The state treasurer of New Mexico is an elected 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

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 ...

New Mexico ) , population_demonym = New Mexican ( es, Neomexicano, Neomejicano, Nuevo Mexicano) , seat = Santa Fe , LargestCity = Albuquerque , LargestMetro = Tiguex , OfficialLang = None , Languages = English, Spanish ( New Mexican), Navajo, Ker ...

. Thirty individuals have held the office of state treasurer since statehood. The incumbent is Tim Eichenberg, a

Democrat Democrat, Democrats, or Democratic may refer to: Politics *A proponent of democracy, or democratic government; a form of government involving rule by the people. *A member of a Democratic Party: **Democratic Party (United States) (D) **Democratic ...

who took office on January 1, 2015 after being elected on November 4, 2014.

Eligibility and term of office

No person may be elected state treasurer other than a United States citizen of at least 30 years of age who has resided continuously in New Mexico for five years preceding the election. The state treasurer is elected to a four-year term and is able to serve up to two consecutive terms; more terms may be served after one full term has intervened.

Powers and duties

In New Mexico, the state treasurer serves as the chief banker and investment officer of the state. As such, the state treasurer provides cash management to state agencies,

invests Investment is the dedication of money to purchase of an asset to attain an increase in value over a period of time. Investment requires a sacrifice of some present asset, such as time, money, or effort. In finance, the purpose of investing is ...

the state agency and local government investment pools, and administers New Mexico's ABLE and retirement savings programs. The state treasurer also chairs the State Treasurer's Investment Committee and is an ex officio voting member of the Capitol Buildings Planning Commission, the Educational Retirement Board, the New Mexico Educational Assistance Foundation, the New Mexico Martin Luther King, Jr. Commission, the New Mexico Mortgage Finance Authority, the New Mexico Retiree Health Care Authority, the New Mexico Small Business Investment Corporation, the Public Employees Retirement Association, the Renewable Energy Transmission Authority, the State Board of Finance, and the State Investment Council. These bodies manage public pensions, invest New Mexico's permanent funds, issue state debt, provide financing for various economic development programs, and supervise the state's financial affairs, among many other responsibilities.

History of corruption

The Office of the State Treasurer has been the subject of multiple corruption charges in recent decades. In 1975, Treasurer Jesse D. Kornegay pleaded guilty to perjury charges and served time in

federal prison A federal prison is operated under the jurisdiction of a federal government as opposed to a state or provincial body. Federal prisons are used for convicts who violated federal law (U.S., Mexico), inmates considered dangerous (Brazil), or those s ...

. Again in 1985, Treasurer Earl Hartley pleaded guilty to malfeasance in office related to the diversion of funds from a treasurer's conference to his personal account. His deputy, Ken Johnson, was also arrested in December 1984 and pleaded guilty in 1985 to extortion. Hartley resigned from the office in 1985 and was succeeded by James B. Lewis, an appointee of Governor

Toney Anaya Toney Anaya (born April 29, 1941) is an American politician and attorney who served as the 26th governor of New Mexico from 1983 to 1987. Early life and career Anaya was born on in Moriarty, New Mexico. He earned a Bacheor of Arts degree from ...

. Treasurer David King testified against one of his office's division managers, Joseph O. Garcia, who was charged with bribery of a public official after offering King a bribe for investment activities. Later in 2005, Treasurer Michael A. Montoya pleaded guilty to federal charge of extortion, and in 2007 he also pleaded guilty to a state charge of racketeering. A Democrat, he served four years in prison. Most recently in 2006, Treasurer Robert E. Vigil was convicted of one count of attempted extortion and was acquitted of 23 counts of extortion and racketeering with regard to the investment of state funds. He served time in Federal prison. Robert E. Vigil was a protege of Michael A. Montoya.

Robert Vigil Robert E. Vigil (born October 26, 1953) is an American politician from the U.S. state of New Mexico. He was twice elected New Mexico State Auditor, serving from 1991 to 1998 and was New Mexico State Treasurer from 2003 until his resignation on Oc ...

resigned in December 2005 and was succeeded by Doug Brown, who was appointed by Governor

Bill Richardson William Blaine Richardson III (born November 15, 1947) is an American politician, author, and diplomat who served as the 30th governor of New Mexico from 2003 to 2011. He was also the U.S. Ambassador to the United Nations and Energy Secretary ...

Eligibility and term of office

Powers and duties

History of corruption

List of State Treasurers

Notes

References

External links