HARRISBURG — Gov. Tom Wolf on Tuesday announced that Montgomery County businessman Timothy A. Reese was his nominee to be the Pennsylvania treasurer, an office left open when Rob McCord resigned before pleading guilty to federal charges.
A longtime investor and entrepreneur, Mr. Reese serves on a committee advising the U.S. Securities and Exchange Commission on small and emerging companies. He founded the National Minority Angel Network, which invests in companies owned by women, minorities and veterans.
If confirmed by the state Senate, Mr. Reese would serve out Mr. McCord’s term, with the next treasurer elected in November 2016.
Mr. McCord announced his resignation Jan. 30, saying in a video that during his 2014 gubernatorial campaign he had used his post as treasurer to strong-arm potential donors who hoped to continue doing business with the state.
Less than three weeks later, Mr. McCord pleaded guilty to two charges of attempted extortion, which together carry a maximum penalty of 40 years in prison and a $500,000 fine. He will be sentenced at some point after a June 29 pre-sentencing conference.
Upon Mr. McCord’s resignation, the Treasury’s chief counsel, Christopher Craig, was sworn in as executive deputy state treasurer, essentially the acting treasurer.
In an interview, Mr. Reese said that as treasurer he would have an opportunity to strengthen existing programs and assess whether there are areas of Treasury operations to which he could provide new vision.
“I recognize that 18 months is not the same as four years, but there’s still an opportunity to help restore stability to the department,” he said. “There’s still time to be part of the process of bringing leadership and vision to the next year and a half.”
The governor’s office believes that Mr. Reese would be the first black person to hold a state row office, which also includes the offices of attorney general and auditor general.
Mr. Reese said he has never held elected office. He is registered to vote as an independent, not as a Democrat or Republican.
Mr. Reese, 51, holds a bachelor’s degree in electrical engineering and electronics technology from Temple University, according to the governor’s office. He was later an entrepreneur-in-residence at Temple’s Fox School of Business, the office said.
In a statement, Mr. Wolf alluded to the changes in leadership at Treasury and noted Mr. Reese’s experience in business.
“At a time when Treasury needs a steady hand, Tim brings more than two decades of significant finance and business experience,” Mr. Wolf said. “Tim is a proven leader with a diverse financial background — as a consultant, an entrepreneur and an investor.”
The Senate Finance Committee will schedule a hearing on the nomination, said Jennifer Kocher, spokeswoman for Senate Majority Leader Jake Corman, R-Centre.
First Published: April 7, 2015, 4:09 p.m.
Updated: April 8, 2015, 3:00 a.m.
