Along with our endorsement of Ben Westlund for state treasurer, he has received the endorsement of Oregon's Democratic and Independent parties and, at one time, that of the Republican Party as well. Of course, the Republican endorsement was before Lake Oswego businessman Allen Alley entered the race, but several high profile Rs are sticking with Westlund, including former Secretary of State Norma Paulus, current legislators Patti Smith and Gary George, and former legislators Lane Shetterly and Lenn Hannon, among others.
The state treasurer hires and monitors the professional financial managers who invest money in Oregon's pension fund. The treasurer is responsible for coordinating and selling state bonds, and meets with Wall Street rating agencies about Oregon's credit worthiness. But it's also a political position because the treasurer works with the Legislature to help set fiscal and investment policy. Westlund supports investment in new energy sources like wind, wave and solar. He voted to reduce the interest rate school districts pay, saving taxpayers millions of dollars.
Alley spent time in the 1980s and 1990s with a Boston venture capital firm, Battery Ventures, eventually becoming a general partner. But he's best known as a co-founder of Tualatin-based Pixelworks in 1997, initially a successful semiconductor chip maker. He's still chair of the board of Pixelworks, but the firm now has such a grim outlook that it faced delisting with the NASDAQ stock exchange in June.
Alley entered the public sector when he was hired as deputy chief of staff for Gov. Ted Kulongoski and advised the governor on business and economic development matters. Kulongoski has endorsed Westlund.
No stranger to business failures himself at times, Westlund succeeded in his international animal husbandry business selling bovine genetics and founded the company that made non-toxic substances from marine life fossils used in the manufacture of cat litter.
He was elected to the House of Representatives as a Republican and during his tenure was co-chair of the Joint Ways and Means Committee from 2001 to 2003. The committee oversaw drafting of the state's $11 million budget but was forced to cut state spending in the economic downturn of 2002-03.
After an unsuccessful independent campaign for governor in 2006, Westlund switched parties and became a Democrat. He is considered fair and straightforward by legislators on both sides of the aisle.
In our view, Westlund has both the business and legislative experience to make him an effective state treasurer.
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