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David Damschen took the oath of office Wednesday as Utah state treasurer.
State Supreme Court Justice John Pearce administered the oath of office after Gov. Gary Herbert picked Damschen last month to replace Richard Ellis, who stepped down from the elected office to take an executive post at the Utah Education Savings Plan. Damschen had spent six years as top deputy to Ellis in the treasurer's office. He previously was senior vice president and director of AmericanWest Bank and vice president of institutional trust and custody at U.S. Bank.
"David epitomizes our fiscal conservative approach to government," Herbert said in a statement announcing the appointment. "I have full confidence that his vision, knowledge and experience will continue to lead the Utah team to maintain our strong fiscal health and Triple-A Bond rating."
As treasurer, Damschen will control the disbursement of state money and manage various investment funds, including the Public Treasurer's Investment Fund and the Permanent School Fund.
"As Treasurer I will use my decades of experience to help lead Utah's team effort in preserving our precious 'AAA' bond rating – which takes know-how and constant vigilance," Damschen said in prepared remarks. "I will also continue to save taxpayer dollars through prudent debt management and investment practices."
Damschen launched and is leading a multi-agency re-bidding of the $1 billion statewide contract for credit card, online and mobile payments with an eye to saving taxpayer dollars by reducing the cost of payment processing for both state and local governments and protecting taxpayers against data breaches.