Tom Demmer: 2022 candidate for Illinois Treasurer
Bio
Party: Republican
Office sought: Illinois Treasurer
City: Dixon
Age: 36
Occupation: Member of the Illinois General Assembly (IL-90) AND Director of Strategy and Innovation (currently on temporary, unpaid leave of absence)
Previous offices held: Lee County Board Member
Q&A
Q: How efficiently do you think the treasurer's office operates currently. What, if anything, would you do to streamline the office?
A: Several inefficiencies can be resolved by merging the Treasurer and Comptroller offices. Creating one fiscal office would reduce office space and streamline operations.
It will also enhance accountability by establishing a single fiscal officer. For instance, the Auditor General, twice, cited the Treasurer with a material finding for having insufficient internal controls which resulted in the understatement of $1.6B. The Treasurer blamed the Comptroller without much explanation. Consolidation ensures accountability falls in one office.
I am also concerned about the efficient use of funds for 1 E. Old State Capitol Plaza. After procurement, the Treasurer allocated $5M to the Capitol Development Board for renovations. It is unclear what estimates were conducted to renovate the existing office or if any comparable property reviews were conducted to identify a more cost-effective option.
If elected, I will ensure due diligence is performed on any large projects in a transparent manner
Q: What experiences and qualifications have prepared you for success in this office?
A: Since 2013, I have served in the Illinois General Assembly focusing on budget and fiscal issues. I have grown within the legislature to become the Chief Budget Negotiator for the House Republicans and the Deputy Minority Leader.
My career has been guided more by my belief in the people of Illinois than by party politics. I have worked across the aisle to eliminate regulations and taxes that have a disproportionate burden on the most disadvantaged.
For example, affordable housing is an issue that impacts both rural and urban areas and Democrats and Republicans alike. During the pandemic, rising property taxes and economic uncertainty made these problems worse. I teamed up with Reps. Delia Ramirez (D), Barb Hernandez (D) and Mike Zalewski (D) to introduce legislation to provide low-income housing developers a tax credit for the construction of affordable homes.
As Treasurer, I will use my experience and relationships on both sides of the aisle to fight for Illinois families.
Q: How aggressive should the treasurer be in managing the state's money? What, if anything, needs to be changed in this process?
A: The Treasurer must be aggressive focusing on accountability and transparency to build confidence and drive a successful investment strategy.
If elected, I will review existing contracts with fund managers and investment consultants to evaluate: the performance of managed funds relative to market trends; and fee structures of paid contractors.
I will ensure portfolio standards are aligned with industry benchmarks and adopt internal review systems to ensure manager and portfolio performance is regularly evaluated.
As Treasurer, I will provide continual communication with Illinois residents that goes beyond perfunctory newsletters and postings of financial statements. When many near-college students experienced 10%+ losses in their college savings during the recent market downturn, Treasurer Frerichs was silent. I will improve communications with Bright Start families, many of whom are saving for college and may not have the time or financial literacy to monitor their investments.
Q: Should the comptroller's and treasurer's offices be combined? Why or why not and if so, how?
A: Following the legacy of Judy Baar Topinka, I support consolidation. In 2015, I was an original co-sponsor of HJRCA 3 to merge the offices. In 2019, and again this year, I introduced legislation to do the same.
My position is simple: modern technology and state auditing laws have improved to where having separate offices creates costly redundancies that do not improve accountability.
The issue is now one of leadership. In 2011, Comptroller Topinka and Treasurer Rutherford led a bipartisan initiative in the General Assembly to merge the offices that stalled in the House.
Since his inauguration in 2015, instead of working to build on that momentum, Treasurer Frerichs has been absent from the conversation. He has been willing to use his position to advocate for tax increases, touring Illinois in support of the progressive income tax, but not for consolidation.
As your Treasurer, I will lead on consolidation and work across the aisle to bring this before the voters of Illinois