefeller Foundation grant to explore innovative financing for community projects

Fri, 10 Feb 2012 17:00:00 -0800

It's no mystery that across much of the West, vital public facilities are falling into severe disrepair.
That leaves the public facing a quandary: How do you repair and upgrade billions of dollars in public infrastructure, a list that includes bridges, ports, public water and sewer systems, and dated energy transmission facilities.

Oregon Investment Act advances at Capitol

Wed, 08 Feb 2012 17:00:00 -0800

The Oregon Investment Act passed a key legislative test today, when it was passed unanimously by an Oregon House committee with a positive recommendation.

Statewide business and business labor organizations endorse Oregon Investment Act

Thu, 02 Feb 2012 17:00:00 -0800

Statewide business and business labor organizations have endorsed the Oregon Investment Act, the bipartisan strategy that will prioritize state resources to help the private sector create jobs.
The list of organizations asking the Legislature to approve the multifaceted economic development blueprint includes Associated Oregon Industries, the Oregon Business Association, Oregon Business Council and the Oregon State Building and Construction Trades Council.

Bipartisan Oregon Investment Act will make economic development nimbler, help companies thrive

Thu, 26 Jan 2012 17:00:00 -0800

State Treasurer Ted Wheeler, legislators, the governor's staff and state economic development officials crisscrossed the state during the past six months to listen to business and community leaders.
The key question: How can Oregon better help to stimulate the economy and create jobs?

Treasurer Wheeler, Rep. Read to unveil Oregon Investment Act on Jan. 23

Fri, 20 Jan 2012 17:00:00 -0800

State Treasurer Ted Wheeler and state Rep. Tobias Read will unveil Monday the Oregon Investment Act, a multifaceted reform package that will better coordinate how Oregon invests in business opportunities.
In addition, the legislation, House Bill 4040, will open the door to additional private sector investments in Oregon companies.

Treasurer Wheeler to participate in teleconference urging better transparency of corporate political spending

Wed, 18 Jan 2012 17:00:00 -0800

State Treasurer Ted Wheeler will participate in a national news conference Thursday to call for better transparency about corporate political spending.

Public borrowing options to remain highly constrained in the near future, advisory commission says

Wed, 11 Jan 2012 17:00:00 -0800

SALEM - Oregon's wise management of its debt and budgetary discipline in recent years helped the state to win several credit rating upgrades, which will save taxpayers millions over time because of lower interest costs.
But that doesn't mean the state is in a position to add substantial new debt in the near future. That's in large part due to shrinking recent state revenue projections and also because of a decision a decade ago, when the 2003 Legislature borrowed $450 million to cover just a few months of state operating expenses and balance the budget.
The debt issued at that time will be repaid in full in September 2013, but until then Oregon policymakers will continue to have limited options when it comes to public borrowing. As a result, the State Debt Policy Advisory Commission recommended Tuesday that legislators and the governor remain cautious about the use of scarce state debt capacity for the remainder of the 2011-13 biennium.
"Oregon is on a better path today when it comes to the use of public debt, and our discipline is saving taxpayers millions," said State Treasurer Ted Wheeler, the chairman of the State Debt Policy Advisory Commission. "Public debt should be used judiciously, and only for the right priorities to move Oregon's economy forward."

Treasurer will focus on economic development in 2012

Fri, 06 Jan 2012 17:00:00 -0800

State Treasurer Ted Wheeler has helped to achieve millions in financial savings for Oregonians, strengthened the state's creditworthiness, and increased the transparency at the State Treasury.
Now, he's working to put Oregonians on a stronger economic footing for the future.

New bankcard agreement finalized; cardholders to receive information by mail about changes and effective dates

Fri, 30 Dec 2011 17:00:00 -0800

SALEM - The Oregon State Treasury and U.S. Bank have formally signed a new fee agreement for the state's convenient and money-saving bankcard programs.

Under the terms of the new agreement, all point-of-sale, bank teller and U.S. Bank ATM withdrawals will be free and unlimited for Oregonians who receive child support and unemployment benefits through state-issued U.S. Bank ReliaCard debit cards. Those changes were outlined in an earlier news release.

About half of the roughly 230,000 Oregonians who received payments for child support and jobless benefits as of Nov. 1 chose to have the money directly deposited for free to their own bank and credit union accounts. Those who do not select the free direct deposit option can have payments posted for free to any reloadable prepaid card, including U.S. Bank ReliaCard.

