The state’s top investment officer says he was prepared in the event of a debt ceiling disaster.
State Treasurer Dan Rutherford says, “We grew our portfolio in other areas than U.S. Treasury (bills). It was repurchase agreements, commercial paper, and money markets.” He says the state did not lose money during the shutdown.
Rutherford says the state holds $1.2 billion in Treasury bills which must be converted to cash to meet obligations later this month.
He credits his investment team with the strategy and said he hopes his successor would rely on the knowledgeable staff already there in a similar situation in the future.