We Get More Done by Working Together

Dear Colleagues,

As 2024 approaches its end, I would like to thank you for the honor of serving as NAST President this year. We have accomplished so much together.

Since childhood, I have been an enthusiastic reader, and books have taught me a lot. As I got older, I figured out I could learn and grow much faster through experience and by exchanging ideas with peers.

This is why I got involved with the National Association of State Treasurers. I had a lot to learn when I became Illinois State Treasurer, and there aren't a lot of books on how to do the job, so I got involved. Over the years, I have taken on various roles with NAST, including Midwestern Region Vice President, Chair of the College Savings Plans Network (CSPN), Secretary-Treasurer, and Senior Vice President. A little more than a year ago, I was elected President for 2024.

These diverse leadership experiences with NAST have been fulfilling and educational. I deeply respect the organization and its members.

Last January, I shared my New Year’s resolution as NAST President: to expand educational activities, boost engagement with policy makers, and grow the work of our NAST networks. We have made good progress in each of those areas by working together in a bipartisan way that benefits everyone.

For instance, in 2024 we:

• Successfully grew the Treasury Management Training Symposium (TMTS), the country’s largest gathering of treasury professionals. This year, when we gathered in Pittsburgh, we offered more sessions and more tracks than ever before, and we made it easier than ever for participants to move between different tracks.
• Expanded our MissingMoney.com unclaimed property website to include 49 states. In addition, we returned more than $3 billion in unclaimed property in the past year.
• Launched the NAST Research Consortium. We’ve begun expanding NAST’s research and data analytics efforts to help us continue to share strong stories with the public and policy makers about the value of our programs for retirement savings, college savings, Achieving a Better Life Experience (ABLE), unclaimed property, and more.
• Engaged with policy makers to keep moving forward on issues such as SAFE Banking, SURCH, and advanced refundings.

In addition, we hosted an amazing national conference in Chicago, where Chicago Federal Reserve Bank CEO Austan Goolsbee sat down with me in a question-and-answer session. Our interview made headlines, mainly because when he was asked about future interest rate cuts, he indicated more are on the way. He also mentioned how he’d like to see the penny go away because while it’s worth just one cent, it costs more than that to make.

All in all, I’d say it’s been a good year for NAST. Even though my term is ending as NAST President, I’m planning to stay involved with the organization and hope to keep working together with you.

In conclusion – and on a lighter note -- I am glad to have been part of the “Dakota sandwich” of NAST Presidents. Josh Haeder of South Dakota preceded me in the office, and Thomas Beadle of North Dakota will be President in 2025. It has been a pleasure working with them and everyone else associated with NAST. I wish incoming President Beadle and all of you a happy and prosperous New Year.

Sincerely,

Michael W. Frerichs
Illinois State Treasurer
2024 NAST President