Treasurer Wheeler urges Oregonians to guard their money from financial scammers and bogus offers

Thu, 22 Dec 2011 17:00:00 -0800

SALEM - Online shopping has never been easier - but it's also increasingly easy to get targeted by scammers.
This holiday season, State Treasurer Ted Wheeler is urging Oregonians to be vigilant, pointing to a virtual avalanche of "too good to be true" scams and bogus bank transfer alerts that are showing up e-mail boxes across the state.
"I want Oregonians to have the happiest of holidays, and you'll be much happier if you keep your credit, your wallet and your identity safe," Treasurer Wheeler said.

Treasurer criticizes outlandish executive pay, helps spark shareholder action at Bermuda-based oil drilling company

Tue, 13 Dec 2011 17:00:00 -0800

SALEM - State Treasurer Ted Wheeler is pushing for the chief corporate executives of public companies to receive salaries that are reasonable and defensible.
The Treasurer this year joined with other prominent shareholders and criticized the outlandish compensation practices at Bermuda-based Nabors industries Ltd., an oil-drilling company. That September letter asked the company to justify and reform its pay structure, which received a failing grade from independent evaluators.
In the wake of that attention, the company agreed to make some changes. Among those, chairman and chief executive Eugene Isenberg would step down as CEO but remain chairman. That arrangement triggered a clause that entitles Isenberg to $100 million.
"Public companies are owned by their shareholders and need to make decisions that put shareholders first, and a $100 million bonanza for one executive hurts shareholders," said Treasurer Wheeler, who is a fiduciary for Oregon public investments including the Public Employees Retirement Fund (OPERF). "Executive pay should be reasonable and based on the performance of a company."

Oregon Growth Account renews partnerships to help spark business innovation across the state

Fri, 02 Dec 2011 17:00:00 -0800

SALEM - Six Oregon-based startups won investments this year from the Oregon Growth Account via an unconventional route: the companies' strong performance at new venture competitions across the state.
That roster of companies could double in 2012.
To help encourage entrepreneurship from border-to-border, the Oregon Growth Account Board on Thursday approved a repeat commitment to help finance startups identified at "Angel" conferences in Portland, Bend, The Dalles, Corvallis and Medford. The aggregate investment could be as much as $175,000.
"Every Oregonian will profit from investments that help to create successful companies and new jobs," said State Treasurer Ted Wheeler, the chairman of the Oregon Growth Account Board. "The purpose of the Oregon Growth Account is to invest in Oregon, and we know there are promising opportunities all over the state."

Oregon ReliaCard users and taxpayers will benefit under newly negotiated terms

Tue, 29 Nov 2011 17:00:00 -0800

State Treasurer Ted Wheeler and U.S. Bank have agreed to make point-of-sale, bank teller and U.S. Bank ATM transactions free and unlimited for Oregonians who receive unemployment and child support payments via state-issued ReliaCards.

With new fee reduction, families to pay even less to invest for education in the Oregon College Savings Plan

Wed, 23 Nov 2011 17:00:00 -0800

SALEM - Families will pay even less to invest for higher education and technical job training through the Oregon College Savings Plan, thanks to another reduction in the fees for the growing program.

The reduction will go into effect by the end of the first quarter of 2012, and comes in addition to a decline in state-related fees that became effective in June 2011.

"We know that college and technical training are increasingly important, and the Oregon College Savings Plan is helping tens of thousands of Oregon families to reach their goals," said State Treasurer Ted Wheeler, the chairman of the Oregon 529 College Savings Board. "By negotiating hard to get the best fees possible, we are helping to stretch your family's money even further."

Oregon Treasury saved millions in management costs, comparative analysis shows

Fri, 04 Nov 2011 17:00:00 -0700

TIGARD - The Oregon State Treasury saved millions in investment management-related costs in 2010, according to a new independent analysis.
The findings from CEM Benchmarking Inc., of Toronto, show that the costs associated with managing the Oregon Public Employees Retirement Fund (OPERF) were $39.3 million less than expected for the year, based on the investment structure of the Oregon fund.
The firm compared the costs of investment funds around the world and gauged Oregon against a peer group of 18 other large pension funds.
"Oregonians expect us to run a tight ship, and every dollar that we save in management costs goes directly to helping our beneficiaries and to helping taxpayers," said State Treasurer Ted Wheeler, a member of the Oregon Investment Council. "We will continue to look for ways to keep costs low while also pursuing strong investment returns."

Treasurer Wheeler invites Oregon schoolchildren to learn about money, and maybe win some for college

Thu, 27 Oct 2011 17:00:00 -0700

SALEM - Money talks, the saying goes, but you also need to speak the language.

