NewsmakersApril 14, 2022

Connecticut Treasurer Shawn Wooden Won’t Seek Reelection

The surprise decision comes after a little more than three years on the job.

Reported by Michael Katz

Connecticut State Treasurer Shawn Wooden unexpectedly announced last week that he will not run for reelection this year, saying that he wants to spend more time with his family. [Source]

“As a father, I’ve sacrificed countless hours, missing everything from basketball games and track meets to family dinners,” Wooden said in a statement, adding that he has two sons approaching college age. “As the proud father of two young Black boys, I know that, today, the best thing I can do is put my own ambitions aside and put them first.”

Wooden said he was proud of his achievements during his stint as treasurer, noting that under his tenure the state has restructured the teachers’ pension fund, divested from civilian gun manufacturers, and secured credit rating upgrades for the first time in over two decades, among other accomplishments.

“For the remainder of my time in office, I intend to continue to focus on the important work of this office,” he said. “While I won’t be on the ballot this fall, my hope is to continue my public service in the future.”

Wooden was sworn in as Connecticut’s treasurer in January of 2019, after a 21-year career as an investment attorney and a stint as Hartford, Connecticut’s city council president. [Source]

He earned his bachelor’s degree at Trinity College in Hartford and a law degree at New York University School of Law before moving back to Hartford to work for the law firm of Day Pitney, LLP, where he became a partner and led its public pension plan investment practice.

Wooden is the trustee of the $47 billion Connecticut Retirement Plans and Trust Funds, administers a $26 billion debt management program, and manages over $259 billion in annual cash transactions. According to the Connecticut Treasurer’s office, he is the only Black elected state treasurer in the US. He is also president of the National Association of State Treasurers.

“Wooden has been a great partner to my administration in helping get Connecticut’s fiscal house in order, stabilizing our financial future, borrowing in a responsible manner that reduces spending, and making consistent payments to decrease our state’s long-term fiscal obligations,” Connecticut Gov. Ned Lamont said in a statement. “I appreciate his partnership in righting our fiscal ship, and I wish him and his family nothing but the best in their next endeavors.” [Source]

Connecticut Attorney General William Tong, who was elected with Wooden, said the treasurer “has been an effective and responsible steward of the state’s financial and pension assets, and contributed significantly to our state’s strong financial standing.” [Source]