State treasurer candidates expecting competitive race

JEFFERSON CITY, Mo. -- Two days after the August primary elections, the all-star squad of the Missouri Democratic Party appeared before a crowd of thousands assembled on the Capitol lawn to see the presidential ticket of U.S. Sens. John Kerry and John Edwards.

Except for one man, the faces of those state Democratic leaders were quite familiar to those who follow Missouri politics.

The exception was Arnold Mayor Mark Powell, who had pulled off an unexpected primary victory over two better-known opponents to claim the Democratic nomination for state treasurer.

"I was like Alice in Wonderland; it was a very humbling experience," Powell said. "It made me want to work even harder."

On the Republican ticket, state Sen. Sarah Steelman of Rolla easily prevailed in a seven-way primary that had been considered a crapshoot because it featured several experienced public officials.

Raising Steelman's profile was her sponsorship in the legislature of the constitutional amendment specifying that marriage in Missouri can only be between a man and a woman. On the same day as the primary, Missouri voters ratified the amendment with 70.7 percent support.

Because Steelman is better known in state political circles, Powell still considers himself the underdog. Steelman, however, sees the down-ticket race, which doesn't garner as much attention as contests for other statewide offices, as highly competitive.

Describing the best strategy for a winning campaign, Steelman said: "You either run scared or unopposed."

Broker and accountant

Both candidates in the Nov. 2 general election boast extensive qualifications in financial matters and the public sector.

Steelman has served as an economist for the Missouri Department of Revenue and was a private investment broker prior to joining the Senate, where she chairs the Senate Commerce and Environment Committee.

In the past legislative session, Steelman sponsored an overhaul of Missouri's open meetings and open records statute that became law in August. Steelman favors greater transparency in the state treasurer's office by making investment records more accessible to the public.

Powell is an accountant who owns a small investment firm. He also has served as treasurer for the city of Arnold, a post he says prepared him for the state-level job.

"The state has an $18 billion budget; Arnold has an $18 million budget," Powell said. "To a banker and accountant, three zeros does not make a difference. It's all the same theory based on sound accounting principles."

In the Democratic primary, Powell won all 18 Southeast Missouri counties. On the Republican side, Steelman claimed just eight area counties, including Cape Girardeau and Perry. The GOP runner-up, state Rep. Blaine Luetkemeyer of St. Elizabeth, prevailed in the rest of the region.

Both Steelman and Powell say a greater share of the state's $3 billion investment portfolio should be deposited in Missouri-based financial institutions. Because of existing laws, however, it is not always feasible to do so and receive the same rate of return as out-of-state investments. Statutory changes are needed to ensure Missouri tax dollars are invested in such a way as to spur economic growth within the state, the candidates say.

Desire role in budget

Steelman and Powell also want the treasurer to have an official role in writing the state's annual budgets.

"I truly believe the treasurer should be the chief financial officer of the state and have input into the process," Powell said.

In particular, he says the treasurer should help develop the yearly revenue estimates upon which budgets are based. Currently, the governor's budget director and the Senate and House appropriations chairmen together formulate the estimate. However, they don't always reach a consensus. In some years, the House, Senate and administration have each crafted budget proposals based upon different expectations of available revenue.

"If you can't get agreement on that number, you cause all kinds of trouble in the budget process," Steelman said. "We can do that better and improve the whole process."

Steelman's solution is for the treasurer, in consultation with outside budget experts, to develop an independent revenue estimate. If a standoff develops between the governor and the appropriations chairmen, the treasurer's estimate would be used by all sides by default.

Also on the November ballot for treasurer are Libertarian Lisa Emerson of Raytown and Constitution Party hopeful Chris Fluarty of Springfield.

mpowers@semissourian.com

(573) 635-4608