To help Oregon's next generation become more financially literate, State Treasurer Ted Wheeler is pleased to announce the launch of this year's Reading is an Investment program. The statewide literacy and financial education effort teaches money management concepts and also gives participants the opportunity to win money to defray future college or job training costs.

"We want our next generation to be prepared for the complex financial decisions that are waiting," said State Treasurer Ted Wheeler. "When our kids understand the value of saving and how to make smarter financial choices, we all win."

Oregon families can more easily monitor and manage college savings accounts with free smartphone app

Wed, 19 Oct 2011 17:00:00 -0700

SALEM - A new, free smartphone application will make it easier for Oregon families that are investing for college and job training to monitor and manage their accounts.

The new feature is available to families that have invested in the Oregon College Savings Plan, which is one of two options that are available through the Oregon 529 College Savings Network.

"We are constantly looking for ways to improve the Oregon College Savings program to make it cheaper and more convenient for families to save for a better future," said State Treasurer Ted Wheeler, the chairman of the Oregon 529 College Savings Board. "This new application will let families manage their accounts from almost anywhere and at no additional cost."

Oregon Treasurer names Michael Mueller as interim investment division director

Fri, 14 Oct 2011 17:00:00 -0700

SALEM - Oregon Deputy Chief Investment Officer Michael Mueller was named today as the Oregon State Treasury interim chief investment officer - temporarily taking over the position until a permanent replacement is named.
The current investment chief, Ron Schmitz, is resigning to accept the same post for the Virginia Retirement System in Richmond, Va. His final day at the Oregon Treasury will be Oct. 27.

Treasurer Wheeler seeks transparency of corporate political spending

Thu, 06 Oct 2011 17:00:00 -0700

SALEM - State Treasurer Ted Wheeler is seeking increased transparency about corporate political spending, which will make companies more accountable to their shareholders.

The Treasurer sent a letter to the U.S. Securities and Exchange Commission today requesting new rules to require regular reporting by publicly traded corporations about political activity. A copy of that letter is attached.

Shareholders such as the Oregon Public Employees Retirement Fund and Oregon Common School Fund have a right to know if their companies are spending heavily on lobbying, candidates and political activism, he said. Corporations have the right to be involved in political activity. The Treasurer is not asking the SEC to limit the ability of companies to engage in political speech, but rather to report the costs of it.

"Political activity is not free, and it makes absolute sense to give shareholders a clearer view," Wheeler said. "Shareholders of any company have a right to know about the activities of the company they own, particularly when those actions - or even inaction - can impact the bottom line."

Treasurer Wheeler outlines new vision for investing in Oregon opportunities

Thu, 22 Sep 2011 17:00:00 -0700

SALEM - State Treasurer Ted Wheeler is outlining to legislators the goals of an innovative investment proposal that will boost Oregon business opportunities and spark small business hiring. In a hearing Wednesday of the Senate Interim Committee on Business, Transportation and Economic Development, Wheeler spoke about the need in Oregon need for additional business capital, and he offered a first look at the Oregon Investment Act, which he said will be an economic development powerhouse for the state.

Oregon Growth Account commits $4.5 million to help Oregon business startups

Tue, 13 Sep 2011 17:00:00 -0700

TIGARD - The Oregon Growth Account Board is continuing its commitment to Oregon-based ventures with a new $4.5 million investment to the Oregon Angel Fund. The three-year pledge approved last week will allow the Oregon Angel Fund to continue its efforts to target and assist the most promising local startup companies. The new investment represents $1.5 million annually from 2012 to 2014 and is a continuation of a partnership that began in 2008.

Chief Investment Officer leaves a legacy of success in Oregon, accepts position in Virginia

Fri, 09 Sep 2011 17:00:00 -0700

TIGARD - Oregon Chief Investment Officer Ron Schmitz is leaving for greener pastures, but is leaving behind a legacy of success in Oregon. Schmitz, who has been the chief investment officer in Oregon since September 2002, will become the investment chief of the Virginia Retirement System. He will remain on the job in Oregon through October.

