PROFILE
Bill Lockyer
Guest
FROM Bill Lockyer
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State Treasurer Calls for Divestment from Gun Companies America's two biggest pension funds are the California Teachers' and Public Employees' Retirement Systems — abbreviated as CalSTRS and CalPERS. Have they invested in companies that make military-style assault weapons like the one used to kill so many children last week in Newtown Connecticut? California's State Treasurer, Bill Lockyer, wants to know.
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California Has Much at Stake in Debt Limit Debate In the second half of our program, we'll hear about the political maneuvering in Washington over raising the debt ceiling. First of all, what happens to California if Washington can't pay its bills? Bill Lockyer is a veteran of 38 years in elected office -- in the legislature, as State Attorney General and now as State Treasurer .
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Lockyer Blasts Bankruptcy Idea for States There have been rumors in Washington that some states, including California, are in such bad shape they should be allowed to declare bankruptcy . In a national telephone conference call with reporters today, Bill Lockyer, the State Treasure of California, called that a " cynical proposal designed to incite a panic in response to a phony crisis."
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Candidates for State Treasurer Debate California's State Treasurer is a little-known officer who deals with a lot of money. He or she oversees a $70 billion investment account, issues billions bonds for public works projects and sits on governing boards and commissions. The incumbent is Democrat Bill Lockyer , who's been in the Assembly, led the State Senate and was Attorney General for eight years. He's running for re-election. His Republican challenger is State Senator Mimi Walters , who was an investment banker before serving the maximum three terms in the upper house in Sacramento.
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California's Deepening Bond Debt The world's eighth largest economy is at risk of falling behind because California spends too little on education to maintain a competitive workforce. The state is threatened with both flooding and drought. Its roads and highways are the second worst in the nation. Voters will be asked to pass water bonds next year; education and transportation bonds may be next. But if they pass, will the taxpayers have the money to pay them off? State Treasurer Bill Lockyer is in charge of the money.
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Treasurer Warns Continued Budget Delay Threatens Economic Recovery Governor Schwarzenegger met with legislative leaders again today with all sides repeating a familiar refrain: agreement is near on closing the $26 billion budget gap. But, as they shut the doors, that gap wasn't closed yet. State Treasurer Bill Lockyer says that brought California's infrastructure rebuilding program just that much nearer to total collapse.
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State Treasurer Gets Creative with Budget Solutions A state legislator for 25 years, Bill Lockyer served two terms as Attorney General and he's now in his second term as State Treasurer. That puts him right in the middle of the state's financial troubles . Yesterday he asked the Los Angeles Times , why not have two budgets?
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A California Drama without a Hollywood Ending Yesterday, while voters were trashing his ballot measures , the Governor was at the Obama White House for a photo-op on the federal adoption of California’s mileage standards. This morning, he was still in Washington. But Schwarzenegger's favorability rating has plunged into the low 30’s and, after yesterday’s election, all he can do is pick up the pieces. Five ballot measures suffered resounding defeat, leaving the state with a deficit of $21 billion -- larger than the entire budgets of most other states.
To the Point
A California Drama without a Hollywood Ending Governor Arnold Schwarzenegger says he came "to fix what is broken in California." But his favorability rating has plunged into the low 30's and, after yesterday's election , all he can do is pick up the pieces. Five ballot measures suffered resounding defeat, leaving the state with a deficit of $21 billion -- larger than the entire budgets of most other states. The biggest state in the union now faces massive cutbacks in healthcare, education, prisons and other services. Will Washington provide a bailout? Is the crisis due to a failure of leadership or the voters themselves? If California is "ungovernable," what does that mean for the rest of the country?
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California Bond Sales Are Back! There’s good news about public finances in California. Some 5000 projects stalled by delays in the state budget will start up again thanks to yesterday’s one-day sale of $6.85 billion in bonds. State Treasurer Bill Lockyer presided.
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California Pulls the Plug on Construction Barack Obama says public spending will stimulate the economy and help end the recession, but the biggest state in the union is moving in the other direction. California's Pooled Money Investment Board is little known but vitally important to the day-to-day services the state provides. Today, the Board cut off the money for 1,985 construction projects, including highways, levees, prisons and pollution clean-up. Billions of dollars for business are at stake along with tens of thousands of jobs. The Board members are the Governor's Finance Director and two elected officials, Controller John Chiang and Treasurer Bill Lockyer . Lockyer is chair. We hear why 2000 California construction projects are being shut down.
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Treasurer Says No Public Works Money until Budget Is Passed The State Assembly and Senate convened today in a rare joint session to deal with an $11.2 billion deficit. Governor Schwarzenegger says if there's no action soon, the debt will be $2 billion greater by next month and the state will run out of money by February or March. State Treasurer Bill Lockyer is the man with the money and a message for the lawmakers.
To the Point
The Growing Credit Crisis President Bush signed the " economic rescue " into law Friday but the stock markets are declining anyway in New York and around the world. Today, the Federal Reserve said it would buy up commercial paper to get lending started again. Will taxpayers be saddled with more debt? Meantime, state governments, normally safe investments in tough times, may not be able to borrow what they need for schools, police and local governments. California, the eighth largest economy in the world, may alone come up $7 billion short. Will states be going to Washington, too? We hear more about the credit squeeze from local and global perspectives.
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California Facing Continuing Fiscal Crisis Governor Schwarzenegger and the state legislature may have to re-open the budget, passed grudgingly after Republicans and Democrats deadlocked for 85 days past the date it was due. In the meantime, California schools, law enforcement and local governments may be at risk unless the state gets a $7 billion loan from Washington soon.
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