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Office of the State Treasurer


February 23, 2006

Tom Vincz, (NJ Treasury)
(609) 633-6565



Acting Treasurer's Nomination Approved by Senate Judiciary Committee

TRENTON - By a 10-0 vote, the Senate Judiciary Committee today approved Governor Jon S. Corzine's nomination of Bradley Abelow as State Treasurer. The nomination now goes to the full Senate for confirmation. Acting Treasurer Abelow delivered the following prepared testimony to the Judiciary Committee today:

Testimony of Bradley Abelow
Acting NJ State Treasurer
Senate Judiciary Committee
February 23, 2006

 Good morning, Mr. Chairman. I want to thank you and each member of the Senate Judiciary Committee for the opportunity to come before this body and present my qualifications as New Jersey State Treasurer.

 I would like to begin by making a brief opening statement. After my statement, I will be happy to answer any questions of this committee and then to defer to witnesses and members of the public who have come to participate in this hearing process today.

 I am deeply honored to have been nominated by Governor Corzine for this cabinet position. In my mind, there is no post in the cabinet more identifiable with the covenant that the Governor made to the people of this state to honor the public trust.

 The public entrusts billions of dollars of their hard-earned income to the State Treasurer. The Treasurer has a solemn responsibility to manage these resources with integrity and prudence.

 If confirmed as Treasurer, I intend to treat these responsibilities with the utmost of seriousness and to act with vigilance to protect the resources of the people of the State of New Jersey.

 In nominating me -- someone who is new to New Jersey State government - the Governor is seeking fresh ideas as we seek to re-cast the fiscal contract between the people and their government.

 I humbly accept this charge and hope this committee sees fit to recommend my appointment for the Office of State Treasurer to the full Senate.

 I have arrived at this time and place following a deeply rewarding career in private industry. I had the good fortune of working in several leadership capacities at Goldman Sachs since the late 1980s, when I joined the company as an associate in the Investment Banking Division.

 I left the firm in January of this year after serving in a number of roles including acting Head of Operations, Head of Corporate Services and Chief Financial Officer of the firm's Asian businesses.

 While there may be significant differences in the work environments, the same principles and values that served me well in private industry will, I hope, serve me well at the New Jersey Department of the Treasury.

 These principles include: an unwavering focus on excellence in what we do, a deep commitment to openness and transparency, and an unyielding commitment to the highest of ethical standards. I commit to you that these principles will guide my actions every day and that I will expect nothing less from each and every Treasury employee.

 From the Treasurer's Office, to the Division leadership, to the direct service employee, excellence is the standard. There's no greater priority than integrating that standard of excellence into the day to day activities of this department.

 Mr. Chairman, the challenges before the Treasurer and the Treasury Department are daunting.

 We have a severe structural problem with the budget. It's a long-term problem that is the byproduct of an extended pattern of short-term fixes. It is not a problem which will be solved easily or through the application of financial wizardry.

 With the consent of the Senate, I seek the opportunity to work in partnership with the Legislature to begin a process of lasting budget reform that puts New Jersey on the right track to fiscal recovery.

 I thank you for the opportunity to convey my qualifications and desire for this position of enormous responsibility and welcome any questions that you have for me.

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