SALT LAKE CITY — David C. Damschen was sworn in Wednesday as Utah’s 25th state treasurer by Utah Supreme Court Justice John Pearce. In remarks, Damschen outlined his vision for the future of the Utah Treasurer’s office.
Highlights include strengthening the management of the State School Fund, which generates non-taxpayer-funded dollars for Utah schools, preserving Utah’s “AAA” bond rating, continuing to save taxpayer dollars through prudent debt management practices and cutting costs by modernizing systems.
Damschen’s swearing-in comes just one day after he joined Gov. Gary R. Herbert to announce the affirmation of Utah’s AAA credit rating.
“As treasurer, I will use my decades of experience to help lead Utah’s team effort in preserving our precious ‘AAA’ bond rating, which takes know-how and constant vigilance,” Damschen said. “I will also continue to save taxpayer dollars through prudent debt management and investment practices.”
Damschen highlighted that last year, the $2 billion State School Fund distributed an all-time high $45 million in non-taxpayer-funded dollars for Utah schools. Damschen will work with fellow board members, the fund’s chief investment officer and the State Board of Education to strengthen and increase the stability of this fund.
Damschen will bring a strong voice of support for the federal and state legislative initiatives that are needed to fully accomplish these goals for the benefit of Utah’s school children of today and tomorrow.
Additionally, in the last year, more than 100 million Americans fell victim to data breaches. Damschen is leading a multi-agency re-bidding he launched of the $1 billion statewide contract for credit card, online and mobile payments that will save taxpayer dollars by reducing the cost of payment processing for both state and local governments. This will also better protect taxpayers against payment data breaches.
As state treasurer, Damschen says he will work diligently to preserve the State’s AAA bond ratings by working with the governor, auditor and state Legislature to implement a debt affordability policy that will provide state government with a better “compass north” for prudent debt management that will not tie policymakers’ hands.
At the event, Lt. Gov. Spencer Cox served as master of ceremonies, while other speakers included State Auditor John Dougall and former State Treasurer Richard Ellis.
Damschen was appointed treasurer Dec. 11, 2015, by Herbert. Prior to this appointment, Damschen served as chief deputy to the office of the Utah State Treasurer for six years (2009-present). As chief deputy, Damschen oversaw the savings of nearly $82 million by expanding the state’s investor base and orchestrating six refinancing transactions.
Prior to the State Treasurer’s Office, Damschen served as the senior vice president and director of American West Bank (2007-2009) and vice president of institutional trust and custody at U.S. Bank (2005-2007).
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