ALBUQUERQUE, N.M. (AP) - New Mexico State Treasurer Tim Eichenberg is facing a challenge from Republican Arthur Castillo as he seeks re-election to a statewide post that usually garners little attention and minimal campaign donations.
The Democratic incumbent in ads airing on the radio even makes light of the obscurity of the office as voters struggle to name him when asked who holds the keys to the state’s checkbook.
It’s a far cry from more than a decade ago when the office was thrust into the spotlight by a political corruption scandal.
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THE OFFICE:
The treasurer’s office is responsible for monitoring state agencies’ cash activity and for keeping track of the balances on hand so it can project how much money is available over the short and long term for investment.
For the 2017 fiscal year, the agency had to deal with the effects of declining revenues due to a downturn in oil and gas while still providing liquidity for the state by selling securities. That year, more than $29 million in earnings was generated.
It was a corruption scandal during the 2000s that last put the office on the public’s radar. Former treasurers Michael Montoya and Robert Vigil, both Democrats, ended up serving federal prison sentences for their roles in what prosecutors alleged was a pay-to-play scheme involving extortion and kickbacks for state contracts and investments.
That case also helped to fuel a public push for ethics reforms, a key element of which is finally going before voters this year in the form of a constitutional amendment that would establish an independent ethics commission.
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THE CANDIDATES:
Eichenberg is a former state senator and Bernalillo County treasurer.
If re-elected, he plans to continue pushing for legislation that would make more transparent the investment fees paid by state agencies.
He was elected to the state Senate in 2008. He served on the Public Affairs and Judiciary committees and chaired a committee that sought to streamline state government and save taxpayers money.
In 2010, Eichenberg carried legislation that established a code of ethics for all government employees.
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Castillo is a military veteran and a retired chief financial officer who worked in the state treasurer’s office under Eichenberg’s predecessor, Democrat James Lewis.
A political newcomer, Castillo has said he would bring a fresh perspective to the office. He also has worked as an accountant and administrator for the city of Albuquerque and the Bernalillo County Treasurer’s Office.
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