Treasurer Wheeler calls on federal government to protect the rights of shareholders

Fri, 19 Aug 2011 17:00:00 -0700

As a representative of large shareholders, the Oregon State Treasury has helped to shepherd responsible corporate practices when it comes to improving worker safety, environmental protection and executive compensation.
However, a recent court decision eroded the right of shareholders like the Oregon Public Employee Retirement Fund and Oregon Common School Fund to join with other investors through a process known as proxy voting to demand changes to business practices.
Oregon State Treasurer Ted Wheeler is calling on the U.S. Securities and Exchange Commission to amend the current proxy access rules to restore the rights of shareholders, and also to make the rules more legally watertight and able to withstand future challenges. He joined with 13 other institutional investors to authorize a letter sent today to S.E.C. Chairwoman Mary L. Schapiro.
"If you run a company, you have an obligation to ensure it is being run responsibly," Wheeler said. "Investors, whether they are large pension funds or families saving for their own retirement, deserve a voice in the companies in which they place their money."

Oregon jumps in new state-by-state comparison of entrepreneurship

Wed, 03 Aug 2011 17:00:00 -0700

SALEM - Oregon jumped from the bottom of the pack to the top 5 in a new national comparison of entrepreneurs, and the findings help to show that Oregon innovators and investors are coming together, said State Treasurer Ted Wheeler. The national index considers several factors including per-capita startup growth, and was developed by economists at the University of Nebraska-Lincoln. The study can be found at http://bbr.unl.edu/documents/State_Entrepreneurship_Index_July2011.pdf

Eugene-area nonprofits and lenders can learn about low-cost financing on Wednesday

Mon, 01 Aug 2011 17:00:00 -0700

SALEM - Oregon is offering a helping hand to community nonprofits that want to expand or remodel their facilities. The Oregon Facilities Authority (OFA), which is operated in conjunction with the State Treasury, will have an open-to-the public informational session Eugene on Wednesday. The OFA is the state agency that helps nonprofits secure low-interest financing for capital projects.

Treasurer Wheeler calls on federal leaders to avoid default and protect Oregon's credit rating

Tue, 26 Jul 2011 17:00:00 -0700

SALEM - Oregon State Treasurer Ted Wheeler called today for federal decision makers to set politics aside and to forge a plan that truly addresses the nation's debt problems, in both the near-term and the long-term. Failing to do both will leave America - including Oregon and Oregonians - on an unstable path with potentially disastrous financial implications, he said.

Treasurer helps bring Land Board to rural Oregon

Mon, 25 Jul 2011 17:00:00 -0700

COOS BAY - The State Land Board made its first-ever visit to Coos Bay on Friday, thanks in part to a successful motion by State Treasurer Ted Wheeler. The Treasurer, who sits on the three-member panel with the Governor and Secretary of State, offered the motion last fall to have the Board meet across the state, rather than only in Salem.

Treasurer Wheeler tours Jeld-Wen and OIT campus, discusses business priorities in Klamath Falls

Thu, 14 Jul 2011 17:00:00 -0700

KLAMATH FALLS - State Treasurer Ted Wheeler on Thursday toured the campus of window and door manufacturer Jeld-Wen and discussed local business needs with Klamath County business and nonprofit leaders.
The Treasurer also got a first-hand look at the state's first geothermal-driven electric generator and the Martha Anne Dow Center for Health Professions during a visit to Oregon Institute of Technology. Both of those projects were financed in part with state bonds.

Commission concludes deliberations, Treasurer looks forward to approval of revised travel rules

Wed, 13 Jul 2011 17:00:00 -0700

SALEM - State Treasurer Ted Wheeler offered the following statement today after the Oregon Government Ethics Commission voted to send letters of reprimand -- and did not find any formal ethical violations -- in any cases involving investment staff:
"Today's findings by the Ethics Commission relate to policies that were in place before I became State Treasurer. Upon becoming Treasurer in 2010, I quickly reformed the policies in question. I am confident we have addressed all of the issues with the previous rules, and I have asked the Ethics Commission to review and approve the reforms to the policies I made a year ago."

Treasurer announces more money will be available to lend to Oregon businesses and families

Wed, 06 Jul 2011 17:00:00 -0700

SALEM - State Treasurer Ted Wheeler announced today that more money will be available to lend in Oregon to families and small businesses. The measured move by the State Treasury serves two goals: It maintains the protection of public funds deposits in Oregon, while also clearing the way for financial institutions to make more loans in their communities. As much as $441 million could become available to help spark economic development - and it won't cost taxpayers a dime.

Treasurer Wheeler applauds Legislature for money-saving solutions and for showing discipline with debt

Thu, 30 Jun 2011 17:00:00 -0700

SALEM - State Treasurer Ted Wheeler today applauded the Oregon Legislature for taking a disciplined stance toward public debt and for approving a series of bills that will aid the Treasury's mission of protecting Oregon assets and saving public money.
The Legislature approved an austere spending blueprint that will be more sustainable over the long-term, the Treasurer said. As a result, the state's recent credit rating upgrade to AA+ from Standard and Poor's looks to be safe.

