Ron Crane touts experience as treasurer

COEUR d'ALENE - Idaho Treasurer Ron Crane says he's too young to retire and his experience makes him the best option for Idaho voters this fall.

"I've got 16 years of experience managing a $3 billion portfolio," Crane, 65, said Friday in an interview with The Press editorial board. "That's been our baby, and we have nurtured that thing along."

He loves the challenge of the job.

"This country is facing an enormous financial crisis and I believe, truly believe, that the focus needs to be the states," Crane said. "Look to the states for the solution."

The treasurer's office is the state's accounts receivable department, taking in the money, crediting it to the appropriate state agency and putting it in the bank for spending on state services. Extra money is invested by the state.

"Since I've been treasurer, I've had the privilege of earning $1.1 billion in interest income for the state of Idaho and the political subdivisions that we invest for," Crane said.

In 1998, Crane was elected to his first term as state treasurer.

Crane said he also has worked to make Idaho's credit rating a focus of state leaders.

"Nobody had ever discussed or talked about the credit rating until I became treasurer," he said.

During his tenure, Idaho's credit rating has increased three times.

He created the state's Credit Rating Enhancement Committee, and made recommendations to the state Legislature.

Though he has been criticized for his handling of some mortgage-backed securities in the state's portfolio prior to the recession, Crane said he handled the situation correctly in a tough environment.

The value of the assets went down, and an auditor's report said the state should have sold them and cut the losses.

"We did what we think was the right thing and we held onto them until they came back in value," Crane said.

He said if the state had sold the assets when the state auditor's report said it should have, it would have resulted in an $80 million loss.

Prior to becoming state treasurer, Crane worked for six years in banking, first at First National Bank of Rock Island, Ill., and then at Idaho First National Bank.

Ron also has started his own business, Crane Alarm Service, a security and fire alarm company in Canyon County, which also services customers in Lewiston and Idaho Falls.

He served for 16 years in the Idaho House, chairing the Business Committee for seven years and the State Affairs Committee for four years.

Crane has an honorary doctorate degree in Christian Leadership from Ohio Christian University.