State Treasurers Continue #GettingTheJobDone

Dear Colleagues,

We are all receiving so many emails from everywhere (both work-related and personal) talking about COVID-19, facts, figures and sometimes myths. It seems like new questions arise faster than real answers can emerge. Still, despite all of the new obstacles, Treasurers and treasury staff are #GettingTheJobDone for their states and our country. From providing liquidity to state hospitals to ensuring state finances are in shape, we are all rising to the challenges of these difficult times. I would like to share some thoughts that have been helpful to me, and my staff, and hope it can be of some help to you too.

First, it is okay to admit if you don’t have all of the answers — nobody does. I personally see great value in the collaboration of us all working together.

Second, no question is off limits. NAST has stepped up by organizing forum calls and providing discussions that help answer questions on topics ranging from federal stimulus and liquidity to unemployment insurance and converting offices to telework.

I know time can feel like the most valuable resource, but I encourage you to join some of these weekly calls or our webinar later today on "Business Continuity." You should also check out the NAST COVID-19 resource page, which NAST is continuously updating. I welcome any information that you think we should share with others.

Third, please know that you have an advocate and a voice in Washington, D.C. Teleworking and social distancing did not stop the NAST community from working in overdrive to ensure that the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) that passed last week, included solutions for our frozen municipal markets. This $2 trillion bill, the most expensive in history, provided numerous forms of economic relief and targeted funding for distressed sectors.

Many of you joined NAST staff to successfully advocate for the inclusion of state and local issuers in the "Economic Stabilization" section of the bill (Section 4003), which authorized the Federal Reserve to stabilize various markets during this crisis. We will now turn to a fourth stimulus package, and intend to work with the Federal Reserve and Treasury to ensure these provisions are carried out in a sustainable manner with the most effective relief for states.

I can not speak highly enough of how our members – both State Treasurers and Corporate Affiliates – have worked the phones, emails, texts, and even Facetime, to advocate for state needs and interests. You are all serving tirelessly from home offices and dining room tables to inform federal decision-makers, while also making time to ensure safety for your families.

I want to thank you for your commitment and the mutual support we continue to give each other. I am proud of the work that we are doing together to ensure economic stability in these trying times.

Deborah B. Goldberg
State Treasurer and Receiver General, Massachusetts