SOURCE: Pennsylvania Treasury

Pennsylvania Treasury

July 01, 2015 09:02 ET

Timothy A. Reese Confirmed as Treasurer, Commonwealth of Pennsylvania

HARRISBURG, PA--(Marketwired - July 01, 2015) - Timothy A. Reese was confirmed on Friday, June 26th to be the Treasurer of the Commonwealth of Pennsylvania. He was nominated by Governor Wolf in early April to finish out the remaining 19 months left in former State Treasurer Rob McCord's term.

Treasurer Reese provides overall leadership to the Pennsylvania Treasury Department, which is responsible for monitoring and safeguarding money and securities, collecting dividends and interest, executing securities transactions, and handling daily settlements of trades. The Treasury is also responsible for the administration of the unclaimed property program, and the PA529 College Savings Programs. Collectively, the Department serves as custodian of funds totaling nearly $98 billion.

"Tim is a proven leader who brings a strong track record of accomplishment, passion for financial literacy and expertise as a leader, investor and entrepreneur," said Governor Wolf. "I look forward to his leadership as we continue to move Pennsylvania's economy forward."

The Treasurer is the Chair of the Board of Finance and Revenue, which selects banks to serve as state depositories; sets interest rates paid on Commonwealth deposits; and hears and decides state tax appeals. The Treasurer is an ex-officio member of the following: State Employees' Retirement System Board; Public School Employees' Retirement System Board; Pennsylvania Municipal Retirement Board; Delaware River Port Authority; Port Authority Transit Corporation; NY/PA Joint Interstate Bridge Commission; and the Pennsylvania Gaming Control Board.

"It is an incredible honor for me to serve as Treasurer of the Commonwealth of Pennsylvania. I am excited about what lies ahead" said Reese. "My aim is to harness all of my experiences as a leader, investor and entrepreneur and work closely with my staff to develop realistic and practical goals for the next 19 months of my term."

Reese is a seasoned financial executive who has worked in virtually all aspects of finance. He brings more than 20 years of experience as a successful businessman and investor in both venture and private equity deals across start-ups, early-stage and public companies. He holds a B.S. in Electrical Engineering & Electronics Technology from Temple University (1990) and was a Fellow at Temple University Fox School of Business. Reese currently serves on the Board of Advisors for the U.S. Securities & Exchange Commission.

He resides in Montgomery County with his wife, Sara, and three sons.

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