In The News: McCord for Treasurer (Patroit-News 10/21)

Montgomery County investment professional well suited to safeguard state's financial assets

Tuesday, October 21, 2008
Patriot-News

In Republican Tom Ellis and Democrat Rob McCord, Pennsylvania voters have two bright, articulate and well qualified candidates running for state treasurer.

They are running to replace Robin Wiessmann, who agreed not to seek election to a full term when she was nominated to fill the remaining two years of Robert P. Casey's term after he was elected to the U.S. Senate.

While the state treasurer traditionally has been a low-profile office, it has the important responsibility of serving as custodian of funds for virtually all agencies, amounting to roughly $105 billion. The treasurer also sits on the boards overseeing the state's two huge public pension funds and numerous other boards. In addition, the treasurer carries out an extensive list of other duties, including overseeing the Pennsylvania College Savings Program.

The current financial crisis and the uncharted economic territory in which the commonwealth and nation are headed lend greater weight to the financial acumen and judgment of the individual serving as treasurer.

Ellis, of Montgomery County, is a bond attorney who has served as both a township and county supervisor. In both his public and private positions he has considerable experience working on financial matters with local governments and municipal authorities. He is a graduate of the University of Pennsylvania and its law school.

McCord, also of Montgomery County, recently retired as head of a venture capital fund that invested in early-stage life-science and information technology firms, managing more than $1 billion in assets. While this is his first run for public office, he has previous government experience as an aide to former U.S. Sen. Al Gore and former Pennsylvania Rep. Bob Edgar. He is a graduate of Harvard University and has an MBA from the University of Pennsylvania's Wharton School of Business.

Both men impressed us with their understanding of the office, public finance and their desire to make the office better than it already is. Either would be a fine treasurer.

But in our view, McCord's expertise as an investment professional gives him the edge at a time when such knowledge seems especially important. The Patriot-News endorses Rob McCord for state treasurer.

Source: http://nl.newsbank.com/nl-search/we/Archives?p_action=doc&p_docid=123F8F...