Treasury investment returns help generate $150 million SAIF dividend for Oregon employers

Fri, 24 Jun 2011 17:00:00 -0700

SALEM - The Oregon State Treasury's prudent investment decisions are paying off for employers and workers.
State Treasurer Ted Wheeler today applauded the news that SAIF Corp., Oregon's nonprofit workers compensation insurer, will pay $150 million in dividends. The money will help employers stay competitive and to invest in their businesses and workforces, he said.

Oregon Growth Account provides a boost to startup companies across the state

Wed, 15 Jun 2011 17:00:00 -0700

TIGARD - The Oregon Growth Account is boosting business opportunities from border-to-border, and helping to create jobs.

The aggregate payroll for companies that have received investments from the Lottery-fed fund has reached $42 million a year, according to reports received by the Oregon Growth Account Board on Tuesday. That's up from $30.6 million in aggregate payroll in 2009.

Since inception in the 1990s, the OGA has committed more than $104 million to more than 20 investment managers. Those managers have invested $68 million of that total so far - with a substantial share going to more than 80 Oregon-based companies.

Just as importantly, that seed investment of public funds has helped to attract capital from other investors, causing the total invested in Oregon companies to exceed $138 million, as of Dec. 31, 2010.

"Because of the Oregon Growth Account, we are building a stronger venture capital environment in Oregon." said State Treasurer Ted Wheeler. "Oregon is committed to innovators and we want them to start their businesses here, grow them here, and keep them here."

Wheeler tours downtown redevelopment projects and discusses economic development in Eugene

Mon, 13 Jun 2011 17:00:00 -0700

EUGENE - State Treasurer Ted Wheeler crisscrossed downtown Eugene on Friday, and applauded the efforts of civic and business leaders who have jump-started projects to add commercial, retail and residential space to the city core. The walking tour with Mayor Kitty Piercy continues the Treasurer's fact-finding effort to learn more about the economic challenges and opportunities facing Oregon communities.

Treasurer tours Eugene's Pearl Buck Center, highlights availability of tax-exempt financing to help nonprofits

Fri, 10 Jun 2011 17:00:00 -0700

EUGENE - State Treasurer Ted Wheeler toured the Pearl Buck Center in Eugene on Friday to get a firsthand look at how a Treasury-administered financing tool is helping community nonprofits save money and better achieve their missions. The Treasurer wants more nonprofits and community leaders to know that if they are want to build or expand, the Oregon Facilities Authority can help make projects more affordable. The bonds also can be used to refinance existing debt that was used to acquire facilities.

Treasurer urges Oregonians to use caution when engaging in electronic transactions

Thu, 09 Jun 2011 17:00:00 -0700

SALEM - If you knew a thief was lurking near your bank, you'd be especially careful -- and you certainly wouldn't leave money and your vital financial data out in the open, correct? But what if thieves were able to trespass electronically into your computer, or even your mobile phone? That's an increasingly common risk as cyberthieves utilize increasingly sophisticated techniques, and it is putting personal financial data and your money at risk, state Treasurer Ted Wheeler is warning.

Treasurer applauds passage of Treasury transparency legislation

Wed, 01 Jun 2011 17:00:00 -0700

SALEM - State Treasurer Ted Wheeler applauded the final legislative approval of a bill that will continue efforts to make Treasury-related data more transparent and easily accessible. House Bill 2788, which is headed to the governor's desk after unanimous Senate passage on Tuesday, formally adds the State Treasury to the Oregon Government Transparency database, which lets the public peruse agency budgets and view salary data for public employees. The State Treasury has been voluntarily publishing salary information on that database.

State Treasury saves $26.1 million in bond financing costs

Tue, 24 May 2011 17:00:00 -0700

SALEM - The millions worth of savings envisioned under Measure 72 are now becoming a reality.
The State Treasury last week completed the first public bond sale that will benefit from the provisions of the ballot measure, which passed in November and allows the state to reclassify certain borrowing -- and to obtain lower interest rates as a result.
The interest savings by using General Obligation Bonds rather than Certificates of Participation added up to $26.1 million over the life of the bonds.
The savings were enhanced by the state's improved credit rating, which was upgraded to AA+ in March by Standard & Poor's.

