The treasurer is the chief banking official for South Dakota. Along with this important responsibility, the treasurer is tasked with financial wellness education, unclaimed property and keeping your money safe from outside threats.
A key priority in the treasurer’s office is the daily reconciliation of funds and ensuring we have a system that is resilient to outside hacking. It’s important to understand the risk posed by those who wish to steal our money, we must be diligent on a daily basis to defend this method of threat, as it’s real. We must not forget that our accounts are NOT immune to hackers and other bad actors.
Daily reconciliation is critically important, but we need more redundancy in examining our accounts that hold taxpayer dollars. We will work to implement algorithms that can detect abnormal behavior within accounts, along with building stronger partnerships both public and private to have the best security available. It's your money, we owe it to you to protect it.
As of December, South Dakota had nearly $345 million in Unclaimed Property assets. In the six months preceding that the state took in in excess of $70 million in forgotten funds. This is an incredibly important role of the Treasurer’s office. Returning unclaimed property to the citizens it belongs to will be at the forefront of all my service. This money is not the state’s – It is my duty as a public servant to return this money to the citizens it belongs to as urgently as possible.
An important task in the treasurer's office is educating our young people about the importance of sound financial management (check out the treasurer's website to learn more about current programs). This is an area we want to put more emphasis on, as people are starting off their lives with too much debt and not enough in their bank account. When working in the credit counseling field, I worked with people as young as 18 and as old as 80 that were steps away from bankruptcy due to a couple missteps with their money. In many cases, credit card debt, small loans and a lack of understanding of "debt to income ratio" were causes of the problem.
The Bottom Line
"These are just three of the many important responsibilities of this office. I am passionate about the office, this isn't an election about partisan politics for me. It doesn't matter to me what political party you belong to, or if you are a liberal or conservative. My pledge will always be to do what is in the best interest of all South Dakotan's as it relates to the treasurer's office. It's your money and your property." -- Josh