Cynthia Kaump's Plan for the Wisconsin Office of the State Treasurer
Cynthia Kaump served as both a consultant and Director for the Wisconsin Office of the State Treasurer spanning the terms of three State Treasurers. She tirelessly advocated publicly and legislatively more than a decade to make the State Treasurer's office what the people of Wisconsin deserve. You made it clear April 3rd, 2018 when 61% of you overwhelmingly rejected an amendment to eliminate this office, you want a formidable constitutional officer with real power to act as the state's financial guardian. Wisconsin wants to stop the gradual stripping of powers from six statewide constitutional offices and seeing those powers placed under only two such offices (that of Governor and Attorney General). Wisconsin wants a Treasurer who will be effective, responsible, and independent. Cynthia Kaump is that person. She has the plan to restore and expand this office as you demand.
Here is her plan:
DUTIES & PROGRAMS TO RESTORE
BUDGET Kaump will work tirelessly with legislators to shape the next biennial budget enabling the Office of the State Treasurer to once again function as it should for you.
RETURN UNCLAIMED PROPERTY PROGRAM Kaump will seek to have the Unclaimed Property Program returned to the Office of the State Treasurer. Constitutionally, the State Treasurer is the assigned officer in Wisconsin to manage the roughly half a billion dollar fund comprised of money turned over to the state and belonging to real people. It was transferred to the Department of Revenue (an agency overseen by the Governor’s office) in 2013.
BANKING CONTRACT Kaump will insist the banking contract be held by an institution headquartered here in Wisconsin, thus keeping your money in your state.
RETURN EDVEST PROGRAM The State Treasurer should once again manage and streamline Edvest. That is Wisconsin’s 529 college savings program known historically to outperform many other 529 programs in the U.S. It was transferred to the Department of Administration (an agency overseen by the Governor’s office) in 2011.
RETURN CASH MANAGEMENT DUTIES Kaump believes the “cash management” of the state (state employee payroll and accounts payable systems) must be returned to the Office of the State Treasurer. This responsibility was moved to the Department of Administration (an agency overseen by the Governor’s office) in 2003.
RETURN LGIP PROGRAM Kaump would also push for the return of the Local Government Investment Pool (LGIP) to the Office of the State Treasurer. LGIP supports some 1,300 Wisconsin municipalities through investing and reporting practices.
MODERNIZE ALL SYSTEMS Kaump will streamline and modernize all systems used to support these programs which were once housed in the Office of the State Treasurer.
DUTIES & PROGRAMS TO EXPAND OR CREATE
FINANCIAL LITERACY Kaump believes the Office of State Treasurer has an obligation to assure every child in Wisconsin knows the basics of tax preparation and personal financial management. She would build upon the children’s financial literacy program she started in 2012 during her tenure at the Office of the State Treasurer to assure that happens.
WASTE, FRAUD & ABUSE Kaump will seek to expand upon an existing “Waste, Fraud and Abuse” committee making it an actual state program with an investigative unit armed with the power to launch audits inside and outside government.
HELP VICTIMS OF CRIMES Kaump would seek legislative support to create a fund payable to all 72 district attorney offices in the state to support victims of crimes. The fund would be supported by interest earned from unclaimed property money earmarked for existing “Jane or John Does” in the state’s database.
SERVE ALL WISCONSINITES Kaump will be the most effective and cost-efficient messenger for how the Treasurer can materially help the people of Wisconsin through expanded outreach of all its programs while developing new programs to benefit all citizens including women of color, underprivileged children and our veterans.
OVERHAUL DEPARTMENT OF REVENUE Kaump will work with legislators and all constitutional officers to overhaul the Department of Revenue so it no longer under-performs and costs less to operate under the watchful eye of your elected financial guardian, rather than an appointee of the state's Governor.