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Treasury officials outline SB 5542 budget and say agency is 'entirely other funds'
Summary
Treasury leaders told the General Government Subcommittee that Senate Bill 5542 is the primary appropriations bill for the State Treasurer, that the agency is funded entirely from other funds (investment fees and program revenues), and that its work manages billions in assets and transactions. Officials highlighted requests for limited position
The General Government Subcommittee opened an informational review of Senate Bill 5542 — the primary appropriations bill for the State Treasurer — on April 2, hearing an overview from Treasurer Elizabeth Steiner and Deputy Treasurer George Naughton on the agency’s structure, funding and the scale of assets it manages.
"Oregon Treasury is in excellent shape," Treasurer Elizabeth Steiner said, and emphasized she and Deputy Treasurer Naughton chose to have division directors present details because "they know their work better and their teams better than we ever could." The treasurer noted the agency is funded entirely from other funds—fees and earnings tied to the assets it manages—so the governor does not submit a general-fund recommendation for Treasury’s budget.
Deputy Treasurer George Naughton summarized scale: Treasury manages roughly $141 billion in investments, acts as the state’s banker for tens of millions…
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