Senate Panel Approves Wolf's Nominee For State Treasurer
HARRISBURG, Pa. (AP) - Gov. Tom Wolf's nominee to complete the Pennsylvania state treasurer's term won the unanimous approval of a Senate panel Wednesday and promised to avoid conflicts with his official duties.
"At this juncture of my business and investment career, most of my investments have matured," Tim Reese said in written testimony presented to the Senate Finance Committee. "There will be no conflict as I will no longer operate any business and I will continually use 'an abundance of caution' going forward. I will devote my time and efforts to the Office of the Treasurer."
The former venture capitalist from the Philadelphia suburb of Glenside requires confirmation by a two-thirds majority of the Senate before he may take over as treasurer. It was unclear Wednesday how soon the Senate may vote, but the committee recommended him with little discussion.
If confirmed, Reese will serve the roughly 18 months left in the term of former Treasurer Rob McCord, a Democrat who resigned Jan. 30 before pleading guilty in federal court to two counts of attempted extortion. Reese has said he would not run for a full term as treasurer in 2016.
Reese, 51, was trained as an engineer at Temple University in Philadelphia, but has worked as an entrepreneur and investor for more than 20 years.
He started several information technology firms and consulting firms, including Forge Intellectual Capital, an Ambler-based venture capital firm, and the National Minority Angel Network, which helps entrepreneurs who are women, minorities or veterans. He also serves on an advisory committee to the U.S. Securities and Exchange Commission on small and emerging companies.
Serving as state treasurer would be "a natural maturation in my business life," he said in an interview.
"I find myself really untethered to my prior business affairs, and I've been looking for challenges," he said, "and serving is one of those things that I do believe in."
No sentencing date has been set for McCord, who admitted trying to use his position to strong-arm state contractors into donating money to his failed gubernatorial campaign.
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