Legislative Conference – It’s all about our dedicated public servants and financial leaders

This week’s Thought Leadership column is an adaptation of Treasurer Thomas Beadle’s (North Dakota) Presidential address at the 2025 NAST Legislative Conference.

Dear Colleagues:

It was a pleasure to see so many of you at NAST’s Legislative Conference earlier this week. It’s always great to gather with so many dedicated public servants and financial leaders. The work we do here in DC—this week, in this city—has a direct impact on our states, our citizens, and the financial security of millions of Americans.

This conference is about more than just meetings on Capitol Hill. It’s about relationships, strategy, and persistence. It’s about coming together, sharing ideas, and making sure that when Congress makes decisions affecting state treasuries and public finance, our voices are not just heard, but respected and acted upon.

The Strength of NAST: A Bipartisan, Trusted Voice

One of NAST’s greatest strengths is that we are a bipartisan organization. When we walk into meetings with Congress, we are not seen as partisan advocates—we are seen as subject matter experts. Our credibility comes from the fact that we are focused on sound financial policy, not politics.

That credibility is what makes NAST an effective voice in Washington. We are the people on the ground—managing state investments, overseeing public funds, financing infrastructure, and ensuring financial stability. Congress and federal policymakers listen to us because they know we understand these issues firsthand.

And we have proof that our advocacy works. Over the years, we have successfully fought to preserve critical financial tools, expand programs that benefit families, and push back against harmful policies that would burden state and local governments.

Our Top Advocacy Priority: Protecting the Tax Exemption on Municipal Bonds

One of our most pressing concerns this year is the threat to the tax exemption on municipal bonds. For over a century, tax-exempt municipal bonds have been the foundation of infrastructure financing in America. These bonds allow state and local governments to borrow at lower interest rates, making it possible to build schools, roads, bridges, water systems, and public safety facilities without overburdening taxpayers.

Consider this:

• • Nearly 75% of U.S. infrastructure projects are financed using municipal bonds.

• • The tax exemption reduces borrowing costs by 2.1 percentage points, saving issuers an estimated $824 billion over the next 10 years.

• • Eliminating or weakening this exemption would drive up borrowing costs that would either be passed on to taxpayers or result in fewer infrastructure projects being completed.

This is not just a financial issue—it’s a quality of life issue. If states and local governments can’t afford to build and maintain critical infrastructure, it means:

• • Fewer schools for our children.

• • Less funding for safe roads and public transportation.

• • Higher utility costs for clean water and reliable power grids.

• • Delayed or canceled projects resulting in fewer jobs.

When we meet with members of Congress, be it in DC or back in your state, we need to be loud and clear: Protecting the municipal bond tax exemption is essential for the well-being of every American community.

Other Critical Issues We’re Advocating For

While the municipal bond tax exemption is our top priority, we are also advocating on several other critical issues that impact millions of Americans.

• • Unclaimed Property: Helping Americans Recover Their Own Money
    Every year, state treasuries help reunite individuals with billions of dollars in lost assets, including unclaimed paychecks, forgotten bank accounts, and unredeemed U.S. savings bonds. But right now, over $38 billion in unclaimed U.S. savings bonds remains in federal hands instead of being returned to the people who rightfully own it. We’re urging Congress to pass legislation allowing states to take custody of these savings bonds so we can continue doing what we do best—returning money to the people who earned it. There are also over a billion dollars in unclaimed retirement distributions we aim to reunite through NAST’s SURCH Program as we continue to advocate on the Hill and to the Department of Labor.

• • 529 College Savings Plans: Helping Families Invest in Education
    529 plans are one of the most effective tools for helping families afford education. With 16.9 million accounts nationwide and over $526 billion saved, these plans are helping students pursue their dreams without overwhelming debt. However, we need to ensure that 529 savings aren’t penalizing families in federal financial aid calculations, and we’re pushing for expanded 529 eligibility to include more job training programs and workforce development initiatives.

• • ABLE Savings Accounts: Financial Independence for People with Disabilities
    ABLE accounts allow individuals with disabilities to save and invest money tax-free for essential expenses like healthcare, education, housing, and transportation. But too many restrictions still exist. We’re working to raise savings limits, allow employer contributions, and prevent Medicaid clawbacks that penalize individuals simply for saving responsibly.

These aren’t just policy issues—they are real-life issues that impact families in every state.

The Power of Personal Advocacy

NAST has an excellent DC-based advocacy team, but the most powerful voices in these meetings are yours—the State Treasurers.

• • Members of Congress listen to you. Many of you represent more constituents than they do, which gives you significant influence. Meet with them back in the state as well. Invite them to see your vault, meet families with 529 and ABLE accounts, and make sure they check missingmoney.com!

• • Your personal connections matter. If you don’t have direct lines to your delegation—get them. Reach out to their Chiefs of Staff. Keep these conversations going long after this conference ends.

• • Be persistent. Congress hears from thousands of groups every day. The loudest voices get the most attention. We must be the squeaky wheel.

The Value of NAST: Bringing Us Together

Beyond advocacy, NAST serves another essential function: bringing us together.

• • We share best practices, ensuring that state treasuries are always evolving and improving.

• • We collaborate on solutions, tackling the challenges that affect public finance across the country.

• • And we strengthen relationships—with each other, with corporate affiliates, and with policymakers—because at the end of the day, our mission is about serving our constituents better.

The policies we advocate for impact lives. Our collective efforts can and will make a difference. Now let’s get to work.

Thank you!

Thomas Beadle
State Treasurer, North Dakota
NAST President