Treasurer discusses economic development in Corvallis

Fri, 20 May 2011 17:00:00 -0700

CORVALLIS - State Treasurer Ted Wheeler got a firsthand look at a key to Oregon's economic future Thursday during a fact-finding trip to Benton County.
The Treasurer met with the Oregon State University Foundation Board, sat down with business leaders in a meeting convened by the Corvallis-Benton Chamber Coalition, and toured the Microproducts Breakthrough Institute, a partnership of Oregon State University and Pacific Northwest Natural Labs.

Oregon 529 Board reduces fees for all participating families, will increase education about "principal-plus-interest" option

Thu, 12 May 2011 17:00:00 -0700

TIGARD - The Oregon 529 College Savings Network is growing like gangbusters, and that success on Thursday resulted in a reduction of fees across-the-board for all participating families.

The Oregon 529 College Savings Board today approved cut of 50 percent in the fees the state receives to promote and administer the program. The reduction will save Oregon families more than $680,000 a year, based on the current level of invested assets, and is projected to go into effect on June 1.

Treasurer Wheeler recommendation: Cut the state's fee for the Oregon college savings network in half

Wed, 11 May 2011 17:00:00 -0700

The success and growth of the Oregon 529 College Savings Network will benefit every family that invests -- and allow them to stretch their college savings further.

State Treasurer Ted Wheeler will recommend Thursday that the Oregon 529 College Savings Board reduce by half the state's fee for administering the important program, which allows families to receive tax benefits and set aside money for college and job training.

The fee reduction became possible because of the record amount of assets invested in the Network. The Treasury makes no profit from the administrative fee: The percentage covers only the operating and promotion costs of the plan. With more total assets invested, the fee can be less.

Treasurer Wheeler discusses economic development and business priorities in Roseburg

Mon, 09 May 2011 17:00:00 -0700

ROSEBURG - State Treasurer Ted Wheeler discussed local business needs with Douglas County business and nonprofit leaders and heard a presentation about the current status of the wood products industry, as part of his commitment to learn more about the economic development needs across the state.
The Treasurer is advising the governor about the state's long-term economic development strategy, and believes Oregon can and should do a better job aligning the state's disparate public-funded economic tools, including grants, direct investments and state debt capacity.

Treasurer announces winners of $500 for college though annual 'Reading is an Investment' program

Thu, 05 May 2011 17:00:00 -0700

PORTLAND - State Treasurer Ted Wheeler visited Alder Elementary in southeast Portland today with some very good news. To be exact, $2,000 worth of good news.

Treasurer Wheeler honors Oregon's fallen workers and military personnel

Thu, 28 Apr 2011 17:00:00 -0700

SALEM - State Treasurer Ted Wheeler joined with other state leaders today to honor the memory of Oregonians who died on the job in 2010.
A memorial ceremony in front of the Labor and Industries building on the Capitol Mall was held in conjunction with National Workers' Memorial Day.

Oregon Investment Council looks around the world for promising opportunities to benefit Oregonians

Wed, 27 Apr 2011 17:00:00 -0700

SALEM - Oregon is looking south for a promising new opportunity.
To earn strong returns to benefit Oregonians, the state invests in business opportunities around the globe -- in addition to the state's significant commitments to Oregon ventures.
Today, the Oregon Investment Council authorized the state's first major investment in Brazil, committing $100 million from the Oregon Public Employee Retirement Fund (OPERF) to help finance real estate construction and acquisitions in the fast-growing South America country.

New pension report highlights strong Oregon performance

Tue, 26 Apr 2011 17:00:00 -0700

SALEM - The picture continues to brighten for Oregon's public pension fund, and the performance was highlighted in a new report issued today by the Pew Center on the States. Oregon's pension fund has rebounded strongly from the market crash of 2007 and 2008, ranks as the nation's 11th best-funded state fund. The report cites figures from 2009 that showed Oregon's fund had sufficient assets to cover 86 percent of the projected liability, which is a substantial improvement from a Pew report issued last year that showed Oregon at 80 percent.

Treasurer welcomes Facebook, touts Oregon as open for business

Fri, 15 Apr 2011 17:00:00 -0700

PRINEVILLE - State Treasurer Ted Wheeler welcomed social media giant Facebook today at the grand opening ceremony at the company's new, state-of-the-art facility in Central Oregon.

State Treasurer announces additional transparency, will improve clarity of financial data

Thu, 14 Apr 2011 17:00:00 -0700

State Treasurer Ted Wheeler announced today significant enhancements in the public information that will be available about Treasury business and the Oregon Investment Council, and key investment-related data will be presented in an easier-to-understand format.

