The race to become Arizona’s next state treasurer is heating up, with both Republican Elijah Norton and Democrat Nick Mansour accusing each other of potentially endangering the state’s financial assets. The candidates, vying for a crucial role in managing state funds, presented their cases in a debate filled with sharp criticisms and divergent fiscal strategies.
Norton criticized Mansour’s proposal to shift a larger share of the state’s Permanent Land Endowment Trust Fund into stocks rather than bonds. He argued, “We can’t have a treasurer that wants to gamble with your tax dollars. And that’s the exact plan that my opponent is talking about.” Mansour, however, defended his strategy as fiscally sound, suggesting a 20%-30% bond investment with the rest in stock index funds to maximize returns.
Both candidates expressed that outgoing Treasurer Kimberly Yee could have better managed the trust fund. Mansour, with a background as the chairman and CEO of the Arizona College of Nursing, is new to public office, while Norton has experience as a former state Republican Party chair and founder of an insurance company. Notably, Yee has endorsed neither candidate, although she backed Norton’s opponent in the primary.
Disputes extended to staffing and endorsements. Mansour claimed Norton intends to dismiss all politically appointed employees in the treasurer’s office, a claim Norton denied despite a recorded statement from a May 7 radio interview where he said, “Every single person who’s affiliated with the current treasurer will be fired.”
Politicization Concerns
Mansour accused Norton of politicizing the treasurer’s role, alleging Norton’s reluctance to invest in companies with certain policies. Norton, according to his campaign website, supports investing in companies based on performance and profitability, avoiding those involved in political or racial activism. Mansour countered that avoiding companies with DEI policies is impractical and could adversely affect returns.
Prop. 123 Debate
The candidates also clashed over Proposition 123, which set the distribution rate from the land trust for education at 6.9%. Mansour supports maintaining this rate, aligning with GOP lawmakers, while Governor Hobbs proposes an increase to 8.9%. Yee suggested a lower rate of 4.5%. Norton warned against reducing the rate immediately, suggesting selling state lands to increase funds.
Private School Vouchers
Overseeing the Empowerment Scholarship Account fund, the treasurer manages the ESA program’s contract. Norton advocated for software improvements to prevent fraud, while Mansour emphasized transparency in ESA spending to combat misuse. Previous court rulings supported Yee’s decision to withhold certain spending records, a stance Norton partially agrees with, advocating for privacy protection.
Business Allegations
The debate concluded with personal attacks over business dealings. Mansour highlighted lawsuits against Norton’s clients, questioning his trustworthiness. Norton, defending his business record, retaliated by pointing to legal issues faced by Mansour’s former college. Mansour clarified his limited involvement and the timing of the lawsuits.
