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Politics & Government

Simpler announces re-election campaign

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Ken Simpler takes oath of office

State Treasurer Ken Simpler wants another term. The former hedge fund manager has announced his re-election bid.

Simpler became the first non-incumbent Republican to win statewide since 1994 when he defeated Democrat Sean Barney in the 2014 Treasurer’s race.

Since taking office, he has restructured retirement savings programs for state employees and the state’s investment portfolio. Simpler said the changes to the investment portfolio will help Delaware bring in more revenue.

“We think that with the changes we’re making that the portfolio could earn something that might be closer to 2 percent," he said. "Now don’t all get excited, but that’s 15 or 16 million bucks for the state of Delaware.”

Simpler also supports changes to the state’s budget process. He said the state’s spending controls haven’t been amended since they put in place in 1978.

He said he’d use a second term to push for an overhaul of Delaware’s budget process.

“We need a system that not just balances the budget year-to-year," he said. "An ideally one that produces a certain outcome year over year over year over year that’s predictable.”

A panel is looking at possible changes to state budget procedures and is expected to report on their findings in May. But revisions would need a constitutional amendment.

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