Treasurer Wheeler applauds new law that could save Oregonians millions

Tue, 12 Apr 2011 17:00:00 -0700

SALEM - Oregon is about to save some serious money. Gov. John Kitzhaber today signed into law an Oregon Treasury-sponsored bill that could foster cost savings worth tens of millions, which would be accomplished by reclassifying existing state borrowing and obtaining lower interest rates.

Treasurer asks lawmakers: Fix the dysfunctional "kicker," increase reserves, and strengthen the state"s credit rating

Thu, 07 Apr 2011 17:00:00 -0700

SALEM - State Treasurer Ted Wheeler was pleased in March to announce the upgrade of Oregon's credit rating by Standard and Poor's to AA+, which will translate into millions of dollars in savings in public borrowing.

Treasurer Wheeler adds new reporting requirements for investment officers, in addition to quarterly disclosures

Thu, 24 Mar 2011 17:00:00 -0700

SALEM - To ensure Oregon's investments continue to be properly managed, the officers who invest and monitor the state's multibillion-dollar portfolio are the most highly scrutinized of all state public employees: They must submit detailed reports about their personal and family financial transactions every calendar quarter.

State Treasurer asks Legislature to increase the savings in Oregon's 'rainy day' reserves

Tue, 22 Mar 2011 17:00:00 -0700

SALEM - State Treasurer Ted Wheeler on Monday asked legislators to increase the state's "rainy day" reserves, which will help to save more money in good times as a buffer against budget downturns.

Oregon Growth Account invests in Oregon tech startups

Tue, 15 Mar 2011 17:00:00 -0700

TIGARD - The Oregon Growth Account Board is continuing its efforts to invest in Oregon's promising startups - and to help Oregonians reap some of the rewards. The Board on Monday approved a $5 million commitment to Voyager Capital Fund IV, a Seattle based fund manager with an office in Portland, that is seeking strategic investments in early and growth stage companies, focused primarily on the digital media, software, and wireless sectors.

Treasurer Wheeler announces increase in state credit rating, will save taxpayers millions

Wed, 09 Mar 2011 17:00:00 -0800

Oregon Treasury announces reduced fees and new investment choices for retirement savers

Fri, 25 Feb 2011 17:00:00 -0800

State debt capacity to remain scarce in upcoming budget cycle

Fri, 18 Feb 2011 17:00:00 -0800

Families now investing a record $1.28 billion for college through Oregon '529' plans

Fri, 11 Feb 2011 17:00:00 -0800

Treasury to make new funds available for economic development; Treasurer Wheeler urges lawmakers to prioritize business needs

Wed, 02 Feb 2011 17:00:00 -0800

After negotiating lower fees and higher transparency, Investment Council commits $525 million to new KKR fund

Wed, 26 Jan 2011 17:01:00 -0800

Oregon files new suit against Countrywide

Wed, 26 Jan 2011 17:00:00 -0800

State Treasurer increases the capital available to lend to Oregon families and businesses

Tue, 25 Jan 2011 17:01:00 -0800

Oregon Growth Account will provide as much as $175,000 to help business startups across Oregon

Tue, 25 Jan 2011 17:00:00 -0800

Treasury-managed funds exceeded benchmarks in 2010, PERS fund gained 12.6 percent

Mon, 24 Jan 2011 17:00:00 -0800

Treasurer opposes SEC proposal that would undermine public participation

Thu, 20 Jan 2011 17:00:00 -0800

Oregon's unclaimed property efforts featured on national cable network

Wed, 05 Jan 2011 17:00:00 -0800

Wheeler takes oath of office as State Treasurer, pledges to protect Oregonians and promote economic growth

Tue, 04 Jan 2011 17:01:00 -0800

Treasurer Wheeler's Oath of Office

Tue, 04 Jan 2011 17:00:00 -0800

Treasurer urges consumers to read the fine print when buying gift cards

Wed, 22 Dec 2010 17:00:00 -0800

Questions and answers about merit pay for investment officers

Wed, 15 Dec 2010 17:00:00 -0800

Oregon Growth Account Board commits $5.5 million to boost promising startup companies and create jobs

Fri, 10 Dec 2010 17:00:00 -0800

Unsure what to wrap this year? Consider a gift of education through the Oregon College Savings Plan

Wed, 08 Dec 2010 17:00:00 -0800

Oregon investment officers outperformed peers and saved millions in management costs

Tue, 23 Nov 2010 17:00:00 -0800

Newly minted Mount Hood National Forest Quarter is Oregon's contribution to 'America the Beautiful' series

