Tenure as State Treasurer
2000 elections
Edwards had his eye on the State Treasurer's post from the time he had worked as then Treasurer Jim Hill's legislative adviser from 1992 to 1996. "When I worked in the treasurer's office,I thought that this could be a job I could do," Edwards told the Oregonian in 2001,"I was intrigued and impressed with what the job entailed." [21]
In 2000,when Hill was prevented by law from running for a third term,Edwards announced his candidacy for Treasurer. Edwards' colleagues in the Democratic party considered him a clear favorite in the primary campaign,challenged only by Gary Bruebaker,a Deputy Treasurer with no prior political experience. However,the race remained too close to call throughout election night and automatically triggered a two-month-long hand recount. Ultimately,Edwards prevailed,defeating Bruebaker by a mere 470 votes statewide,152,071 to 151,601. [21] [22] [23] [24]
John Kvistad,a small-business owner from Tigard who had been elected to three terms on the Metro governing council,was nominated as Edwards' Republican opponent. During the general election campaign Edwards emphasized his financial and legislative experience,stressing the importance of the State Treasurer's role in funding education. He presented a plan to create a $100 million capital bond fund for school construction projects. Kvistad countered by pointing out Edwards' lack of experience outside of the public sector,and reminding voters of his own management background in both business and government. He promised to improve the state's credit rating and implement a program to assist first-time home buyers. He was especially critical of Edwards' votes to increase the state's debt to fund schools. [25]
The campaign became contentious,particularly during a debate between the candidates sponsored by the City Club of Portland. Edwards claimed his Republican challenger had "no plan" and was underqualified for the office. Kvistad accused Edwards of exaggerating his financial experience and attacked Edwards' school construction bond proposal,stating "Instead of putting you in the state treasurer's office,maybe we need to put you in Consumer Credit Counseling Service." Edwards responded that the treasurer had an obligation to address the issue of school financing as one of Oregon's most critical concerns,adding "You don't support helping our public schools." [26]
The final result was a decisive win for Edwards,defeating Kvistad 705,273 votes to 593,411. [27] The race was also joined by Constitution Party nominee Carlos Luceros,a computer software consultant who wanted to invest even more resources in education;Libertarian Mitchell T. Shults,an Intel executive who ran on a platform of reduced state spending,sale of state owned lands,and reform of the state employees' retirement system;and Leonard Zack of the Reform Party,a food service worker whose campaign centered on environmental issues. [28] [29]
First term as treasurer
In a ceremony at the Gus Solomon Federal Courthouse in downtown Portland on January 1,2001,Edwards,39,was sworn in as the youngest Oregon State Treasurer in at least fifty years. [21] [30] The record of his predecessor would be difficult to meet:during Hill's two terms in office,the treasury's investments had increased in value by nearly 150 percent,and debt had been decreased 25 percent. Edwards faced a host of difficult issues,including an economic slowdown,the potential downgrade of the state's credit rating,and serious reductions in federal contributions to the state's revenues. [31]
By 2003,with what the state's chief economist Tom Potiowsky described as a "jobless recovery" dragging on,Edwards was coping with announcements of large state budget shortfalls which forced the legislature to make deep cuts in services and increase both taxes and borrowing. [32]
2004 reelection campaign
After the 2004 Democratic primary in which Edwards was unopposed,he won reelection to a second term over his three general election challengers:Republican Jeff Caton,Constitution Party nominee Carole D. Weingarden,and Libertarian Mitch Shults. The final tally was Edwards,889,974;Caton,688,551;Shults,52,819;and Weingarden,49,875. [33]
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