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)
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UNITED STATES DISTRICT COURT
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WESTERN DISTRICT OF WASHINGTON
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AT SEATTLE
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STATE OF WASHINGTON, et al.,
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Plaintiffs,
CASE NO. C17-0141JLR
DECLARATION OF TOBIAS READ
v.
DONALD J. TRUMP, et al.,
Defendants.
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I, Tobias Read, hereby declare and affirm as follows:
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1. I am over the age of 18 and competent to testify.
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2. I am the Treasurer for the State of Oregon.
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3. The Oregon State Treasurer is an office created by the Oregon Constitution.
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4. As Treasurer, I am the custodian of state funds, responsible for protecting the state's
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credit ratings, and responsible for overseeing public investing, banking, bonding, and
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financial empowerment programs.
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5. The Treasurer is the investment officer for the Oregon Investment Council (OIC),
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which sets policy for the investment management of Oregon public assets and Oregon
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public trust fund portfolios. I sit as an ex officio voting member of the OIC. All
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members of the OIC are fiduciaries.
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6. The Oregon State Treasury performs the investment management, under my direction
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and in accordance with policies and investment beliefs set by the OIC. As of Dec. 31,
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2016, Oregon's investment portfolio under Treasury management totaled
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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
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markets, fixed income instruments, real estate, private equity, and alternative
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investments in the United States and overseas.
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7. Oregon's financial empowerment programs include the Oregon 529 Savings
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Network, which allows families to save for higher education, job training, and
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disability-related expenses. Savings of participating families are pooled and
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professionally managed in public market mutual funds, in accordance with their
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personal investment elections. As of Dec. 31, 2016, the combined total of those
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investments exceeded $2.5 billion.
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8. The Oregon Investment Council sets the policies for the Oregon Savings Growth
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Plan, a 457 defined contribution program made available to public employees in
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Oregon. The defined contribution savings of participating workers are pooled and
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professionally managed in public market mutual funds, in accordance with their
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personal investment elections. As of January 1, 2017, the combined total of those
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investments exceeded $1.8 billion.
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9. Credit ratings determine the cost of borrowing, are a key barometer of the state's
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fiscal health, and are impacted by the performance of Oregon investments and the
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state's economy. The State of Oregon's revenue structure relies heavily on income
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taxes, including capital gains for investors, wages paid to workers, and corporate
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taxes that are directly linked to profitability. Threats to companies, which can exert
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downward pressure on performance, can therefore impact the state's credit ratings.
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10. Many of the companies in which Oregon and Oregonians have holdings have
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expressed concern that President Trump's Executive Order 13769 is a threat and will
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be disruptive to their employees, their productivity, and their competitiveness. That
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disruption also affects Oregon as a shareholder.
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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;
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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
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