It is more than apparent that Pete Buttigeig (pronounced Boot-uh-jig) is a guy who could do all sorts of very interesting and lucrative things. It begs the question why? Why would he run for state treasurer?
The answer is apparent in the energy of his voice during the conversation. He is excited about what he could do for citizens as a state treasurer. He’s excited about it most because he knows there are interesting creative approaches out there that can better the state and he can’t wait to bring them to bear.
“A more proactive state treasurer can do things from bolstering financial inclusion and raising financial literacy rates so fewer citizens are reliant on pay-day loans and other predatory lenders, to ensuring through standards what types of banks the state will do business with so banks treat their customers right.”
He talked about several examples of poor customer practices from banks and financial institutions like credit card rate jumps often without any notice and virulent hidden fees. “The Treasurer doesn’t regulate the banks,” he makes clear, “but the treasurer does a lot of business with them so there can be a carrot and a stick. By saying, ‘we’re happy to do a lot of business with a lot of different banks as a state, but we are going to ask that they conform to a certain standard.’”
Part of that is making sure companies and funds the state invests in aren’t doing business with rogue states or predatory banks and credit companies.
“There is a chance to make this about values in a very constructive and creative way. Treasurer is often seen as a kind of technical, parochial, obscure office. But it’s an important one and it can have a lot of helpful influence and a lot of impact. That’s why I’m getting into this. I think its fun and you can do a lot of good.”
