The State Treasurer of Missouri is a statewide elected official responsible for serving as Missouri's chief financial officer. The current state treasurer is Eric Schmitt. Schmitt was elected as state treasurer, and took office on January 9, 2017. Treasurers are limited to two terms in office. Along with the Governor, these are the only statewide elected offices in Missouri that are subject to term limits. Schmitt was elected as State Treasurer after Clint Zweifel was ineligible to seek reelection as state treasurer in the 2016 elections, and announced that he will not run for any other political office that year.
Duties of the state treasurer
The state treasurer is responsible for managing more than $24 billion in annual revenues and more than $3.6 billion in state investments. Additionally, the state treasurer works to return nearly $700 million in unclaimed property to more than 4.3 million account owners. The state treasurer also helps oversee MOST - Missouri's 529 College Savings Plan, which helps families start building a college fund.
As banking director for the state government, the state treasurer is responsible for authorizing disbursement of state funds, balancing the state accounts, contracting with private banks to process state receipts and disbursements, manage money and security transfers, and reporting on the state's financial activities. The state treasurer partners with Missouri banks to make low-interest loans to small businesses and farms through the Missouri Linked Deposit Program.
The state treasurer represents taxpayers by serving on the governing boards of the Missouri Housing Development Commission, the Missouri State Employees' Retirement System, the state Board of Fund Commissioners, and the Missouri Cultural Trust Board.