Steve McCoy (Georgia)
Steve McCoy is the Georgia Treasurer. McCoy assumed office on August 5, 2020.
Gov. Brian Kemp (R) appointed McCoy on June 7, 2020, and the State Depository Board approved Kemp's appointment on August 5, 2020.[1]
McCoy served as the Georgia treasurer from 2011 to 2019. He was named to the state executive post by Governor Nathan Deal (R) on October 3, 2011, and took office in November 2011.[2] McCoy also served as the state treasurer from 1993 to 1997.[3]
Biography
McCoy obtained a B.B.A. degree in finance from the University of Georgia in 1975 and, later, an M.B.A. from Georgia State University. His career experience includes working for 11 years in investment banking. McCoy served as executive director of the Georgia Environmental Facilities Authority from 1992 to 1993 and began working for the state treasury in 1993.[4][5] McCoy left his position as director of the Office of the Treasury in 1997 to start his own investment firm specializing in advising state and local governments. McCoy managed the firm until 2010, shortly before returning to the state.[2]
Political career
State Treasurer, Georgia (2020-Present)
Gov. Kemp appointed McCoy to serve for a third time as state treasurer on June 7, 2020.
State Treasurer, Georgia (2011-2019)
McCoy served a few months as deputy state treasurer before he was formally appointed to the top office by Gov. Nathan Deal (R) in November 2011. In his capacity as treasurer, he was responsible for the management of approximately $11 billion of state and local government investments and oversight of the state’s banking relationships as well as the Path2College 529 Plan.[2] He served in this position until 2019, when he was succeeded by Lynne Riley.
Director, Office of Treasury & Fiscal Services (1993-1997)
McCoy served as the director of the office of the treasury and fiscal services, since renamed the Office of the State Treasurer, from 1993-1997. As director, he served on the State Depository Board, the Georgia State Financing & Investment Commission, the Employees Retirement System, the Teachers’ Retirement System and the State Properties Commission.
Appointments
2020
In June 2020, Gov. Brian Kemp (R) appointed McCoy to serve as state treasurer.
2011
In October 2011, McCoy was appointed by Gov. Nathan Deal (R) to serve as state treasurer, a nonpartisan executive post in the state government of Georgia.[2] Prior to assuming office in November 2011, McCoy had served as deputy state treasurer and chief investment officer of Georgia since August 2010.
Issues
ESG
| Environmental, social, and corporate governance |
|---|
|
| Select a topic from the dropdown below to learn more. |
McCoy took positions in opposition to the Environmental, social, and corporate governance (ESG) movement.
State financial officers, including treasurers, auditors, and controllers, are responsible for auditing other government offices, managing payroll, and overseeing pensions. In some states, certain SFOs are also responsible for investing state retirement and trust funds.
Pro-American Energy Letter to President Biden (April 2022)
In April 2022, McCoy and 26 other state financial officers signed an open letter to President Joe Biden (D) criticizing his administration for promoting an ESG agenda and enacting policies that “thwart the vitality of American energy production.”[6] The letter said Biden had cancelled the Keystone XL pipeline, disallowed new oil and natural gas leases on federal lands, stopped drilling projects in Alaska, and imposed “anti-oil and gas rulemaking from the highest levels of government.”[6]
The letter said: “Instead of asking Americans to purchase electric vehicles—which is simply not an option for a great number of American families—government leaders should eliminate barriers to and expand development of these critical resources, bringing down the price of gas at the pump. Most Americans cannot afford to purchase an electric vehicle or equip their home with a full set of solar panels, and many in rural America need traditional fuel to run the trucks that service their farms and help feed their communities.”[7]
Letter regarding Municipal Securities Rulemaking Board ESG rules (March 2022)
In March 2022, McCoy and 22 other state financial officers signed an open letter to the Municipal Securities Rulemaking Board (MSRB) objecting to the board’s decision to issue a “Request for Information on Environmental, Social and Governance (ESG) Practices in the Municipal Securities Market.” In December 2021, the MSRB sent a letter to participants in the municipal securities market, questioning the recipients about their use of ESG criteria and their opinions regarding the propriety of using ESG criteria.[8][9]
The letter said: “The seemingly innocuous RFI questions are actually precursors to MSRB rules that would require municipalities to make ESG-related disclosures." The 23 state financial officers said the MSRB was seeking “information that is useful for one purpose and one purpose alone: transgressing Congress’s ban on requiring disclosures from municipal issuers or regulating their content.”[10]
See also
External links
Footnotes
- ↑ Office of the State Treasurer, "State Depository Board Approves Appointment of Steve McCoy as State Treasurer," August 5, 2020
- ↑ 2.0 2.1 2.2 2.3 Georgia Governor, "Deal names state treasurer, deputy state treasurer," October 3, 2011
- ↑ Georgia State Financing and Investment Commission, "Steve McCoy, State Treasurer," accessed November 30, 2021
- ↑ Georgia Building Authority, "Steve McCoy," accessed January 18, 2013
- ↑ University of Georgia Magazine, “Class Notes,” March 2012: Vol. 91, No. 2
- ↑ 6.0 6.1 State Financial Officers Foundation, “Letter to President Joe Biden,” April 5, 2022
- ↑ State Financial Officers Foundation, “Letter to President Joe Biden,” April 5, 2022
- ↑ State of Utah, Letter to Municipal Securities Rulemaking Board (MSRB) Re: Request for Information on Environmental, Social and Governance (ESG) Practices in the Municipal Securities Market (2021-17), March 8, 2022
- ↑ Cadwalader Wickersham & Taft LLP, “Memo regarding MSRB Requests Information on ESG Practices,” December 8, 2021
- ↑ State of Utah, Letter to Municipal Securities Rulemaking Board (MSRB) Re: Request for Information on Environmental, Social and Governance (ESG) Practices in the Municipal Securities Market (2021-17), March 8, 2022
| Political offices | ||
|---|---|---|
| Preceded by - |
Georgia Treasurer 2020-Present |
Succeeded by - |
| Preceded by - |
Georgia Treasurer 2011-2019 |
Succeeded by - |
| Preceded by - |
Georgia Deputy Treasurer 2010-2011 |
Succeeded by - |
| Preceded by - |
Georgia Director Office of the Treasury and Fiscal Services |
Succeeded by - |
.svg.png){kind=small}
