It’s challenging enough to pay attention to political races in our home states, much less those in other states. But recent headlines make clear that it’s more important than ever that the klieg lights shine on these offices, and that those who occupy them face national as well as regional scrutiny.
Remember Tiffany Henyard, the self-proclaimed Democrat “super mayor” of tiny Dolton, Illinois? Her unaccounted-for spending was so bad that the village brought in former Chicago Mayor Lori Lightfoot to investigate; Lightfoot’s work revealed that the village of Dolton went from having a $5.6 million surplus to a $3.6 million deficit, a difference of $9.2 million, in just four years. (Henyard has since moved to Georgia and is now running — as a Republican — to win a seat on the Fulton County Board of Commissioners. Georgians, you’ve been warned.)
And the multibillion-dollar fraud that’s been exposed in Minnesota, Ohio and California was facilitated at the level of state government. State taxpayers have been fleeced by these grifters, but they aren’t the only ones. Many of the programs that are rife with fraud also involve grants or reimbursements from the federal government, which means that the thieves are stealing from the rest of us too.
So, yes, state and local offices matter.
The Nevada state treasurer’s race is one such example. The two Republican candidates vying to win the June 9 primary are Jeff Carter and Drew Johnson. I was drawn to write about this race because I’ve known Jeff Carter for 25 years, I have great respect for him, and it’s fascinating to watch the same political dynamic we see among Republicans at the national level play out in state and local races.
By way of example, Drew Johnson proclaims himself to be a “MAGA Republican” and says he’s endorsed by President Donald Trump. But that’s something of a sleight of hand, as Trump supported Johnson in his 2024 congressional race, which Johnson lost to Democrat Susie Lee (in a district that Trump won). Trump has not endorsed Johnson in the primary for Nevada state treasurer.
More importantly, however, Johnson lacks the correct qualifications for the position. He’s a policy guy and a columnist with experience writing about fraud and government waste. But he has neither education nor professional expertise in finance or investments, a worrisome deficit for the person whose role is chief investment officer for the state.
In fact, some of Johnson’s own statements on the campaign trail reveal the extent of his shortcomings. In a video that’s making the rounds, Johnson blithely announces that to be qualified to be state treasurer, “You only have to be smart enough to know which number is bigger and put the money in that thing.”
That is shockingly inadequate financial analysis.
Jeff Carter, on the other hand, is an accredited investor with an MBA from the University of Chicago and decades of experience, including 25 years as a professional trader. Carter was elected to the Board of the Chicago Mercantile Exchange and helped take the exchange public; it’s now valued at nearly $100 billion. He cofounded Chicago investment groups Hyde Park Angels and West Loop Ventures and has mentored dozens of successful entrepreneurs throughout his career. Carter understands the complexities of investment vehicles and the due diligence required to make appropriate decisions when investing public monies.
When I spoke with him earlier this week, Carter explained how someone with professional investment experience can make a difference in the everyday lives of Nevadans. “Poor decisions are leaving money on the table,” he said. “Nevada is underperforming relative to similarly sized states.” He offered an example: “Something as small as a 0.25% difference in return on a portfolio worth $12 billion (the amount of the state’s general fund) translates to an extra $30 million in income.”
Why does that matter to the average Nevadan? “That reduces the pressure for the legislature to increases taxes and fees to fund state programs.”
Carter also stated that Nevada’s office of the treasurer is badly in need of modernization. “The next 10 years of treasury management will look very different from the last 10,” he said. “My objective is to get the office of the Treasury up to speed, so that it can be handed over to the next treasurer in good shape.”
That is another difference between Carter and his rival. Johnson is now on his third political campaign and lost both the first two.
“I’m not a politician and not looking to use this office as a steppingstone for a political career,” Carter stated. “I’m a citizen, I’m a professional investor, I want to do this job well, and that’s it.”
The success of the political “outsider” has become something of a theme, the penultimate example of which is Trump, of course. But the country is currently riveted by the candidacy of former reality TV star Spencer Pratt, who’s running for mayor of Los Angeles. Pratt lost his home in the Pacific Palisades fires last year, and his campaign ads have been brilliant and merciless in their attacks on the competence of current Mayor Karen Bass and City Council member Nithya Raman, both of whom are running against him. Pratt describes himself as “an angry citizen, not a politician,” who is more interested in policies than party affiliations.
Closer to home (for me), Dr. Brian Schmutzler ran for Indiana state Senator against Republican incumbent Linda Rogers. Also an outsider and favored with an (actual) endorsement from Trump, Schmutzler soundly defeated Rogers in last week’s primary, as did four others across the state.
Carter may be riding a wave of support for citizen-candidates. And although the president of the United States hasn’t weighed in yet, Nevada politicians have. “Every sitting assemblyman or woman who has endorsed a candidate in this primary has endorsed me,” he said.
When asked if he is a Trump supporter, Carter doesn’t hesitate. “I think he’s the best president we’ve had since Reagan. And his Cabinet is without peer.” Perhaps unsurprisingly, Carter reserves the highest praise for Trump’s Treasury Secretary Scott Bessent, who Carter says is “the best in decades.”
As we’re seeing in the United States Senate (John Thune, I’m looking at you), anybody can mouth “MAGA” or give speeches. The real test is whether they have the discipline, the courage and the skill to make decisions that legitimately benefit the voters who have trusted them. Jeff Carter is the right candidate for Nevada state treasurer.
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