State of Washington, et al., v. Trump., et al

Filing 104

DECLARATION of Tobias Read in Support of State of Oregon's Motion to Intervene filed by Plaintiff State of Oregon re 94 MOTION to Intervene Attorney Scott J Kaplan added to party State of Oregon(pty:pla) (Kaplan, Scott)

Download PDF
1 2 3 4 UNITED STATES DISTRICT COURT 5 WESTERN DISTRICT OF WASHINGTON 6 AT SEATTLE 7 STATE OF WASHINGTON, et al., 8 9 10 11 Plaintiffs, CASE NO. C17-0141JLR DECLARATION OF TOBIAS READ v. DONALD J. TRUMP, et al., Defendants. 12 I, Tobias Read, hereby declare and affirm as follows: 13 1. I am over the age of 18 and competent to testify. 14 2. I am the Treasurer for the State of Oregon. 15 3. The Oregon State Treasurer is an office created by the Oregon Constitution. 16 4. As Treasurer, I am the custodian of state funds, responsible for protecting the state's 17 credit ratings, and responsible for overseeing public investing, banking, bonding, and 18 financial empowerment programs. 19 5. The Treasurer is the investment officer for the Oregon Investment Council (OIC), 20 which sets policy for the investment management of Oregon public assets and Oregon 21 public trust fund portfolios. I sit as an ex officio voting member of the OIC. All 22 members of the OIC are fiduciaries. 23 6. The Oregon State Treasury performs the investment management, under my direction 24 and in accordance with policies and investment beliefs set by the OIC. As of Dec. 31, 25 2016, Oregon's investment portfolio under Treasury management totaled 26 approximately $92 billion. The portfolio is diversified and invested in capital DECLARATION OF TOBIAS READ- 1 OREGON DEPARTMENT OF JUSTICE 1162 Court Street Salem, OR 97301 Telephone: (503) 378-4400 Fax: (503) 947-4793 1 markets, fixed income instruments, real estate, private equity, and alternative 2 investments in the United States and overseas. 3 7. Oregon's financial empowerment programs include the Oregon 529 Savings 4 Network, which allows families to save for higher education, job training, and 5 disability-related expenses. Savings of participating families are pooled and 6 professionally managed in public market mutual funds, in accordance with their 7 personal investment elections. As of Dec. 31, 2016, the combined total of those 8 investments exceeded $2.5 billion. 9 8. The Oregon Investment Council sets the policies for the Oregon Savings Growth 10 Plan, a 457 defined contribution program made available to public employees in 11 Oregon. The defined contribution savings of participating workers are pooled and 12 professionally managed in public market mutual funds, in accordance with their 13 personal investment elections. As of January 1, 2017, the combined total of those 14 investments exceeded $1.8 billion. 15 9. Credit ratings determine the cost of borrowing, are a key barometer of the state's 16 fiscal health, and are impacted by the performance of Oregon investments and the 17 state's economy. The State of Oregon's revenue structure relies heavily on income 18 taxes, including capital gains for investors, wages paid to workers, and corporate 19 taxes that are directly linked to profitability. Threats to companies, which can exert 20 downward pressure on performance, can therefore impact the state's credit ratings. 21 10. Many of the companies in which Oregon and Oregonians have holdings have 22 expressed concern that President Trump's Executive Order 13769 is a threat and will 23 be disruptive to their employees, their productivity, and their competitiveness. That 24 disruption also affects Oregon as a shareholder. 25 26 11. Those businesses contribute directly to Oregon's bottom line through their taxes, and indirectly through the payments of salaries to our state's workers. In addition, those DECLARATION OF TOBIAS READ- 2 OREGON DEPARTMENT OF JUSTICE 1162 Court Street Salem, OR 97301 Telephone: (503) 378-4400 Fax: (503) 947-4793 companies are part of our investment portfolios, which are designed to pr tect Oregon's funds and generate a safe return. 12.Several technology companies recently signed a joint letter expressing de p concern about the executive order and likely impacts. As of the third quarter of 20 6, Oregon held more than 19 million shares in those technology companies. 13. For the reasons articulated above, I believe Executive Order 13769 will h• ye a negative effect on the long-term health and sustainability of the state's po folio, will likely exert downward pressure on the state credit ratings, will impede th- state's economic health, and will expose individuals who invest in Oregon-facili •ted funds to unnecessary and avoidable risk. In summary, Oregonians will be harm d. I declare under penalty of perjury that the foregoing is true and correct. Executed this A day of February, 2017 s/74; 1 Tobias Read DECLARATION OF TOBIAS READ- 3 OREGON DEPARTMENT S F JUSTICE 1162 Court Stree Salem, OR 97301 Telephone (503) 378 •400 Fax: (503) 947-47 3

Disclaimer: Justia Dockets & Filings provides public litigation records from the federal appellate and district courts. These filings and docket sheets should not be considered findings of fact or liability, nor do they necessarily reflect the view of Justia.


Why Is My Information Online?