For Immediate Release Contact: Frank Lester
October 27, 2016 336-757-0510
North Carolinians should chose the next treasurer, not Wall Street
(Winston-Salem, NC) - In filings this week, The Committee to Elect Dan Blue, III revealed that, in its bid to elect Mr. Blue N.C. Treasurer, it has raised hundreds of thousands of dollars from out-of-state interests including Wall Street bankers and lawyers. The report is required by law and is meant to provide transparency to campaign financing so that citizens can easily identify potential conflicts of interest.
“It is stunning to see how much money Mr. Blue is taking from Wall Street and other out-of-state interests,” said Dale R. Folwell, CPA candidate for N.C. Treasurer. “It is obvious that the Blue Campaign is selling the office to the highest bidder.”
While some donations from out-of-state sources are normal, the scope of the Blue Campaign’s effort is unprecedented. During the third quarter alone, half of the money raised by the Blue Campaign came from out-of-state – much of it from financial services and legal interests in New York and California.
Blue’s aggressive courting of those with a direct financial interest in the state’s $90 billion pension plan, comes as many have begun questioning the $600 million in fees paid to Wall Street and other financial interests by the current Treasurer, Janet Cowell. These fees were paid despite the pension fund’s poor performance earning less than 1 percent last year. Ms. Cowell is not seeking re-election but has endorsed Mr. Blue in his bid to succeed her.
“The only reason I’d go to Wall Street is to cut their fees and bring that money back to the people of North Carolina,” said Folwell. “It’s the people’s money. Not Mr. Blue’s or his friends in New York and California.” Mr. Folwell announced earlier in his campaign that when elected N.C. Treasurer, he will cut $100 million in fees to Wall Street bankers and lawyers.
In stark contrast to the Blue campaign, The Folwell Committee for NC Treasurer raised 98 percent of its funding in-state from North Carolinians. The campaign held no fund raisers out of state and did not accept money from Wall Street interests. Comparatively, according to Mr. Blue’s filings, he has actually travelled to New York City and California and solicited money from the very people who will make millions off of state employees, teachers, retirees and law enforcement officers.
“My singular focus as the next N.C. Treasurer will be to preserve the state’s pension and healthcare plans for state employees and retirees and to maintain the state’s AAA bond rating,” said Folwell. “My devotion is to the people of North Carolina not to New York bankers and lawyers.”
About Dale Folwell
Dale Folwell was a four-term member of the N.C. House of Representatives, including two years as Speaker Pro Tempore. During that time, he sponsored 29 major pieces of legislation enacted with bi-partisan support. More recently, he was assistant secretary of commerce with the Employment Security Commission, where he took the most “broke and broken” unemployment system in the United States and turned it into national leader in debt-repayment, quality and customer service. He is a Certified Public Accountant (CPA) with a Masters in Accounting. Married for 28 years with three children, he lives in Winston-Salem.