State Treasurer Deborah B. Goldberg Sworn Into Office for 3rd Term
Today, Massachusetts State Treasurer Deborah B. Goldberg was sworn into the Office of the State Treasurer and Receiver General for her 3rd term. Below are the Treasurer's remarks prepared for delivery:
REMARKS OF TREASURER DEBORAH B. GOLDBERG
Wednesday, January 18, 2023
As prepared for delivery:
Senate President Spilka, thank you so much for your warm welcome. Governor Healey, Speaker Mariano, thank you for your wonderful remarks. To my fellow elected officials, honored guests, supporters, friends, family and Team Treasury - thank you for joining me today and for working to better the lives of the people across this great state.
Michael, Evan and Meri - thank you for always supporting me. You know, I could never do this without you. And a big thank you to my stepdaughters, Audrey and Elissa and their husbands, Bruce and Mark, and to Jake & Zach – great job today! And we miss Samantha who is away at school.
A special thank you to my brother, Josh and my Mom, Carol Goldberg. We’ve been through a lot together, particularly these last three years. Yet we remain strong. And we remain strong, not only in our beliefs, but in taking action on our values to help create a better world. Mom, I am so lucky to have you as an example, the woman who was a phenomenal mentor to so many others. You taught me how to break not just glass ceilings but brick ones too – and then help create opportunities for others.
And my Dad,… Avram Goldberg. You are missed more than words can describe. Boy would you have loved to be here today. Beaming with your big white beard and handlebar mustache, you would have been the center of attention as you always were.
My Dad was my true political mentor, having me out on local campaigns at 7 years old. Then he was my campaign manager in 1998, in my first race for Selectman in Brookline. And yes, that is what they called it then. “Selectman.” It truly is because of him that I stand before you today as your Treasurer.
Four years ago, we were blessed to be in this very space, when my parents swore me in. Today, my kids have stepped in. L’Dor V’Dor, from generation to generation, has symbolic meaning in my faith. Our family has and always will believe that everyone in the world deserves the opportunity to lead fulfilling and complete lives.
Mom, you and Dad taught me through your own example to never give up on those values, persevere and always keep on going.
So, as I thought about what I wanted to say today, I went back and read my remarks from 8 years ago and 4 years ago, which were pretty standard; what we will do, what we accomplished, what’s next… all important, of course…
But today I am feeling more philosophical…because an awful lot has gone on these last 8 years… in this world, this country and even here in Massachusetts. What we have experienced has shown us nothing is predictable. A worldwide pandemic, a horrific war in Ukraine, an insurrection on the capital, 100 year storms every 3 months and a volatile economy.
Now more than ever what my parents taught me is increasingly important.
No matter what happens keep on going, and remember, you cannot do it alone.
So, although this is my inauguration, for me, this isn’t about me, it is about us. How lucky are we in this building that we have each other. We have great responsibilities, yet great opportunities. And yes, we may have our differences, but each of us brings something to the table.
So, as I look toward the next 4 years, I embrace our challenges because I know that in Massachusetts, we believe in the true meaning of public service. We believe in partnership, thoughtful collaboration, and we believe in innovation and progress on behalf of the people.
And we understand that it isn’t all sunshine and roses – the job of government is to get things done – as seamlessly as possible. But, as we do so, to also keep an eye on ensuring progress.
Our collaborations have resulted in some terrific accomplishments.
Our Rainy Day Fund, which was at $1.2 billion 8 years ago, is now over $7 billion and on track to reach $8.4 billion by next summer. Combined with fiscal discipline throughout the pandemic and its aftermath, Standard & Poors has changed our outlook to “positive” and we are now pushing for them to upgrade our bonds to the next level, too.
This past year we completed the largest bond deal in the history of the Commonwealth, a $2.7 billion social bond, that fully repaid the federal dollars that funded unemployment benefits during the pandemic. This deal took two years of working with the Legislature, Administration and Finance, Labor and Workforce Development and many outside partners. Another great example of what we can accomplish together.
And it received the Environmental, Social, and Governance Deal of the Year award from Bond Buyer for the first of its kind and the largest social deal ever.
During my first term, our Baby Steps Savings Plan began as two pilot programs, with your help, and with several public/private partnerships. It is the first seeded savings plan for college and/or voc-tech training for babies born or adopted in our state. We kicked off in January 2020, the beginning of the pandemic, and weren’t exactly sure how we would do. Well, we have one of the highest uptakes in the country and have almost 23,000 kids and their families saving for their future.
The pension fund, MASS PRIM, has continued to grow throughout my tenure. $59 billion 8 years ago, it’s now approximately $93 billion even after the drop in the market this year. While ensuring a focus on maximizing returns, we have been able to innovate through many groundbreaking initiatives. Alongside our partners in the legislature, we helped pass the Investment Equity Act, to increase the amount of funds managed by women, people of color and those with disabilities. Since its launch, PRIM has already invested over $4 billion with diverse investment managers, and we are just getting started!
The Veterans Bonus Division, another extraordinary partnership with the Legislature and Executive Offices, is the national leader in the country in taking care of returning service members, and their families, and financially recognizing their acts of bravery. And believe me, with what our National Guard members did during the height of the pandemic, they fully deserve the special bonus we worked together to provide.
Often overlooked because it is underground or inside the walls, but also an amazing partnership, is the Clean Water Trust, ensuring the testing of water, supplying clean water and helping communities build new water systems.
For those who love Unclaimed Property, rest assured, we will not skip a beat. (Be sure to check you name on the new list.)
At the Lottery, you can always count on us to get those important funds back to each of your communities. And, we do hope to partner with you on new innovations in this increasingly competitive marketplace.
Our fabulous folks at the ABCC is always ready, willing, and able to help. They have recently expanded trainings and special events to support people of color and those from low-income communities showing them how to open and manage successfully in this type of regulated environment.
And our Treasury team launched an online statewide small business toolkit on planning, maintaining, and growing a successful small business for entrepreneurs all over the state.
We will all need to continue working together to bring 21rst century school buildings online, knowing that our future, are our children. For most kids their opportunity to grow, thrive, and learn is through our public school system. And we also hope to bring financial education to each and every one of them throughout the state.
And I do look forward to our conversations about Baby Bonds, a resource to bring asset building opportunities to kids in our lowest income communities.
I feel fortunate that when our team proposes commonsense solutions, we have partners like you to work with. That when emergencies arise, as did with COVID, we rally together to find the right pathway to move forward.
I love this state. It is full of talented, diverse hard-working people of every color, background and religion. I am so honored that you have again placed your trust in me as your Treasurer. I look forward to building upon our work to ensure that everyone who calls Massachusetts home has equal opportunities to achieve economic stability and security for themselves and their families for generations to come.
Thank you for honoring me with your trust. God bless you and may God bless the Commonwealth of Massachusetts.