www.patreasury.org                                 Contact: Carrie Fischer Lepore at (717) 787-2991
                                                                             news@patreasury.org
                                                                             040-2007

TREASURER WIESSMANN DELIVERS ON HER PLEDGE; LAUNCHES “e-TREASURY PENNSYLVANIA”

Initiative focuses on effectiveness, efficiency and economy of Department operations

HARRISBURG — Delivering on a promise to all Pennsylvanians made during her swearing-in, Treasurer Robin L. Wiessmann today announced the creation of “e-Treasury Pennsylvania,” which includes the formation of two high-level voluntary advisory commissions to advise and make recommendations to the Pennsylvania Treasury Department on issues related to financial asset and productivity management within the Department.

The goal of e-Treasury Pennsylvania is to ensure that the Pennsylvania Treasury Department is employing the best business practices and to make necessary changes in order to increase the effectiveness, efficiency and economy of its operations.  The outcomes will enable the Treasury Department to be exceptionally well positioned to face the future and readily embrace evolving technologies and practices.

In making the announcement, Treasurer Wiessmann said, “I have embarked upon my promise by beginning to research how the functions performed by the Pennsylvania Treasury Department compare to identical functions of other state Treasuries, as well as reviewing the business process practices and functions that our Department currently performs.  I know, however, that the results of my efforts to create e-Treasury Pennsylvania will not be complete without the input of professional expertise related to our functions and business practices.

“Today’s announcement comes during a time of volatility and uncertainty in the financial market, making it more important than ever that we reach out to obtain advice from a broad spectrum of experts on issues concerning investment policy, cash management banking issues and performance monitoring.  It is in our best interest to bridge the divide between the public sector and private industry, as there is much to be learned and gained from collaboration and partnerships that ultimately benefit the same ‘customers,’ Pennsylvania families,” the Treasurer said.

The two Commissions will have separate tasks, goals and issues related to:

• Financial Asset Management, which includes but will not be limited to investment policies, strategies, processes, and governance
• Productivity Management, which includes issues related to integrated information technology, payment processing, receipt processing, personnel practices, customer service, etc.

Members of each Commission, appointed by Treasurer Wiessmann, are recognized experts and leaders in their field.  Commission members include:

Financial Asset Management

• David Warren, Chief Financial Officer, NASDAQ
• Jeffrey Molitor, Principal, The Vanguard Group
• Michael McCarthy, VMAC
• William Luterman, Chief Investment Officer, Brooks Capital Group, LLC
• Orin Kramer, Chairman, New Jersey State Investment Council
• Donna Gilding, Chief Investment Officer, Lowenhaupt Global Advisors
• Peter Gilbert, Chief Investment Officer, Lehigh University
• Lisa Duda, Partner, Stradley Ronon Stevens & Young

Productivity Management

• Arthur Stephens, Deputy to the Chief of Staff, Pennsylvania Governor’s Office
• Joseph Martz, Executive Director, The Board of Directors of City Trusts
• Charisse Lillie, Senior Vice President, Human Resources, Comcast Cable/Vice President, Human Resources, Comcast Corporation
• Dr. Pradeep Khosla, Dean, College of Engineering, Carnegie Mellon University
• Diana Fortuna, President, Citizens Budget Commission of New York
• Edward DeSeve, Senior Lecturer, Fels Institute, University of Pennsylvania
• Charles Brecher, Executive Vice President and Director of Research, Citizens Budget Commission of New York
• Linda Ammons, Dean, Widener University School of Law

Pennsylvania Treasury Department staff will provide the Advisory Commissions with the research they’ve compiled on how the functions performed by Treasury compare to identical functions of other state Treasuries and private industry, and what the best practices are for the business process Treasury currently performs. 

Taking into account the Advisory Commissions’ input, Treasury staff will develop a final report detailing the issues that the Department should address and recommendations on how to implement them. Treasurer Wiessmann will share the final report with the public, along with her plan for implementing the recommended changes.

The Pennsylvania Treasury Department, under the leadership of Treasurer Robin L. Wiessmann, strives to achieve prudent yet competitive market returns for the Commonwealth’s investments, while ensuring that those investments meet the highest fiduciary standards.  Treasury also offers a wide range of programs and services to Pennsylvania families, such as helping to make college possible with the Pennsylvania College Savings Program; returning abandoned and unclaimed property to its rightful owner or heir; and funding energy efficient home improvements through the KeystoneHELP low-interest loan program.  For more information about Treasurer Wiessmann and the Pennsylvania Treasury Department, visit www.patreasury.org.