Wed, 17 Nov 2010 17:00:00 -0800

State's critical financial data will be secure after a disaster, annual test shows

Mon, 15 Nov 2010 17:00:00 -0800

Treasurer tapped to help shape economic development strategy

Fri, 12 Nov 2010 17:00:00 -0800

Oregon sues Bear Stearns & Co. for misleading filings that led to $17 million in losses

Mon, 01 Nov 2010 17:00:00 -0700

Oregon schoolchildren invited to learn about money and smart financial choices

Mon, 25 Oct 2010 17:00:00 -0700

Oregon sues to recover $10 million connected to misleading filings by University of Phoenix

Mon, 18 Oct 2010 17:00:00 -0700

Treasurer Wheeler calls for regional State Land Board hearings

Tue, 12 Oct 2010 17:00:00 -0700

Oregon Treasury staff to increase transparency of investment-related contacts

Thu, 30 Sep 2010 17:00:00 -0700

Treasurer Wheeler announces effort to expand access to credit for Oregon small businesses and families

Tue, 28 Sep 2010 17:00:00 -0700

Treasurer Wheeler says General Fund debt capacity reduced as a result of recession, urges caution

Fri, 24 Sep 2010 17:00:00 -0700

Treasurer Wheeler urges better regulation of coal ash to reduce health risks and potential cleanup costs

Mon, 20 Sep 2010 17:00:00 -0700

Oregon startups to get a jumpstart with financing help from the Oregon Growth Account

Wed, 08 Sep 2010 17:00:00 -0700

Treasurer Wheeler applauds new federal ruling that increases corporate accountability

Thu, 26 Aug 2010 17:00:00 -0700

Treasurer Wheeler urges better disclosure for deepwater mining operations in the wake of Gulf Coast oil spill

Thu, 05 Aug 2010 17:00:00 -0700

State Treasury investment managers negotiate millions in reductions to fund management fees

Wed, 28 Jul 2010 17:00:00 -0700

Oregon sues Countrywide over pension fund losses associated with risky mortgage-backed securities

Wed, 14 Jul 2010 17:00:00 -0700

State Treasury saving Oregon money and cutting power usage with technology innovations

Wed, 30 Jun 2010 17:00:00 -0700

Treasurer Wheeler declares $5 million in earnings from Oregon Growth Account to aid schools

Thu, 10 Jun 2010 17:00:00 -0700

Common school fund rebounds strongly, value again exceeds $1 billion

Wed, 26 May 2010 17:00:00 -0700

Oregon Treasury will join proxy vote action to demand environmental and safety changes at Massey Energy

Thu, 13 May 2010 17:00:00 -0700

State Treasury working to finance job-creating projects in Junction City, Salem and on university campuses

Wed, 12 May 2010 17:00:00 -0700

Winners announced in 'Reading is an Investment' scholarship drawing

Wed, 05 May 2010 17:00:00 -0700

Families now investing a record $1.1 billion for college and job training through Oregon 529 Network

Thu, 29 Apr 2010 17:00:00 -0700

Treasurer announces travel advisory panel, "per diem" limits

Fri, 23 Apr 2010 17:00:00 -0700

Treasurer visits Springfield hospital, urges nonprofits to benefit from tax-exempt financing

Wed, 21 Apr 2010 17:00:00 -0700

New 'Buy Oregon Bonds' sale will create jobs, improve universities, and allow public to invest in Build America Bonds

Fri, 16 Apr 2010 17:00:00 -0700

Treasurer Wheeler adds independent evaluation of travel policies

Wed, 14 Apr 2010 17:00:00 -0700

List of Highway Projects

Tue, 13 Apr 2010 17:01:00 -0700

Build America Bond sale will create jobs, improve highways and save $56 million in loan costs

Tue, 13 Apr 2010 17:00:00 -0700

Treasurer Wheeler announces new investment travel controls and review

Wed, 07 Apr 2010 17:01:00 -0700

Treasurer Wheeler announces new investment travel controls and review - LETTER

Wed, 07 Apr 2010 17:00:00 -0700

State Treasurer Wheeler encourages Oregonians to 'Guard your money,' unveils new web site and tools

Thu, 01 Apr 2010 17:01:00 -0700

Treasurer Wheeler urges Oregonians to protect their money, avoid refund anticipation loans

Thu, 01 Apr 2010 17:00:00 -0700

Treasurer Wheeler announces improved college savings options

Tue, 23 Mar 2010 17:00:00 -0700