A venture-capitalist with a penchant for helping minority-owned businesses is Gov. Tom Wolf’s pick to step in as Pennsylvania’s treasurer.
Tim Reese, a resident of Laverock in Montgomery County, said Tuesday that he brings more than two decades of experience in finance, most recently as a managing partner at Forge Intellectual Capital and founder of the National Minority Angel Network, which sought to invest in and provide financial literacy for companies owned by minorities, women, and veterans.
Reese now serves on an advisory committee to the U.S. Securities and Exchange Commission for small and emerging companies.
“My tool bag tends to be around finance and creating structures in leadership and vision around financial aspects in order to uplift many boats,” he said.
If confirmed, Reese will finish the term of former elected treasurer Rob McCord, who resigned in late January to plead guilty to federal extortion charges. The remainder of McCord’s term lasts through 2016. Reese said he will not run for election to the post.
Wolf’s nominee faces a two-thirds confirmation vote in the Republican-controlled state Senate. The administration plans for him to get through that process before taking the helm of the Department of Treasury. At the moment, the acting treasurer remains Christopher Craig, the agency’s top lawyer.
The administration said Reese is in line to become the state’s first black treasurer, but during a phone interview Tuesday Reese said what’s more important is what he does for the agency. He looked up the commonwealth’s first two treasurers in preparation.
“You know what they were?” Reese said. “They were Quaker, merchant bankers who, like me, decided to get engaged in civic activities and create income for their family and the broader community. That’s me.”