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Shannon O'Brien on Budget & Economy

Former State Treasurer; Democratic Challenger MA Governor


Fostered banking competition by providing consumer info

In the wake of recent mergers in the banking industry, many consumers are frustrated by what they view as a lack of choice in banking and a trend of diminished services and higher fees. As State Treasurer, I have encouraged consumers to take advantage of this healthy competition and shop around for the institution that provides the products and services that best meet their banking needs at the lowest price.

This sounds easy, but the reality is we have jobs, families, and other obligations that take precedence over shopping for a bank. The bottom line is that you don’t have to pay $10, $15 or even $20 in monthly fees. There are ways to avoid these fees. In fact, saving as little as $10 a month in an account with a 5% rate of return would leave you with more than $4,137 in 20 years.

I surveyed financial institutions throughout Massachusetts and asked them to submit information on what they considered their “best value” checking account. [A Treasury web site allows searching all banks.]

Source: Official State Treasury web site, state.ma.us/treasury/ Dec 9, 2001

Pressure banks to keep ATM fees low

[As Treasurer, O’Brien counts among her accomplishments] standing up for consumers squeezed by rising bank fees and winning agreements with the state’s largest banks that have lowered ATM surcharge fees and increased the number of surcharge-free ATMs.
Source: Campaign web site, ShannonOBrien.com, “Biography” Nov 24, 2001

Accused of mismanagement of Abandoned Property account

Treasurer Shannon P. O’Brien is costing the state millions of dollars through mismanagement of a $210 million stock account in the state’s abandoned property division, according to a soon-to-be-released audit. State Auditor Joseph DeNucci reports that O’Brien has failed to regularly review the stock account and sell off unclaimed assets, which would generate revenue for the state’s general fund.
Source: Frank Phillips, Boston Globe Feb 7, 2001

We must pay off Massachusetts’ state debt

Treasurer O’Brien noted the efforts of the Cellucci/Swift administration in turning around the Commonwealth’s fiscal situation, citing the $1.5 billion in the Rainy Day Fund and the monies in the Unemployment Trust Fund. But, cautioned Treasurer O’Brien, we still have some problems-Massachusetts has the third highest debt of any state in the country, this debt has doubled over the past ten years, and in the end, we all have to pay that bill.
Source: Report on Cambridge Chamber of Commerce speech Jan 18, 2001

Other governors on Budget & Economy: Shannon O'Brien on other issues:
AK Frank Murkowski
AL Bob Riley
AR Mike Huckabee
AZ Janet Napolitano
CA Arnold Schwarzenegger
CO Bill Owens
CT Jodi Rell
DE Ruth Ann Minner
FL Jeb Bush
GA Sonny Perdue
HI Linda Lingle
IA Tom Vilsack
ID Dirk Kempthorne
IL Rod Blagojevich
IN Mitch Daniels
KS Kathleen Sebelius
KY Ernie Fletcher
LA Kathleen Blanco
MA Mitt Romney
MD Bob Ehrlich
ME John Baldacci
MI Jennifer Granholm
MN Tim Pawlenty
MO Matt Blunt
MS Haley Barbour
MT Brian Schweitzer
NC Mike Easley
ND John Hoeven
NE Dave Heineman
NH John Lynch
NJ Jon Corzine
NM Bill Richardson
NV Kenny Guinn
NY George Pataki
OH Bob Taft
OK Brad Henry
OR Ted Kulongoski
PA Ed Rendell
RI Don Carcieri
SC Mark Sanford
SD Mike Rounds
TN Phil Bredesen
TX Rick Perry
UT Jon Huntsman
VA Tim Kaine
VT Jim Douglas
WA Christine Gregoire
WI Jim Doyle
WV Joe Manchin III
WY Dave Freudenthal
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