Regional Headlines
3:51 pm
Wed January 25, 2012

KY Treasurer Office May Get Eliminated

Frankfort, KY – A measure to eliminate the office of the Kentucky Treasurer is working its way through the General Assembly again.

Republicans and third party candidates have discussed eliminating the constitutional office for more than four years. GOP Senator Damon Thayer got a constitutional amendment doing so passed out of his chamber in 2008, but the measure later died.

Thayer brought the matter before the Senate State and Local Government committee again today.

"In the opinion of the char this is an archaic office that is no longer necessary," Thayer said. If this bill does pass I have enabling legislation drafted but not filed that would move the duties of the state treasurer into the Finance Cabinet where I feel they can be handled appropriately."

The bill passed out of committee on a party line vote, with Democrats opposing the amendment. Thayer calls the office outdated and useless.

"I don't feel in recent years the treasurer's office has performed a task requiring 30 employees and a three million dollars budget," Thayer said. "I think it's time to put this issue on the ballot and let the voters decide if they want to keep this office."

Current Treasurer Todd Hollenbach, a Democrat, opposes the measure. He says his office helps balance the state treasury's books and assists in the unclaimed property program.