The State Treasurer of Wisconsin is a constitutional officer in the

executive branch The Executive, also referred as the Executive branch or Executive power, is the term commonly used to describe that part of government which enforces the law, and has overall responsibility for the governance of a State (polity), state. In poli ...

of the

government A government is the system or group of people governing an organized community, generally a state. In the case of its broad associative definition, government normally consists of legislature, executive, and judiciary. Government is a ...

of the

U.S. state In the United States, a state is a constituent political entity, of which there are 50. Bound together in a political union, each state holds governmental jurisdiction over a separate and defined geographic territory where it shares its sover ...

Wisconsin Wisconsin () is a state in the upper Midwestern United States. Wisconsin is the 25th-largest state by total area and the 20th-most populous. It is bordered by Minnesota to the west, Iowa to the southwest, Illinois to the south, Lake M ...

. Thirty-six individuals have held the office of State Treasurer since statehood. The incumbent is

Sarah Godlewski Sarah Ann Godlewski (born November 9, 1981) is an American businesswoman and politician serving as the 31st secretary of state of Wisconsin since March 2023. She was previously the 36th state treasurer of Wisconsin (2019–2023). Godlewski ...

, a

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Election and term of office

The State Treasurer is elected on

Election Day Election day or polling day is the day on which general elections are held. In many countries, general elections are always held on a Saturday or Sunday, to enable as many voters as possible to participate; while in other countries elections ar ...

in November, and takes office on the first Monday of the next January. There is no

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to the number of terms a State Treasurer may hold. From 1848 to 1968, the State Treasurer was elected to a two-year term in the November general election. Since 1970, following ratification of a constitutional amendment in April 1967, the State Treasurer has been elected to a four-year term. In the event of a vacancy in the office of the State Treasurer, the

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may appoint a replacement to fill the remainder of the term. The State Treasurer may be removed from office through an impeachment trial.

Powers and duties

In Wisconsin, the State Treasurer is the chief banker of state government, signing checks, share drafts, and other drafts drawn on state funds and disbursed by the Department of Administration; this role extends to the State Investment Fund and the Public Employee Trust Fund, which are managed by independent state agencies. The State Treasurer also makes certified copies of deeds, bonds, and other documents filed with his or her office and promotes Wisconsin's unclaimed property program. Furthermore, the State Treasurer assists in the administration of the County Mining Investment Fund and receives and deposits payments for certain Great Lakes fisheries-related surcharges into the Conservation Fund. Occasional functions performed by the State Treasurer include approving the amounts and sureties filed with the Department of Administration in connection to the Department of Revenue's receipt of paid income and franchise taxes, receiving payments from the Banking Division in connection with liquidation proceedings of banks, acknowledging the satisfaction and discharge of certain mortgages involving the state, and conducting training conferences for municipal clerks and treasurers. Aside from the office's functional responsibilities, the State Treasurer is a member of the Board of Directors of the Insurance Security Fund and of the Board of Commissioners of Public Lands.

Reduction of powers and office dissolution attempts

Since the 1990s, most duties vested in the State Treasurer's office have gradually been eliminated or transferred to other state agencies. 1995 Wisconsin Act 27 eliminated the office's securities section, which had the responsibility of safekeeping securities purchased by the

State of Wisconsin Investment Board The State of Wisconsin Investment Board (SWIB), created in 1951, is an independent state agency responsible for managing the assets of the Wisconsin Retirement System , the State Investment Fund (SIF), and other state trust funds. , SWIB managed $ ...

. 1997 Wisconsin Act 27 transferred the Division of Trust Lands and Investment to the

Wisconsin Department of Administration The Wisconsin Department of Administration (DOA) is an agency of the Wisconsin state government which provides a range of services and programs, from operations, technology, and logistical support for the state, to assistance programs for low-inco ...

. Most notably, 2003 Wisconsin Act 33 transferred the

cash In economics, cash is money in the physical form of currency, such as banknotes and coins. In bookkeeping and financial accounting, cash is current assets comprising currency or currency equivalents that can be accessed immediately or near-imm ...

and debt management functions of the State Treasurer's office to the Department of Administration. Moreover, 2011 Wisconsin Act 32 transferred the state's version of a

529 plan 5 (five) is a number, numeral and digit. It is the natural number, and cardinal number, following 4 and preceding 6, and is a prime number. It has attained significance throughout history in part because typical humans have five digits on eac ...

, known as EdVest, to the Department of Administration. The same act also transferred the Local Government Investment Pool and corresponding management services functions to the Department of Administration. Later, 2013 Wisconsin Act 20 transferred the State Treasurer's Unclaimed Property Program to the

Wisconsin Department of Revenue The Wisconsin Department of Revenue (DOR) is an agency of the Wisconsin state government responsible for the administration of all tax laws, as well as valuing property and overseeing the wholesale distribution of alcoholic beverages and enforc ...

. As a result of these interagency transfers, the office of State Treasurer in Wisconsin is institutionally the weakest directly elected member of the National Association of State Treasurers, according to state-by-state analyses published by the Council of State Governments, and the only

state treasurer In the state governments of the United States, 48 of the 50 states have the executive position of treasurer. New York abolished the position in 1926; duties were transferred to New York State Comptroller. Texas abolished the position of Texas ...

nationwide not responsible for cash management. On October 27, 2015, the

Wisconsin State Assembly The Wisconsin State Assembly is the lower house of the Wisconsin Legislature. Together with the smaller Wisconsin Senate, the two constitute the legislative branch of the U.S. state of Wisconsin. Representatives are elected for two-year terms, ...

approved an amendment to the

Wisconsin Constitution The Constitution of the State of Wisconsin is the governing document of the U.S. State of Wisconsin. It establishes the structure and function of state government, describes the state boundaries, and declares the rights of state citizens. The ...

to abolish the State Treasurer's office, Assembly Joint Resolution 5 (AJR 5), with 63 "yea" votes and 33 "nay" votes. The

Wisconsin State Senate The Wisconsin Senate is the upper house of the Wisconsin State Legislature. Together with the larger Wisconsin State Assembly they constitute the legislative branch of the state of Wisconsin. The powers of the Wisconsin Senate are modeled after t ...

approved AJR 5 on January 20, 2016. The first approval of the amendment was enrolled on March 15, 2016. Because this measure was approved by both chambers of the

Wisconsin State Legislature The Wisconsin Legislature is the state legislature of the U.S. state of Wisconsin. The Legislature is a bicameral body composed of the upper house, Wisconsin State Senate, and the lower Wisconsin State Assembly, both of which have had Republ ...

, the Wisconsin Elimination of State Treasurer Amendment was placed on the 2018 spring general election ballot on April 3, 2018. The referendum was defeated, with 62% of voters statewide choosing to retain the office with a "no" vote against amending the constitution to eliminate the office.

List of state treasurers

This is a list of state treasurers of Wisconsin.

Notes

References

External links

Wisconsin Board of Commissioners of Public LandsWisconsin Insurance Security Fund
{{Wisconsin constitutional officers Lists of Wisconsin politicians State treasurers of Wisconsin