See what candidates in Kentucky’s treasurer election say about the job, issues

The Herald-Leader asked the two candidates for state treasurer to tell voters about themselves, and how they would approach the role of treasurer if elected.

Democratic candidate Michael Bowman and Republican candidate Mark Metcalf will seek to win the office in this year’s election on Nov. 7.

Kentucky’s treasurer has several formal bookkeeping roles, including depositing state revenues, monitoring the state’s bank accounts, managing unclaimed property and withholding the proper taxes from state employees. The treasurer also sits on several boards in the state, including those that oversee the Teachers’ Retirement System of Kentucky and the Kentucky Lottery.

Bowman worked as special assistant to Lt. Gov. Jacqueline Coleman in the education and labor cabinet. He’s also worked as a bank officer for U.S. Bank, which he said gives him the financial background needed as treasurer. He ran for the office in 2019 and lost to current Treasurer Allison Ball. He would focus on “accountability and transparency of our tax dollars” if elected, Bowman said in an interview with the Herald-Leader.

“There are a lot of policies that the treasurer, in respect to fiscal matters, can drive in a positive direction for the Commonwealth, and how we deal with things like education, how we invest our money with businesses, to make those types of decisions,” Bowman said.

Metcalf has a background in law, working as the Garrard County attorney since 2010 (and previously in the 1990s). He’s also worked in private practice as an attorney and holds the rank of lieutenant colonel in the U.S. Army reserve after serving as a judge-advocate. During a debate with Bowman on KET, Metcalf said Kentucky needs to focus on paying down its debts.

“Kentucky spends too much, it taxes too much, it borrows too much, and it saves too little,” Metcalf said. “We need to be looking out for the taxpayers of the state and holding Kentucky accountable on the spending side of the ledger so we spend out money wisely, and we look for opportunities to save money.”

The following answers are written as the candidates responded to a survey from the Herald-Leader.

What would be your top priority as treasurer?

Bowman: As Treasurer, I would be the fiscal watchdog for the Commonwealth and increasing transparency in our government, expanding financial literacy, and advocating for innovative policy solutions that grow our economy and create jobs are critical priorities.

Metcalf: Job number one is to save taxpayer dollars. I want to do this by reducing the size of government. I’ve done more with less as a county attorney and I’ll continue to be a fiscal hawk as Kentucky’s Treasurer. I also want to reduce Kentucky’s direct indebtedness (which presently stands at $15.5 billion). Reduce the unfunded portions of Kentucky’s pension funds through statutorily required investments from the state that should continue to include enhanced catch-up payments. Stand up to liberal activist money managers who have adopted ESG investment strategies for management of state pension funds. Enhance financial literacy. Significantly increase return of unclaimed funds to their rightful owners through incentives that reform estate administration and identifying next of kin.

Why did you decide to run for this office?

Bowman: Governor Beshear has lead us through remarkably difficult times, including a global pandemic and natural disasters, but consistently finds politicians who do not act in good faith. I’m running because we need partners in Frankfort, not adversaries, who work together to tackle our most pressing problems and provide solutions for the people of the Commonwealth.

Metcalf: To make a difference. I believe more needs to be done to save and return taxpayer dollars to the people who paid them. I believe Kentucky’s families are facing challenging times and I am passionate about utilizing this office to help.

What makes you the best candidate for treasurer?

Bowman: It’s been nearly 40 years since we’ve elected a Treasurer with any professional training or formal education in finance. My experiences in both local and state government, coupled with my background as a former bank officer for a large financial institution give me the skills to be successful as Treasurer and a strong advocate for smart investments.

Metcalf: The breadth and depth of my experience as a judge, a prosecutor, private practitioner, and a soldier and my leadership experience at every level of private and government service.

Is there anything that falls under the state treasurer’s office that you think needs improvement or more focus on? If so, what would that be and why?

Bowman: Financial Literacy is a key component to the success of our economy by teaching the next generation of Kentuckians how to be financially secure and make smart financial decisions. Expanding those programs by providing for a consistent curriculum and providing the support to local school districts to ensure that they- and our children- are successful.

Metcalf: 1. Kentucky’s unclaimed property totals $800 million. I will use the latest technologies to return these properties to their rightful owners and adopt incentives that reform estate administration and identifying next of kin. 2. The poor, low-wage earners, and middle-income earners have utility bills they often cannot pay without choosing among necessities. I will urge the greater use of clean, abundant, and cheap energy found in Kentucky’s fossil fuel inventory. 3. Reduction of Kentucky’s indebtedness is essential so that investments in our future generations (chiefly in education and health care) will be more affordable for both the individual and government.

How would you work with other state agencies in your role if elected?

Bowman: I would commit to work as a partner to ensure that we are operating effectively and efficiently in service to the people of the Commonwealth through maintaining open lines of communication and holding all branches of government accountable in the management of our tax dollars.

Metcalf: I will work creatively and collaboratively with other state agencies without regard about party or who gets the credit for accomplishments.