HARRISBURG, Pa., Nov. 9, 2016 /PRNewswire/ -- Pennsylvania Treasurer Timothy A. Reese today offered his congratulations and support to Treasurer-elect Joe Torsella while pledging the full cooperation of the Treasury Department during the transition period leading up to Torsella's January swearing in.
"On behalf of all of Pennsylvania's residents, I congratulate Joe for his election victory and for being chosen by Pennsylvania voters to safeguard and protect the state's financial assets. I am confident he will serve the commonwealth well and that our state will benefit from his guidance during the next four years," Reese said.
The Pennsylvania Treasury is an independent department of state government charged with safeguarding and managing the state's public funds. The Treasurer serves as custodian of the funds for virtually all state agencies. These funds total more than $100 billion and include the unclaimed property program with approximately $3.1 billion and nearly $4 billion for the PA 529 College Savings Program. Treasury annually processes more than 20 million payments worth approximately $90 billion.
Reese, who did not run for re-election, became treasurer in June 2015 and is the first African American to hold one of Pennsylvania's statewide independent offices. As Treasurer, he has focused on revitalizing and strengthening the department and leveraging its assets and expertise to positively impact Pennsylvania's economy. Key priorities include Treasury University, an internal training program; the Small Business Initiative, a series of workshops that provide small businesses with the information and networks they need to grow; a $500 million emerging managers program that leverages innovative and diverse investment strategies; and, a $100 million impact investment program that will support Pennsylvania-based housing, infrastructure and small business projects.
"It has been a distinct honor and pleasure to serve the people of Pennsylvania as state treasurer," Reese said. "Joe will be leading and working alongside a dedicated team at Treasury, and I look forward to working with him over the next two months to ensure a smooth transition."
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SOURCE Pennsylvania Treasury