Effective July 15, Oregon Senator Elizabeth Steiner is ending her time as one of the Ways and Means Co-Chairs to focus on campaigning for Oregon State Treasurer. She has served as co-chair since 2019. Steiner is using her time on the committee as reason to vote for her for Oregon's Treasurer.

The Joint Ways and Means Committee is responsible to appropriate and passing all budget related items in the Oregon Legislature. Steiner claims to be "Oregon's chief budget writer" as the Co-Chair of the Ways and Means Committee. She says her job has been to decide the funding for each of the components for agencies and any other state expenditures with the constitutional requirement to have a balanced budget. This includes passing agency budgets, policy bills that have a money component, and capital construction projects that utilize bonds.

Dr. Elizabeth Steiner identifies her candidacy for State Treasurer, “as a physician, a mom, and one of Oregon’s chief budget writers, I’ve seen firsthand how investing in preventive care, saving for education, and balancing a budget can make all the difference for hard-working families.”

Steiner is a Democrat from Northwest Portland who was first appointed to the Oregon Senate in late 2011. If elected Oregon State Treasurer, she would be the first woman in history to hold the office.

KGW interviewed Steiner about investments and the agenda to block fossil fuel investments. "This is one of those 'truth lies in between' questions," Steiner offered. "Which is to say, I strongly support making Oregon and the whole world cleaner and greener and cooler and reversing the impact of climate change. That means helping companies that are big polluters move toward cleaner technology. One of the ways you do that is to use your power as a shareholder — and the treasury is a big shareholder in a lot of these companies — to push them to make these green investments. And there are plenty of examples nationwide of investors pushing brown companies to move towards green technologies."

When asked if that's more effective than disinvesting, Steiner responded, "Yeah. Here's the problem. If you invest solely in green companies, they don't have a lot of room to cut their emissions. But if you invest in brown companies and push them to move toward clean technology, even a relatively small reduction in their emissions makes a big difference in the world. And so I think we need to think about that. It's also hard if — as treasury does for the pension fund — you invest in index funds, for example, and you don't get to pick every stock that's in there. You don't get to say, 'Well, I'll only invest in this fund if you pull out all the fossil fuel investments.'"

Her reference to “brown” companies refers to high-emitting companies. Research by Yale concludes that the sustainable investing practice of divesting high-emitting companies (referred to as “brown” firms) in favor of low-emitting companies (referred to as “green” firms) is counterproductive to reducing greenhouse gas emissions.

A D V E R T I S E M E N T

A D V E R T I S E M E N T

Despite Steiner's campaign philosophy, she was a sponsor of HB 4083, which requires the State Treasurer to stop investing moneys in companies that deal in thermal coal. It directs the Oregon Investment Council and the State Treasurer to make efforts to eliminate certain investments in thermal coal companies, except if it is transitioning to clean energy. The council may adopt rules to reflect guidelines of the United Nations Intergovernmental Panel on Climate Change regarding necessary decreases in greenhouse gas emissions. This allows the State Treasurer to politicize investments and go outside the legislative authority to establish rules, which now may be in violation of the Supreme Court Chevron decision.

Steiner says she wants to build a stronger Oregon, which she views as investing in the health of our families, kids, and communities. “Over 30 years of experience as a doctor has given me a deep understanding of how agencies can better work together in our state government to improve the health of Oregonians, offer students a great education, and ensure our communities, families, and economy can thrive.”

Steiner's goals for budgeting is often confused with understanding investment options and assessing risks. As Treasurer, there is a fiduciary responsibility to invest in the best interest of Oregonians for sustainable growth, and not political goals. The voter will decide between Steiner and Senator Brian Boquist, the Republican candidate.


--Donna Bleiler

Post Date: 2024-07-12 07:13:00

Last Update: 2024-07-10 14:01:02