State Treasurer Rob McCord submits resignation to Gov. Wolf
HARRISBURG (WPMT)-State Treasurer Robb McCord submitted a letter of resignation to Governor Tom Wolf on Thursday.
The resignation is effective at 5 p.m. on Thursday, February 12.
In a news release, Treasurer McCord noted that he is leaving the office to return to the private sector. According to a report by the Philadelphia Inquirer, McCord is currently under federal investigation. Investigators have been asking question about McCord’s campaign-related actions in recent months, the report stated.
McCord appointed Treasury Chief Counsel Christopher Craig to serve as acting Treasurer until Governor Wolf nominates a successor who is confirmed by the Senate and assumes the office.
In a news release announcing his resignation, McCord noted the accomplishments of the past six years. He specifically noted the following:
- Eliminated the prior $400 million unfunded liability within Pennsylvania’s College Tuition Account Guaranteed Savings Program;
- Significantly grown the amount of abandoned property remitted to the Commonwealth as well as the amount returned to the rightful owners;
- Increased the amount of improper payments identified and blocked by the Bureau of Fiscal Review, saving the Commonwealth more than $500 million during my tenure;
- Created a periodic short-term lending initiative to the Capital Fund which has achieved millions in savings;
- Protected the prerogative of the State Treasurer to actively oversee deliberations of the Pennsylvania Gaming Control Board;
- Reformed the operations of the Commonwealth’s tax appeals process to create increased transparency and independence (Bureau of Finance and Revenue);
- Expanded the number of innovative Treasury programs that help Pennsylvanians save money, afford higher education, upgrade their homes, or prepare for retirement;
- Modernized an antiquated 1970s-era information technology system that was at risk of failure, with a massive upgrade project that came in 20 percent under budget; and
- Successfully prevented the diversion of the NCAA’s $60 million fine against Penn State, ensured that the funds will be used for child abuse prevention programs exclusively within the Commonwealth.
“I leave knowing I have accomplished my main goals,” McCord continued. “When I came to Pennsylvania’s Treasury in 2009, I saw a financial crisis and many areas where we could do a far better job for the taxpayers. We have done that.”
“I thank him for his tremendous service, commitment and dedication and wish him well in his new endeavors,” said Governor Wolf.