Michael L. Fitzgerald (born November 29, 1951) is an American businessman and politician who served as the 25th Treasurer of Iowa from 1983 to 2023. A member of the Democratic Party, he is the longest-serving state treasurer in the United States.[1]
Early life and early career
Fitzgerald was born in Marshalltown, Iowa, in 1951. His parents, James and Clara, were farmers, first near State Center and later Colo. He graduated from Colo Community High School in 1970 and received his bachelor's degree in business administration from the University of Iowa in 1974. Fitzgerald worked as a marketing analyst for Massey Ferguson in Des Moines for eight years before being elected State Treasurer of Iowa in 1982.[1][2]
State Treasurer (1983–2023)
As State Treasurer, Fitzgerald acts as Iowa's trustee and custodian of the three state pension funds, and invests billions of dollars of state operating funds.[1]
He serves as administrator of Iowa's 529 plans, College Savings Iowa and the Iowa Advisor 529 plan, which offer families an easy, tax-advantaged way to prepare for future college tuition and expenses. These programs currently have more than five billion dollars in combined assets.[3]
When Fitzgerald took office in 1983, he prioritized returning unclaimed property.[4]
As the state's banker, Fitzgerald oversees and administers the Invest in Iowa program, a series of auctions he created in 1983 to invest state funds in Iowa financial institutions at competitive rates.[5] The Linked Investments for Tomorrow (LIFT) program, introduced in 1986, also provides capital to Iowa's small business owners who wish to create or expand their business.[6]
Fitzgerald lost reelection in 2022 to Republican candidate Roby Smith.[7] He held office for 40 years, making him the longest serving state treasurer in United States history.[8]
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