Ohio State Treasurer Josh Mandel...
Update on the Treasurer’s Office... Death Tax Dead
Josh Mandel
July 9, 2011 

Financial Literacy Training, Smart Money Choices Tour Stops in Cincinnati and Independence:  A couple weeks ago we launched the Smart Money Choices conference series at the University of Cincinnati.  I spoke to attendees of all generations and from throughout southwest Ohio about the importance of managing one’s finances in a fiscally responsible fashion.  Our day-long conference was a great success, executed well by my staff and highlighted by impressive financial planning experts.  Tomorrow I will be speaking at the northeast Ohio conference being held at the Holiday Inn in Independence.  For a list of the remaining Smart Money Choice tour stops, please visit my official Treasurer’s office website. 

Small Business Tour of ElectriPack in Centerville:  I recently had the privilege of touring a manufacturing and packaging business in Centerville, Ohio.  The owner, Jeanne Wright, is a very focused entrepreneur who not only has great business sense, but also has a deep heart for her local community.  Her partnership with the Treasurer’s office has enabled ElectriPack to help retain jobs locally and compete globally.  It was a great tour, and a strong reminder that manufacturers can still grow and thrive in Ohio, but policymakers need to a better job of limiting government intrusion in the private marketplace and lowering taxes to spur more investment and reinvestment in Ohio companies.  To read about my tour of ElectriPack, click here to view an article from the Centerville Times. 

Discussing Financial Strategies with Public Fund Managers in Warrensville Heights and Sandusky:  I recently spoke to public fund managers at a Center for Public Investment Management (CPIM) conference at Cuyahoga County Community College in Warrensville Heights.  My office manages CPIM, which is a statutorily required training program for managers of public funds in Ohio.  At this conference I spoke about strategies we are employing at the state level to stretch taxpayer dollars further, and also discussed resources our office provides to help money managers increase efficiency and maximize return on their investments. 

Separately I had the honor of speaking at the County Treasurer’s Association meeting in Sandusky.  We discussed ways local governments can be aggressive and creative with managing declining revenues.  Wearing my hats as a former City Councilman, former State Legislator and current State Treasurer, I communicated the importance of applying private sector business principles to running government and explained some of the ways we are saving taxpayer money in the Treasurer’s office. 

Sounding the Alarm on Global Custodial Banks’ Alleged Manipulation of Foreign Currency Exchange Transfers:  I believe one of my most important roles as Treasurer is to be a fiscal watchdog of taxpayer dollars, and to sound the alarm if I suspect waste, fraud or abuse.  I recently requested an investigation into whether banks on global custody contracts with Ohio pension funds and the Bureau of Workers’ Compensation have been exploiting Ohio retirees and taxpayers by manipulating foreign currency exchange transfers.  I am concerned that a select group of institutions may have violated the law by improperly manipulating foreign currency trade prices at the expense of taxpayers.  This is an issue that’s received significant coverage in the Wall Street Journal and other publications, and it is not unique to Ohio.  You can click here to view the article that appeared in Bloomberg Businessweek on my call for an investigation into this matter. 

Estate Tax is Dead… Finally:  Last but certainly not least, I am proud to report to you that the mission you’ve read about many times on this email update has been accomplished: we’ve eliminated Ohio’s estate tax.  As you may know, since my time as a City Councilman and throughout my time in the Legislature, I have focused on the elimination of this unfair form of double taxation that has driven too many Ohioans to Florida and other states.  I applaud the Legislature and the Governor for killing the death tax – a good first step towards tax reform that will reverse the exodus of intellectual and financial capital from our state.  Click here to view an op-ed I wrote in The Columbus Dispatch that I hope made an impact on this debate. 

As always, thank you for taking the time to read about a few of the many things occurring in my duties as Treasurer.  I am very focused on my job as Treasurer, am thoroughly enjoying it, and hope to continue making you proud. 

Best regards,

Josh