June 15, 2012
For Immediate Release
Local Government Commission Receives National Recognition
Treasurer Cowell appears on Fox Business to discuss state’s successful financial management
RALEIGH – The Local Government Commission of the Department of State Treasurer was recognized nationally as a key component in keeping North Carolina’s debt in control and protecting its triple-A bond rating. Treasurer Janet Cowell appeared live today on Fox Business’ Markets Now to discuss how the commission helps keep North Carolina’s counties and municipalities financially strong.
The Department partners with local governments to offer expertise and head off potential financial problems. In addition to providing oversight, the nine-member commission reviews, approves and sells all general obligation bonds issued within the state.
“In the Depression, North Carolina was a very poor state and we had a lot of defaults, so we put in this system of controls,” Cowell said. “Since that time, we’ve met every payment.”
Currently North Carolina has more local governments with the coveted triple-A bond rating than any other state.
The commission was also featured this month in “Stateline,” a publication of the Pew Center on the States.
“The influence and oversight of the Local Government Commission is a major reason why North Carolina local government issuers have been able to weather this recession to this point,” said Andrew Teras, an associate director of Standard & Poor’s rating agency, in the article. “North Carolina’s oversight model is one of the strongest of any state.”
View video of FOX Business segment online
The article is available on the Pew Center website.