News

Wolf nominates venture capitalist to complete treasury term

Written by The Associated Press | Apr 7, 2015 11:04 AM
timreese.jpg

Photo by Black Founders Conference

(Harrisburg) -- Governor Tom Wolf is nominating a venture capitalist who started six businesses and has sought to boost the entrepreneurial fortunes of others to complete the state treasurer's term.

Wolf announced Tim Reese's nomination two months after Rob McCord revealed he was resigning and pleading guilty to federal extortion counts.

The 51-year-old Reese is the managing partner of a suburban Philadelphia venture capital firm and helped start a network of investors to help minority, women or military veteran entrepreneurs.

If confirmed by the state Senate, he'd be the first African-American man or woman to hold the job of Pennsylvania treasurer.

McCord resigned Jan. 30 before pleading guilty to two federal counts of attempted extortion stemming from efforts to fund his failed gubernatorial campaign. His term ends in January 2017.

An earlier story is below:

Governor Tom Wolf is nominating a venture capitalist and the founder of a minority investor network, Tim Reese, to complete the state treasurer's term.

Wolf made the announcement two months after Rob McCord revealed he was resigning and pleading guilty to federal extortion counts.

The 51-year-old Reese is managing partner in the suburban Philadelphia venture capital firm, Forge Intellectual Capital. Reese, who is black, also helped start a network of minority investors to help entrepreneurs get a start. He'll need confirmation by the state Senate to become treasurer.

Rob McCord resigned Jan. 30 before he pleaded guilty to two federal counts of attempted extortion stemming from efforts to fund his failed gubernatorial campaign. His term ends in January 2017.

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