Arkansas Treasurer election, 2024

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2022
Arkansas Treasurer
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Election details
Filing deadline: November 14, 2023
Primary: March 5, 2024
Primary runoff: April 2, 2024
General: November 5, 2024

Pre-election incumbent(s):
Larry Walther (R)
How to vote
Poll times: 7:30 a.m. to 7:30 p.m.
Voting in Arkansas
Ballotpedia analysis
Federal and state primary competitiveness
State executive elections in 2024
Impact of term limits in 2024
State government trifectas
State government triplexes
Ballotpedia's Election Analysis Hub, 2024
Arkansas
executive elections
Treasurer

Arkansas held a special election for treasurer on November 5, 2024. The primary was March 5, 2024, and a primary runoff was April 2, 2024. The filing deadline was November 14, 2023.

John Thurston won election in the special general election for Arkansas Treasurer.

Candidates and election results

General election

Special general election for Arkansas Treasurer

John Thurston defeated John Pagan and Michael Pakko in the special general election for Arkansas Treasurer on November 5, 2024.

Candidate
%
Votes
Image of John Thurston
John Thurston (R)
 
65.4
 
755,156
Image of John Pagan
John Pagan (D) Candidate Connection
 
30.3
 
350,210
Image of Michael Pakko
Michael Pakko (L) Candidate Connection
 
4.3
 
49,847

Total votes: 1,155,213
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Democratic primary election

Special Democratic primary for Arkansas Treasurer

John Pagan advanced from the special Democratic primary for Arkansas Treasurer on March 5, 2024.

Candidate
Image of John Pagan
John Pagan Candidate Connection

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Republican primary election

Special Republican primary for Arkansas Treasurer

John Thurston advanced from the special Republican primary for Arkansas Treasurer on March 5, 2024.

Candidate
Image of John Thurston
John Thurston

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Libertarian convention

Special Libertarian convention for Arkansas Treasurer

Michael Pakko advanced from the special Libertarian convention for Arkansas Treasurer on February 25, 2024.

Candidate
Image of Michael Pakko
Michael Pakko (L) Candidate Connection

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Ballotpedia's Candidate Connection survey responses

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Survey responses from candidates in this race

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Note: Ballotpedia reserves the right to edit Candidate Connection survey responses. Any edits made by Ballotpedia will be clearly marked with [brackets] for the public. If the candidate disagrees with an edit, he or she may request the full removal of the survey response from Ballotpedia.org. Ballotpedia does not edit or correct typographical errors unless the candidate's campaign requests it.

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John Pagan is well-qualified to handle the Treasurer's managerial and financial responsibilities.

The Treasurer is the state's banker and chief investment officer. He or she receives and disburses government funds and manages the Treasury's $11.6 billion investment portfolio. The Treasurer also serves as a Trustee of the Teacher Retirement System ($22 billion), the Public Employee Retirement System ($11.5 billion), and the State Highway Employees' Retirement System ($1.6 billion).

John knows how to manage a complex organization such as the Treasury. As a law school dean, he administered multi-million dollar budgets. His service as a JP and senator taught him how the state's financial system actually works.

John Pagan will be careful with the taxpayers' money and will maintain total transparency in Treasury operations.

As State Treasurer, John will make sure that taxpayers stay fully informed about his administration of public funds. The Treasury's website will make it easy to follow the money as he and his staff receive revenues, pay bills, disburse funds to state and local government agencies, and manage investments. He will post an up-to-date inventory of the Treasury's investment portfolio (bonds, money-market accounts, mortgage-backed securities, commercial paper, certificates of deposit, and other financial assets) so taxpayers can see where the Treasury has invested their money and monitor how well we have performed.

John Pagan will strive to make higher education and job training more affordable for all Arkansans.

