State House Sound Bites

Capitol reporter Mary Wilson covers Pennsylvania politics and issues at the Pennsylvania state capitol.

McCord to resign as reports point to federal probe

Written by Mary Wilson, Capitol Bureau Chief | Jan 29, 2015 2:34 PM
McCord2013_larger.jpg

Photo by Mary Wilson / witf


State Treasurer Rob McCord is stepping down from his post on February 12, he said in a written statement Thursday. McCord gave no reason for his resignation, saying only that it is time "to return to the private sector." He has not said what job -- or political ambitions -- may await once he leaves the treasurer's office.

Update: WPVI-TV and The Philadelphia Inquirer are citing anonymous sources that McCord is under federal investigation for theft of campaign and other funds.

A spokesman for the Treasury declined to comment. 

The former venture capitalist was re-elected to a second four-year term in 2012. Last year, he ran against Governor Tom Wolf in the four-way Democratic primary, displaying a combative campaigning style. His approach was just as direct in elective office - he derided former Governor Corbett's proposed changes to public pensions and the state lottery.

In his statement, McCord touted the work he did over his six years in elective office: shoring up the state's college savings program, reducing risk in state investments, participating in the successful legal challenge to keep money from the NCAA's fine against Penn State in the commonwealth.

"In the past six years, Treasurer McCord has saved our commonwealth over a billion dollars by modernizing the Treasury Department, expanding innovative programs for our citizens, and protecting Pennsylvania's best interests," said Governor Wolf in a statement.

Wolf has not indicated who would be nominated to finish McCord's term. The nominee would be subject to approval by the Republican-controlled state Senate.

McCord said his agency's chief counsel, Christopher Craig, will be acting treasurer until the governor names a replacement.

Published in State House Sound Bites

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