1 year ago
33
Photo caption: Former Congressman John Fleming, financial adviser Dustin Granger and state Rep. Scott McKnight are all running to replace John Schroder as state treasurer. Headshots courtesy Louisiana Illuminator.
Two Republicans and one Democrat signed up Tuesday to run for state treasurer of Louisiana, a position with limited authority that has nevertheless catapulted people such as John Kennedy and Mary Landrieu to more prestigious elected offices.
Former Congressman John Fleming of Minden and state Rep. Scott McKnight, of Baton Rouge are Republicans. Financial adviser Dustin Granger from Lake Charles is a Democrat.
Fleming likely has the most name recognition headed into the election. The physician was a member of Congress representing northwest Louisiana from 2009 to 2017, when he joined former President Donald Trump’s administration. The state Republican Party also recently endorsed him over McKnight in this election.
But McKnight’s campaign had more than twice as much money in the bank than Fleming’s as of the beginning of July. During a press conference Tuesday after qualifying for the election, the state representative said he’s also the most experienced candidate in the race because he has a 25-year background in finance.
McKnight is vice president and director of business development at Cadence Insurance.
The Louisiana treasurer oversees billions of dollars of funds for the state government though, unlike a legislator or the governor, ultimately has little say over how that money is spent. The position is largely administrative.
Nevertheless, Granger also trumpeted his expertise with money as a personal financial adviser.
“The treasurer is the financial adviser for the state,” he said. “This is what I’ve been doing for the past 20 years.”
The three candidates have differing opinions on whether social and environmental policies should be a factor when selecting contractors for state business.
Attorney General Jeff Landry, the Republican frontrunner in the governor’s race, has repeatedly put pressure on state leaders to cut ties with banks and financial institutions that prioritize green energy investments and favor firearm restrictions. State Treasurer John Schroder also pulled state investments from an investment firm over its climate change considerations.
Financial experts have raised concerns that excluding institutions based on their social policies could cost Louisiana more money because fewer firms will be eligible to bid for the state’s business.
Fleming was vague about whether he would support the state doing business with an institution, such as Bank of America, that refuses to work with certain gun sellers.
“We as leaders in Louisiana trying to be elected should weigh in on behalf of our citizens as to whether or not those banks should have access to this marketplace,” he said, adding that the treasurer’s primary concern should be to invest “wisely and with maximum returns.”
McKnight said he believes banks and other financial firms who invest with anything other than financial factors in mind likely aren’t getting the best return possible. Therefore, he doesn’t think it’s wise to work with companies who take into account social and environmental factors.
“Anything that you’ve tried to inject into investment strategy, that is not a financial indicator, it does not perform as well as pure financials,” he said.
Granger, on the other hand, would want to seek out institutions that take climate change and alternative energy investment seriously. He said Louisiana is too dependent on the traditional oil and gas industry and must move toward other kinds of investment.
“I think it’s ridiculous because if you ban doing business with banks who consider climate change, you are banning all banks,” he said. “We’re the number one, most negatively affected state by climate change.”
No other major candidates are expected to run for treasurer, though potential candidates have until 4:30 p.m. Thursday to enter the race. Louisiana’s statewide election takes place Oct. 14, with a runoff election Nov. 18 if necessary.
-
English (US)