Accomplishments
During his tenure in public office, Chip Flowers, Jr., former State Treasurer and Co-Chair of the National Democratic State Treasurers, pushed through historic financial reforms and bold ideas that made his term one of the most transformative in the history of Delaware. Over the next year, the Flowers Papers Project will be providing significant detail relating to many of his progressive public policy accomplishments and actions made during his term, while highlighting the new public policy projects and initiatives that he has undertaken in the Commonwealth of Massachusetts.
As information becomes publicly available, it is our goal to provide detail so you will be understand the facts and decisions that led Flowers to become an advocate for “standing up for change.”
Below are just a few of his achievements that the Flowers Papers Projects will be exploring in greater detail:
Achievements in State Investments
- Allocated, managed and protected over $2 billion in Delaware investment funds
- Earned over $50 million in returns in three years during the nation’s worst economic climate since the Great Depression
- Protected hundreds of millions from a failing state financial institution
- Achieved positive returns 31 out of 38 months in Delaware’s state portfolio
- Hired an independent financial adviser to ensure Delaware’s portfolio was competitive in the 21st century
- Rewarded performance and merit among the state’s investment managers, which increased
returns while reducing fees paid by taxpayers
- Established benchmarks for our state investment banks
Achievements in Financial Reforms Honest Way
- Proposed policy to prevent conflict of interest from Delaware’s unelected Cash Board
- Advocated for stricter financial disclosure from the state’s Cash Board
- Enacted more transparency by supporting “public input” on key decisions
- Championed “open and competitive” bids for state contracts
Achievements in Financial Education
- Developed the Delaware Economic Index
- Created the Prosperity Portal
- Partnered with Visa and NFL for financial education in schools
- Issued First, Second, Third and Fourth Reports on the Treasury
Achievements through Innovative Ideas
- Created the Delaware Stock Index and Financial Early Warning System
- Required banks to disclose amount invested in state companies
- Proposed creating a “Academy of Ideas”, to foster innovation in government
- Founded the Office of Economic Policy
- Proposed allowing taxpayers to receive investment returns from public dollars used
to support private economic investment projects
- Implemented alternative payment methods to save money and reduced checks issued by the state
Achievements in Money Management
- Secured Delaware’s $2 billion investment portfolio
- Protected its “AAA” bond rating
- Strengthened the state’s bond approval process
- Promoted Delaware’s small businesses and diversified our state portfolio
