Delaware's state treasurer is blasting the Markell administration over its effort to strip away any ability he might have to manage the state's $2 billion cash management portfolio.
Treasurer Chip Flowers spoke out Wednesday against a bill that would give the unelected Cash Management Policy Board sole authority to decide how to manage the portfolio. The move would take power away from Flowers and give more to other board members, some of whom were appointed by Governor Jack Markell.
“In my neighborhood, that is called shady,” Flowers said. “Of course the bill is good for the board and the governor. But it’s bad for the treasury and the people of Delaware.”
Flowers also suggested that at least one member of the board, which includes several appointees of the governor, has financial conflicts of interest. He proposed what he called an “honest way amendment” to the bill. The amendment would make board members disclose their financial interests in the same way that elected officials do. Flowers also wants to ban board members from making political contributions to any elected officials involved with state investment decisions.
Flowers spoke just hours before a Senate committee was scheduled to take up the bill.
Flowers also announced that Erika Benner, who voluntarily left her post at deputy treasurer last year following her improper use of state credit cards, is no longer in a state job or receiving state pay or benefits. Flowers admitted Benner made mistakes but also called her a good state employee who is being mistreated.
“She was treated so poorly that her story is eligible for a movie on the lifetime channel,” Flowers said. “That’s not right. Delaware is better than that.”
Benner was invited to speak at the news conference but declined. NBC10 tried several times to reach her. We have not yet heard back however.
