Michigan Gov. elect names new state treasurer

Michigan Gov.- elect Gretchen Whitmer has tapped public finance veteran Rachael Eubanks to serve as state treasurer and former state representative Chris Kolb to serve as budget director.

Rachael Eubanks, Michigan State Treasurer
Portrait, Michigan Public Service Commission, Commissioner, Rachael Eubanks.

Eubanks has worked in public finance for 13 years, most recently as a director at Robert W. Baird & Co. Inc. She has structured more than $25 billion in bond financings for public entities — primarily the state of Michigan, State Building Authority, Michigan Finance Authority and the Michigan Strategic Fund. Eubanks also served as point of contact for credit rating agencies on state credit matters for 10 years.

“Rachael Eubanks has a clear commitment to public service and brings years of critical experience to this role,” Whitmer said. “She is also a fighter for the people of Michigan, leading a $185 million project in Detroit to install street lights throughout the city, improving quality of life for residents and reducing crime. As treasurer, I am confident she will continue to solve problems for the people of our state.”

Eubanks was appointed by Gov. Rick Snyder to serve on the Michigan Public Service Commission as a utility regulatory commissioner beginning Aug. 1, 2016. Snyder appointed her to a new term on March 17, 2017, which ends July 2, 2023.

Whitmer also announced that former state representative Chris Kolb will serve as budget director. Kolb is currently president of the Michigan Environmental Council and served as co-chair of the Flint Water Advisory Task Force, which investigated the city’s drinking water crisis, found state-appointed emergency managers and the DEQ chiefly responsible, and provided recommendations to prevent similar disasters statewide. From 2001 to 2006,

Kolb served in the State House of Representatives, spending two terms on the House Appropriations Committee.

The Office of the State Employer will be headed by Liza Estlund Olson. Estlund Olson most recently served as executive director for the Service Employees International Union (SEIU) Local 517M.

“Putting forth a budget reflective of the issues that matter most to Michigan residents will be one of my first and most important charges as Governor,” Whitmer said in a statement. “This group brings the expertise that will be necessary to guide that process and a commitment to getting the job done right.”

Whitmer, a Democrat, takes over the governor's office from term-limited Republican Rick Snyder on Jan. 1.

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