COUNTY TREASURER SEEKS FEDERAL ASSISTANCE TO OFFSET INVESTMENT LOSSES

COUNTY TREASURER SEEKS FEDERAL ASSISTANCE TO OFFSET INVESTMENT LOSSES

Doña Ana County Treasurer David Gutierrez has written letters to the New Mexico Congressional Delegation seeking support for House Resolution 467, which would compensate municipalities and counties for investment losses related to the collapse of Lehman Brothers last fall.

Gutierrez estimates that Doña Ana County lost approximately $2.5 million when New Mexico’s Local Government Investment Pool was rocked by the Lehman Brothers collapse and the subsequent deterioration of the stock market and the national economy. All of this occurred before Gutierrez took office.

Since taking the helm at the Doña Ana County Treasurer’s Office, Gutierrez has broadened Doña Ana County’s investments to minimize future risk. He has placed millions of investment dollars in Doña Ana County banks and in securities backed by the federal government.

“In addition to minimizing investment risk, these strategies simultaneously stimulate the local economy and maximize earnings for the county’s portfolio,” Gutierrez said. “In only the first quarter of 2009, we’re already seeing a better return on our investment than the state pool is paying.”

Gutierrez said he’s hopeful New Mexico’s Congressional Delegation will support the efforts of counties and municipalities nationwide who suffered significant investment losses tied to the nation’s economic meltdown.

“House Resolution 467 offers municipalities and counties the same lifeline for economic recovery that Congress already has approved for Wall Street,” Gutierrez said. “I believe the federal government should step up to help local governments who provide jobs and services that citizens can measure on a daily basis.”

***** ***** ***** ***** ***** *****

Reporters seeking more information or interviews may call county Public Information Director Jess Williams at (575) 525-5801.