In November, Arkansans will have the opportunity to choose between three candidates for state treasurer.
The treasurer's office describes itself as being the “state's banker.” Similar to how most of us have bank accounts, government agencies across Arkansas have accounts with the treasurer's office. The office manages the deposits, withdrawals and money distributions.
They pride themselves on trying to “maximize returns” by collecting interest. The treasurer's office boasts that they manage about $9 billion dollars.
The last person elected to the post was former state Rep. Mark Lowery, but Lowery died in July of last year at age 66. He had been suffering from health problems before his death including two strokes the same year he died. He announced his retirement the day before his death.
Lowery had a long career in state republican politics, serving in the legislature for about a decade. To replace him, Gov. Sarah Huckabee Sanders appointed Larry Walther, who previously led the state Department of Finance and Administration.
Walther is not running for re-election, so the current three-way contest is technically a special election to fill the seat for the rest of what has been Lowery's term.
Secretary of State John Thurston, the Republican candidate in the race, did not respond to repeated requests for an interview with Little Rock Public Radio. The other two candidates, Democrat John Pagan and Libertarian Michael Pakko, both granted interview requests.
As the incumbent secretary of state, Thurston has a bit of a different job than the treasurer, though both positions manage budgets. The secretary of state manages election infrastructure, insurance for the state Capitol, the capitol grounds and capitol police. Before he was the secretary of state, Thurston worked as the state land commissioner.
Thurston has faced controversy recently for his decision to throw out an amendment to legalize abortion in Arkansas. If Thurston wins the election, Gov. Sanders will appoint his replacement in the secretary of state’s office.
Former state lawmaker John Pagan is running as a Democrat for the position. And, by his account, he is having the time of his life running for the office.
“I was at the Mount Nebo Chicken Fry, I've been to the Hope Watermelon Festival, I’ve been to the Bradley County Pink Tomato Festival,” he said. “You hear all the time about how deeply divided we are and how bitter politics is. That is not what I find as I campaign around the state.”
Pagan had a long career as a legal historian and law professor, but he also served in the legislature where he helped create the state's scholarship lottery. Pagan wants to use this position to expand what that program could look like. He says there hasn't been enough growth of the scholarship since it was first created.
“And at the time, freshmen received $1,000 a year,” he said. “This is 2024. You know how much freshmen receive? $1,000.”
Pagan says the issue hits home because he used scholarships to go to college and law school. He also worked in higher education and believes education can have benefits in people's lives.
Pagan was also frustrated by Act 411, a law passed by the legislature mandating the treasurer “divest from certain investments.” These include anything that “discriminates against energy companies or firearm entities.” It also asks the treasure of divest from companies with a “social justice factor.” Pagan didn't agree with that law; he called it a “blacklist.”
Michael Pakko, the Libertarian candidate, believes in limited government. He views the treasurer position as more of an administrative executive role.
“If voters are afraid that I would be launching into some sort of crazy Libertarian plan, there is really not the opportunity to do that,” he said. “What I am emphasizing is my independence from the entrenched political process.”
He does believe in keeping a sharp eye on the state's finances, and thinks there should be full transparency about them.
Pakko holds a Ph.D. in economics from the University of Rochester and worked as a researcher for the Federal Reserve Bank of St. Louis for over 15 years. He's currently the Chief Economist and State Economic Forecaster at the Arkansas Economic Development Institute, as well as chair of the Libertarian Party of Arkansas.
Pakko says he is working to give people more options.
“The thing that seems to impress people the most is that I am not a Republican and I am not a Democrat,” he said. “Before I can even get to the part where I explain that I am a Libertarian and explain what that means, it's high fives all around."
