MONTGOMERY – Today the State Executive Committee of the Alabama Democratic Party officially opened the party’s qualification period for candidates intending to participate in the 2010 election cycle as a Democrat. At the Executive Committee meeting, Jeremy Sherer, Democratic attorney from Oneonta, filed his official paperwork to become a candidate to succeed Republican Kay Ivey as State Treasurer.

“I am a candidate for Treasurer because I wish to remedy the deficiency of competent leadership coming from the Treasurer’s office”, stated Sherer.

Continuing, Sherer declared, “I intend to restore competent, diligent stewardship of Alabama’s investments. Further, I see potential within the Treasurer’s office to be a catalyst for economic development throughout our state, and I aim to exercise this potential.”

“Eight years ago when Republicans succeeded Democrat, Lucy Baxley in the Treasury, Alabama’s Prepaid Affordable College Tuition program had a surplus of funds near 10 percent; Alabama headquartered several nationally respected financial institutions; and the Treasurer’s office was viewed by the public as competent and trustworthy.”

“Today, PACT is at a 40% deficit, a shortfall of over one-half of one billion dollars. Alabama’s once proud banking center has been decapitated through a series of failures, mergers, and acquisitions. Alabama’s local socio-economic fabric has been damaged, while injuring the economic interests of workers and companies, as well as the potential for growth within Alabama. Possibly worst of all, the sum of these failings has resulted in a loss of public trust within the Treasurer’s office.”

“Through hands on management of PACT, where operating costs are reduced and investment returns improved, I will work with the Legislature to craft a solution to save PACT while protecting state budgets and Alabama taxpayers.“

“I will refocus the Treasury on the utilization of local financial institutions, headquartered in Alabama, which take a proactive approach in lending to worthy consumers. Alabama’s resources must be invested in firms that in turn invest within Alabama – by lending that money to entrepreneurs, farmers, students, and hard-working families that are building a better life for themselves and a stronger Alabama for us all.”

“As Treasurer, I will explore opportunities to create partnerships that lead towards the creation of a microfinance network that would assist development efforts in rural and underserved communities. Microfinance is a recognized tool in creating economic development opportunities in developing nations. The same principles can benefit geographic areas and groups of citizens that tend to go un-served by the traditional lending community”.

“Over the previous six months, I have campaigned in over 20 counties around the state. I have enjoyed discussing various issues with the thousands of Alabamians I have met in these travels. I pray that through my interactions with voters and with their shared wisdom, I develop into the candidate that is best equipped to restore honesty, integrity and competency to Alabama’s Treasury.”

Please contact Jeremy Faulkner at (205) 446-1342 with any questions.

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