Elizabeth Steiner, Jeff Gudman running in Democratic primary for Oregon treasurer

This is part of a series of stories on the candidates running in the May 21 primary election. Ballots will be mailed to voters May 1.

Two Democrats are vying for their party's nomination for state treasurer in the May 21 primary election: state Sen. Elizabeth Steiner from Portland and former Lake Oswego City Councilor Jeff Gudman.

Tobias Read, who has been treasurer since 2017 and is barred from reelection by term limits, is running for secretary of state.

Steiner became a lawmaker in 2011 and has become one of the top budget writers, serving as co-chair of the Joint Ways and Means Committee since 2018. She’s also a physician and professor at Oregon Health and Science University.

Steiner said she first ran for office because she believed Oregon could be the healthiest state in the nation. “I still believe that’s true and that’s exactly why I’m running for State Treasurer,” she said.

“Serving as Oregon Treasurer would be a continuation of my legislative responsibilities and skills, including managing large sums of money, holding state agencies accountable, and finding new ways to keep Oregonians healthier and more financially stable,” Steiner said.

Financial analyst Gudman is running for Oregon treasurer for the third time, but his first as a Democrat. He previously faced Read in the 2020 and 2016 elections as a Republican. He was a city councilor in Lake Oswego from 2011 to 2018 and chaired the city's budget committee.

He said he was compelled to run for office to use his experience "to improve and assist Oregon."

The winner will face state Sen. Brian Boquist, R-Dallas, the only Republican running. Boquist is barred from running for reelection in the Oregon Senate after participating in the 2023 legislative walkout and triggering Measure 113, a voter-approved measure punishing lawmakers for having 10 or more unexcused absences.

The Statesman Journal asked the candidates the same questions about their candidacy. This is what they had to say.

Why are you the best candidate for state treasurer?

Steiner said she is the best candidate for state treasurer because she has an “in-depth understanding of effective strategies in state government” and strong relationships with the governor, Read, and stakeholders across Oregon.

“My work in the legislature has given me a strong understanding of our public employee retirement system, the challenges facing the pension fund, the strategies behind bond issuance and protecting our credit rating, and the value of the savings programs the Treasurer also manages in improving the lives of Oregonians,” Steiner said.

She said her proudest achievements in the legislature included raising the minimum age to purchase tobacco to 21, creating a home visiting program for families welcoming babies, requiring employers to share information about the Earned Income Tax Credit and adding a financial literacy curriculum to high schools.

Gudman said his professional and civic experience makes him the best candidate. Running for office, he said, is a responsibility and opportunity to “fix” a government system toward the betterment of Oregon and Oregonians.

"Policies must be pursued that are fair to all Oregon residents," he said.

"I think that many of us, when we see what is upside-down with the government today, feel the urge to do something to fix it; I am privileged to have the experience and means to try and fix it by running for office, and I take that as a responsibility just as much as an opportunity," Gudman said.

What do you consider the most important function of Oregon state treasurer?

Gudman said "investment management" is the top priority of the treasurer and "almost belies" the importance of a "smoothly-working cash management system or debt management division."

He said he hoped to provide “unvarnished, fact-based reviews” of the state’s financial landscape.

He said there was a disconnect between the legislature touting record K-12 funding while the Portland Association of Teachers pointed to underinvestment in Oregon schools.

“It’s a confusing proposition; if we’re seeing record funding, why do we feel like our schools are still underfunded?" Gudman asked.

He said the treasurer should "hold the Legislature to account when we see such vital investments slipping away" and "not be complicit in sugar-coating these financial figures to the point where our goals (additional K-12 funding) are made less clear.”

Gudman said he would apply that principle to everything under the purview of the office, including PERS funding, the state’s cash management infrastructure and investment costs.

Steiner said as treasurer, her key responsibility would be achieving financially healthier outcomes for Oregonians.

“The primary role of the Treasurer is protecting the retirement funds of those who have served our great state. I believe there are certain changes we can make to reduce the unfunded liability of our pension fund and ensure Oregon meets its pension obligations to state employees while investing according to Oregon values,” she said.

Steiner said she also considers the state College Savings Program “underutilized” and would make enrolling more Oregon kids into the College Savings Plan one of her top priorities.

"Additionally, I’m committed to implementing the framework Treasurer Read has introduced to achieve net zero carbon emissions in the public retirement fund portfolio by 2050,” she added. “It’s important we strike a balance between protecting retirement funds and doing more to combat the climate crisis.”

How would you approach managing that function?

Steiner said she would oversee the investment of the state's portfolio "according to Oregon values" and would place stronger guidelines for fund managers hired to the office to follow through on Read's net zero plan and COAL Act introduced during the 2024 legislative session.

She said she also is committed to expanding and improvising the current savings programs offered by the state treasury.

Gudman highlighted a platform centered around defending pension commitments for public employees, taking “real, meaningful steps” on climate change through corporate governance, rationalizing the state’s infrastructure priorities, establishing a bipartisan plan around kicker revenues redirection, transparency around the investment process, changing tax structures that “incentivize undeveloped infill lots” and “throttle housing, and exploring debt buyback options to cut the state's borrowing costs."

Gudman also said he would plan on moving away from "unilateral decision making” by the treasurer to a model where the treasurer is a “convener of myriad voices” by creating and expanding governing bodies or panels, such as creating a Land Board Assistant or Board of Education delegate.

“We can bring more voices and more experiences to the decision-making process and create a State Treasury that is held more accountable and better reflective of all Oregon,” Gudman said.

Are there any immediate changes you would implement as Treasurer?

Gudman said he was committed to formalizing a transparent advisor process within the office to bring diverse experiences and perspectives.

"In the investment world, a non-diversified investment is an unacceptable risk and can lead to financial stagnation or lack of growth," he said.

Steiner said she is committed to implementing a baby bond program “to help Oregon families save for their children’s future” and to bring together the savings programs offered by the State Treasurer’s office into one platform such as a website or app to increase the use and accessibility of the programs.

“In addition, I intend to begin stakeholder outreach with communities of faith, labor unions, parent-teacher organizations, and other interested parties in order to create a robust adult financial literacy program," she added.

"Finally, I’ll work in conjunction with the legislature to ensure that the Treasury has the staff capacity it needs to undertake the job of implementing the Net Zero Plan. The payoff for these programs is long-term, but the sooner we can get them up and running, the faster we can create a better future for our children and grandchildren," Steiner said.

Dianne Lugo covers the Oregon Legislature and equity issues. Reach her at dlugo@statesmanjournal.com or on Twitter @DianneLug

This article originally appeared on Salem Statesman Journal: Election 2024: Democratic candidates in Oregon treasurer race