Under the Dome: Candidates for NC treasurer tell us their top priorities

Hello and welcome to your Under the Dome newsletter. Kyle Ingram here.

It’s less than two weeks until North Carolina’s primary election and early voting has already begun.

As voters begin to decide who they want to send to the November general election, we’ve been working to inform you of where candidates from both parties stand on the issues. Last week, we shared what candidates for attorney general said were their top priorities in our candidate questionnaires we sent them.

This week, we look into candidates for state treasurer, a role responsible for managing the state’s over $122 billion pension fund and administering the State Health Plan, which provides coverage to over 750,000 current and former public employees.

Current Treasurer Dale Folwell is running for governor, so North Carolinians will have a new treasurer in 2025 regardless of which party wins. The Democratic race is between Gabe Esparza and Wesley Harris. The Republican candidates are Brad Briner, AJ Daoud and Rachel Johnson. All candidates except for Daoud responded to The News & Observer’s candidate questionnaire.

WHAT DO YOU THINK IS THE BIGGEST ISSUE IN NORTH CAROLINA THAT YOU WOULD BE ABLE TO SHAPE IF ELECTED?

▪ Gabe Esparza (D): “The most critical challenge facing the treasurer is to ensure the state pension fund is stable. The pension fund has underperformed and the current treasurer has shifted the burden of funding current payout liabilities to the taxpayers. There is also news that UNC Health and ECU Health have been granted permission by the N.C. General Assembly to exit the state pension fund. The totality of this situation risks the state’s AAA credit rating.”

▪ Wesley Harris (D): “A lack of investment in our people is driving a decrease in economic opportunity across NC. The biggest issues I intend to shape as state treasurer are to improve the performance of our pension plan, ensure the State Health Plan can provide quality health care that doesn’t increase costs for state employees, and work with the legislature and local governments to ensure needed investments are made in communities across the state while making sure our local governments remain financially solvent.”

▪ Brad Briner (R): “Improve the performance of the pension plans materially, while protecting our AAA credit rating.”

▪ Rachel Johnson (R): “Rachel wants to do everything she can to maintain the North Carolina treasury in a responsible manner that will help continue to grow our state’s economy. More and better jobs in North Carolina mean more and better opportunities for all North Carolinians. And if you’ve spent a career working for the good people of North Carolina, you deserve to know your retirement and health care are the top priorities. Rachel’s experience, independence and passion make her the best candidate for the job.”

WHAT DO YOU THINK IS OR IS NOT WORKING WELL UNDER THE CURRENT OFFICE HOLDER? IF NOT, HOW WOULD YOU CHANGE IT?

▪ Gabe Esparza (D): “While the current treasurer has done an admirable job pressuring hospitals on pricing transparency, his track record on pension fund performance has been abysmal – dead last in the U.S. over the last five years. He also seems to have made a questionable decision on choosing to drop Blue Cross for Aetna. North Carolina needs a leader with investment savvy who can challenge corporate interests. I am eager to use my executive management experience on behalf of all North Carolinians.”

▪ Wesley Harris (D): “The pension plan is underperforming, the State Health Plan is seeing benefits decrease, and the Local Government Commission has become too politicized. I plan to invest more of our pension plan to boost returns instead of holding cash, negotiate with health care providers for lower costs by promoting more preventative care, and focus on the financial aspects of a local government’s investments instead of my political leanings.”

▪ Brad Briner (R): “I applaud the current treasurer on making significant progress in improving the financial position of the State Health Plan, and in continuing to manage the state’s finances conservatively. We do, however, have a material shortfall in investment performance that I’m uniquely qualified to address.”

▪ Rachel Johnson (R): “Rachel will continue the current treasurer’s good work of protecting and improving the North Carolina retirement system and working with lawmakers to find common solutions that can bring down the costs of health care. There’s always a temptation in this role to flex and try to make a risky play. The people of North Carolina deserve an experienced candidate who will enter the job completely independent of previous ties to Wall Street and the elites of New York finance.”

WILL YOU KEEP PREMIUMS ON THE STATE HEALTH PLAN LOW OR FROZEN? HOW WILL YOU DO SO?

▪ Gabe Esparza (D): “To keep Health Plan premiums low, we must first directly engage with hospitals and pharmaceutical companies to negotiate long-term, stable pricing, while also investing in preventative care solutions that keep people healthy. I have the experience to negotiate those deals. The second solution that provides external pressure on prices is to get rid of the Certificate of Need systems that distorts the market and restricts competition. More competition means lower prices for consumers.”

▪ Wesley Harris (D): “To prevent premium increases, we must reduce the plan’s risk by enhancing wellness and preventative care, and increasing benefits to attract younger state employees who tend to be healthier and therefore have lower costs. I will negotiate directly with companies and benefits managers to ensure fair pricing and to cover preventative care drugs (like recent weight-loss medications) that can keep employees healthier in the long-term, and will work with the N.C. General Assembly to fund programs that reduce costs.”

▪ Brad Briner (R): “As low as possible, yes. This is ultimately an affordability question — which can at least be partially solved by improving the performance of the pension plan.”

▪ Rachel Johnson (R): “If you’ve spent a career working for the good people of North Carolina, you deserve to know your retirement and health care are the top priorities. Rachel will work with the professional staff at the state treasury, the General Assembly, and health care providers to find common solutions to keep premiums low.”

To get the full picture on where candidates for treasurer stand, read our voter guide here.

That’s all for today. Check your inbox on Sunday for more #ncpol news.

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