Interview with Henry Beck ’09, Maine State Treasurer
I recently spoke with Maine State Treasurer Henry Beck `09. Prior to his current position, Beck served in the Maine House of Representatives for eight years, where he was Chair of the Joint Standing Committee on Insurance and Financial Services.
As a Colby alumnus and lifelong Mainer, Beck brings a wealth of experience in public sevice. Beck and I spoke about his work as well as the lingering effects of the COVID-19 pandemic on Maine’s economy.
Cam Dyer: Could you explain what you do in your role as Maine State Treasurer?
Henry Beck: In many ways, I could be described as the state’s banker. I don’t necessarily set extensive policy, but I have some very specific responsibilities to manage the state’s cash, manage our trust funds, and administer unclaimed property.
By law, I sit on 11 boards and commissions, most notably, our state pension fund, our business lending authority, the Finance Authority of Maine, and the Maine State Housing Authority. I handle all our state’s general obligations that service our bond sales, and the debt issuance process.
Finally, by circumstance and tradition, I can give non-binding advice to the legislature or the governor’s office. Although I’m constitutionally separate from the governor, I spend a lot of time advising her office, especially if the work intersects mine.
CD: What were some of the effects of COVID-19 on Maine’s banking and financial system, as well as the greater economy?
HB: We never thought we’d be in that situation, but I remember being very unsure of what would become of our state’s revenues and cash flows during that turbulent time in mid-March.
First, because of some very skilled management of the pandemic itself and because of substantial federal support, we never encountered that cash crunch problem, our revenues were flowing, and we had more than enough liquidity. In terms of overall effects, everyone’s looking forward to how the state plans to use $1 billion in discretionary funds for our infrastructure.
In addition, the state has done an excellent job making use of the [CARES Act] monies used which skillfully mitigated what could have been some very serious economic and financial consequences of COVID[-19].
In some ways [the pandemic] sped up our workforce problem and our labor shortage problem — relative to what the rest of the country is dealing with, we have experienced this phenomenon ahead of time. Out of this great tragedy, we do have a historic opportunity today to make use of discretionary funds to recover from COVID[-19] and lay a foundation for equitable growth in the future.
CD: Given an aging population (among other negative factors), what do you think the future holds for Maine’s economy?
HB: In a strange way I’m almost relieved to say that we simply have the same fundamental challenges as we did before COVID[-19]: workforce challenges, demographic challenges, and higher ed challenges.
I think Maine was one of the first states to focus just as much on technical and community college as four-year degrees at a place like Colby. Unfortunately, it’s been an over-correction with an unintended consequence of creating doubt about higher education in general. Looking forward, we must make sure as a state that everyone sees a degree as a credential of value.
This all ties into some of our demographic challenges, where it is simply the case that we are going to have to see more net positive in-state migration. That is a fundamental challenge, but we again have this amazing opportunity with regard to what we choose to do with the rest of the COVID[-19] relief funds as well as further expansionary fiscal support. Our plan is to stabilize our economy, but also utilize these resources to tackle the long-standing problems with regards to demographics, higher ed, and the workforce.
CD: Can you describe your time at Colby and how it influenced you to begin a career in public office?
HB: I served on the Waterville City Council when I was a freshman and then in 2008 was elected to the State House for the seat that represents my hometown of Waterville as well as the campus. That was amid the Great Financial Crisis. So, I’ve now found myself two times in a row in public office beginning my legislative service during intense recessionary periods.
This sounds like a PSA for Colby, but it’s the truth that my liberal arts education has served me so well, specifically in this position and it served me well as a legislator. Obviously, I think my time there being from Maine did prepare me for what I’m doing now and also gave me an interesting perspective of the two different worlds of Colby as well as our backyard in Waterville and all of Maine.
CD: Why did you pivot to Treasurer?
HB: I was in the State House for eight years and then left following a lost election and then was practicing law full time and doing lots of business civil litigation in the interim.
The short answer is I wanted to be back and serving, so I made the choice to run for Treasurer. Since I was out of the State House for two years, it gave me a better perspective and understanding for that office and the issues that the office deals with. I feel that it’s the number one place to make an impact — just as much as a legislator. I thought it could be an amazing opportunity to continue my public service, as well as add to my professional life.
Thus far, it’s been an amazing experience and the best job I’ve had.
CD: What advice would you give to Colby students approaching graduation?
HB: I’ve gotten to know Colby students through my campaigns, and I do think the academic performance and focus has increased exponentially since my time.
Aside from that, take advantage of the programming the College provides such as the Goldfarb Center events and the random guest lectures around campus. This could possibly be the last time you have access to those resources so frequently.
Don’t dismiss a career in public service, because there is a path you can take and I think Colby prepares you for that choice, and that kind of career.
~ Cam Dyer `22
