Race for state treasurer job has become heated contest

Outgoing treasurer has gotten involved as he promotes his desired successor

The Democratic primary race for state treasurer has turned into a brutal battle, especially for this traditionally staid office.

The most vitriolic volleys aren’t coming from the candidates but from outgoing state Treasurer Tim Eichenberg, who was miffed that onetime ally Laura Montoya defied his request not to run against Heather Benavidez, whom he wants as his successor.

The winner of the June 7 primary will face Republican candidate Harry Montoya, who is running unopposed. In New Mexico, there’s little dispute the Democrat will have the edge in the general election, thus raising the stakes for Benavidez and Montoya.

Beneath the contentious cloud lie questions about both candidates, including their qualifications, vision for state treasurer and priorities if elected.

As can be expected with two candidates of the same party, there are similarities but also some differences.

Both women are 44, pride themselves on being longtime New Mexicans and say they want to ensure the state’s $8.5 billion budget is handled responsibly and in ways that benefit taxpayers.

“Most people don’t like finances, but for me, that’s the nucleus for everything else you care about,” Laura Montoya said. “If you know where the money is at, you can provide for the needs of your community or what you’re really interested or passionate about.”

Benavidez said she wants to carry on what she describes as the good work of Eichenberg and his predecessor, James B. Lewis, both Democrats.

“I want to protect the office, protect New Mexicans and make sure they continue to receive the service they deserve, which is top notch,” Benavidez said.

Benavidez likened her credentials to a diverse portfolio, which is stronger because of its various assets.

“I feel the same principle applies to myself and my opponent in this race,” Benavidez said. “I feel my employment, my education and my life experience is very diverse.”

Being the treasurer’s chief of staff has taught her the culture of the office and how it functions with in state government, she said.

Her time as a municipal judge has given her a “deep understanding of the legal system,” which is important in this job, Benavidez said. Her education has provided her with knowledge but also instilled the drive to research what she doesn’t know, she added.

In contrast, Laura Montoya touted the two terms she served as Sandoval County treasurer and 23 years working mostly in finance for local, state, federal and tribal governments.

Montoya called into question Benavidez’s qualifications, arguing her résumé indicates little experience working in the financial sector. A treasurer can only rely on advisers and delegate so much, she said.

“You have to know how to do your job, and you have to have built the relationships along the way to get it done,” Montoya said.

Eichenberg has made clear who he thinks should be running and who should not.

He bought radio ads bashing Montoya and wrote a letter asking the state attorney general, secretary of state and the State Ethics Commission to investigate her alleged misconduct.

Montoya has dismissed Eichenberg’s attacks as a desperate ploy to help Benavidez in the primary race.

She said her insistence on running, despite the retaliation, is part of the independence a state treasurer must have to do the job right.

“It was the perfect timing for me to do something for New Mexico; I have the right skillset and experience,” Montoya said. “This idea of these old white men thinking they can tell us what to do is not OK.”

Both candidates support creating a public bank, which they say would offer community lending that commercial banks won’t. For instance, it could approve loans to ranchers who lost grazing land in a wildfire or offer money as collateral for lower-income borrowers seeking business loans from regular banks.

Only North Dakota has a pure public bank, and legislative efforts to establish one in New

Mexico so far have failed.

The two rivals also back development of a financial literacy program to teach kids about the monetary system so they can better handle their personal finances — instruction they and other advocates say could help prevent people from falling into poverty.

Benavidez noted she oversees the ABLE program — which provides tax-free savings accounts to qualifying people with disabilities — and would work to strengthen it.

Montoya said one of her priorities will be managing the “local government investment pool,” into which rural and tribal communities as well as schools and local governments funnel money.

This pooled fund allows a small county like Mora to get the same rate of return as a larger county such as Bernalillo, she said.

If elected, Montoya said she would conduct a full internal audit of the office to ensure she is inheriting a system that is clean and in order. That would include looking at political appointees, some of whom are being paid significantly more than the treasurer, she said.

Her aim as treasurer would be to put the public’s interest first, Montoya said.

“I will not waste taxpayers’ dollars on my own self-interest,” she said.