Race to Fill La. Treasurer’s Office gets crowded
17th January 2017 · 0 Comments
By Christopher Tidmore
Contributing Writer
As 1st Assistant Ron Henson is sworn in as La. State Treasurer to replace his former boss, newly elected Senator John Neely Kennedy, candidates are already lining up to succeed him, as the field for the October 14, 2017 primary takes shape.
Henson takes office for his one-year interim term knowing that the average Louisianian has little idea what the State Treasurer does. Despite the title, the independently elected statewide position has little to do with the budget or spending priorities. However, he or she does possess one of the more powerful positions in state government. As arcane as it sounds to the typical voter, the State Treasurer stands as the marketing agent for nearly every piece of state debt acquired. He or she liaisons with Wall Street, chairs the Bond Commission, and in theory, stands sentinel over the fiscal reputation of Louisiana.
In other words, the job is critically important, but does little to directly impact the average voter. Nevertheless, the once-political “dead-end” job has launched the careers of two U.S Senators, Kennedy (albeit with two false starts) and his predecessor 17 years ago, Mary Landrieu.
On January 9, Republican state Rep. John Schroder became the first candidate to announce his candidacy for state treasurer Monday, declaring that he possesses more than $500,000 in the bank to begin his campaign to succeed Henson (who is not running).
Not surprisingly, the term-limited three-term House member echoed Kennedy in his announcement with the words, “Louisiana has a spending problem, not a revenue problem.”
Schroder’s fiscally conservative solutions, which he aired at his announcement, have little to do with the actual powers of his pursued office, but show how the ‘bully pulpit’ of the Treasury can serve as a powerful mouthpiece—especially for Schroder, one of the founders of the House’s “Fiscal Hawks” caucus.
His most outspoken likely Republican opponent so far is Republican Rep. Julie Stokes. The Kenner CPA has become the favorite of both Jefferson Parish politicians, and many LABI advocates around the state. Plus, she enjoys prominent Democratic crossover support thanks to her work on Women’s Rights issues—particularly from her close friend New Orleans Democratic Rep. Helena Moreno.
State Sen. Neil Riser, R-Columbia, also has said he intends to run, though, his performance in his failed campaign in a special election for the Fifth Congressional District to a flawed newcomer leads to questions of viability in a statewide contest.
Former Republican House Speaker Chuck Kleckley of Lake Charles has expressed a serious interest, but his former connections to former Gov. Bobby Jindal could hurt his reputation with Democratic and Independent swing voters, while his efforts to expand Medicaid would damage him with fiscal conservatives.
Another Northshore Republican, state Rep. Paul Hollis, R-Covington, holds a name well-known to Southshore voters, as the son of the late-Senator Ken Hollis. Paul Hollis also has made millions in the rare coin business, and could easily self-finance a bid, an important element in any Treasurer’s contest due to the difficulty of fundraising for the office. However, Hollis who has flirted with statewide bids before, including an abortive 2014 Senate run that never made it to qualifying, may lack the serious political base statewide.
Republican State Sen. Norby Chabert of Houma looks to be the potential Acadiana candidate, not an insignificant position in a crowded primary in a state where historically Cajuns vote for Cajuns. He lacks the statewide contacts of his Republican peers, and would lack the financial wherewithal without serious self-financing, not yet evident.
On the Democratic side, the lead potential contender is New Orleans State Rep. Walt Leger. Term-limited in 2019, the Garden District to Downtown legislator represents one of the wealthiest seats with a penchant for writing checks for Democrats. His moderate, pro-business record makes him popular across party and racial lines, so much so that he nearly became Speaker in a Republican-controlled House.
In his favor, the October 14 primary will come as New Orleans goes to the polls for a new mayor and City Council, a boost in a crowded Treasurer’s primary, yet the natural resistance of North Louisiana to vote for any candidate from New Orleans may prove to hard to overcome.
Hoping to step into that void is conservative Democratic State Sen. Eric LaFleur of Ville Platte. As political scientist Jeff Sadow puts it, “A more moderate Democrat than Leger, he has a background in public finance, which would make him more competitive but still a distinct underdog against almost all of the Republican names [above]. But he would have to give up his public sector finance clients in his law practice, much of his business, to take the job, meaning he may rather continue to serve as a legislator.”
As a term-limited legislator, LaFleur has little to lose, and the personal wealth to make a bid rather interesting. Moreover, the October special election means that none of these legislators have to surrender their seats to run for State Treasurer. It’s called “a free shot.” When this many candidates crowd a field, any runoff permeation is possible from two Republicans to two Democrats.
This article originally published in the January 16, 2017 print edition of The Louisiana Weekly newspaper.
