For State Treasurer: Brown

This year California voters are fortunate to have a choice between two major candidates for state treasurer who are both well-qualified. Treasurer Tom Hayes, a Republican, and Democratic challenger Kathleen Brown are financial experts with solid records of public service. Voters would be well-served by either, but we recommend Brown.

The treasurer is California’s chief financial officer. A key responsibility is managing the state’s money, investing about $3 billion a year in revenues that state and local governments collect in an effort to make a maximum return before the funds are spent or disbursed. The treasurer also issues general obligation bonds and sits on the various boards that manage pension funds for state employes.

Hayes was appointed to his post by Gov. George Deukmejian when then-Treasurer Jesse Unruh died in August, 1987. He is a bureaucrat who takes admirable pride in his work and has, by every account, served the state effectively, if quietly. Hayes points proudly to California’s AAA bond rating and the consistently high yields the state earns on its investments.

Brown comes from one of the state’s best-known political families, but has tried not to run for the treasurer’s job on that basis. She has served on Los Angeles’ Board of Education and its public works board and made a career as a finance attorney in both California and New York. While she and Hayes quibble over who could do a better job investing state revenues or selling bonds, their key difference is how they define the treasurer’s responsibilities.

Veteran government official that he is, Hayes sees the job in technical terms--cautious and careful, taking no chances that might hurt the state financially. Brown would do the same, but be more assertive when the state could use its financial clout--trying to persuade a major corporation in which state pension programs own stock, for example, to keep a factory in California. When Hayes objects that trying to affect policy is beyond a financial officer’s duties, Brown replies that is why the treasurer’s post is elected and not appointive.

That’s a persuasive argument on Brown’s behalf. We recommend her to California voters.