John will vigorously promote the Treasury's Brighter Future 529 plan in order to help families build tax-free savings that they can use to pay for college and job skills programs. He will advocate using some of the Treasury's investment earnings (over $368 million in the last fiscal year) to increase the size of the Academic Challenge Scholarship stipends provided to students enrolled at Arkansas colleges and universities. Moreover, he will support the adoption and implementation of Issue 1, a bi-partisan constitutional amendment that will enable students at vocational-technical schools to receive grants funded by the Lottery.
I have the expertise and experience to take on the task of Treasurer:

PhD in Economics - After studying public policy and economics at Michigan State University, I went on to earn my MA and PhD from the University of Rochester.

Experience in the Federal Reserve - Including my time as an undergraduate intern, research assistant, research economist, and officer, I spent nearly 20 years in the Federal Reserve system.

Arkansas Economist - For the past 15 years, I have been engaged in providing information and analysis about the Arkansas economy.

I seek not only to carry out the administrative responsibilities of State Treasurer, but also to bring a higher public profile to the office. In particular, I will use my skills as an economist, data analyst, and communicator to provide greater “fiscal transparency” to the Treasurer’s office and state government finances.

I would make it my mission to bring information and analysis of state finances to my stakeholders: the people of Arkansas.

I'm not a Republican and not a Democrat.

In considering the choice of who to elect as State Treasurer--the public official responsible for overseeing the people's hard-earned tax dollars--perhaps the best person for the position is someone who is NOT part of the two-party system that has monopolized our government for over 150 years.

If you share my belief that the two-party system has led us into a dead-end of bickering, posturing, hyper-partisan politicians running our government, then express your dissatisfaction with a vote of support for a candidate representing an alternative.
John Pagan will oppose efforts to weaponize the state's investment portfolio in order to fight battles in the culture war. John advocates repealing Act 411 of 2023, which requires the Treasurer to blacklist environmentally responsible financial companies. Under John's leadership, the Treasury will base investment decisions only on pecuniary factors. He will focus exclusively on the three traditional investment criteria: safety, liquidity, and rate of return. Partisanship and ideology will not play any role in the Treasury's operations. His goal will be to make money for the taxpayers of Arkansas, not to cram a culture-war agenda down their throats.
Government transparency. Fiscal transparency.
As noted earlier, the Treasurer manages billions of dollars on behalf of taxpayers and retirees. He or she is elected directly by the voters and is personally accountable to them. Because the Treasurer is independent of the governor and the legislature, he or she plays a vital role in maintaining a healthy system of checks and balances in Arkansas government.
The Treasurer of State is an independent constitutional office in Arkansas, accountable to the people. I pledge to be a diligent steward of the people's treasury and an advocate for fiscal transparency.
James Madison, "Vices of the Political System of the United States," April 1787, in James Madison: Writings, ed. Jack N. Rakove (Library of America, 1999), 69-80. I particularly like Madison's emphasis on the importance of government neutrality. "The great desideratum in Government," he observes, "is such a modification of the Sovereignty as will render it sufficiently neutral between the different interests and factions, to control one part of the Society from invading the rights of another, and at the same time sufficiently controlled itself, from setting up an interest adverse to that of the whole Society." Madison advocated "enlarging the sphere" of government--e.g., by creating large electoral districts--"because a common interest or passion is less apt to be felt and the requisite combinations less easy to be formed by a great than by a small number. The Society becomes broken into a greater variety of interests, of pursuits, of passions, which check each other, whilst those who may feel a common sentiment have less opportunity of communication and concert. " Madison's comments about the "vices" of the political system of the United States under the Articles of Confederation apply to the political situation in Arkansas today. A single party dominates state government. That party is not a broad combination of disparate ideologies which hold each other in check. Rather, the MAGA Republicans form a single "faction" in the Madisonian sense. They relentlessly pursue an extreme agenda, using the coercive power of government to impose their will on the whole population. We can't enlarge the sphere of Arkansas to dilute MAGA control, so the "great desideratum" of governmental neutrality will remain unattainable until Democrats win enough elections to operate as an effective counter faction.
Integrity, candor, effectiveness, fidelity to the rule of law, responsiveness to constituents.
The State Treasurer must handle the taxpayers' money with the utmost care. He or she must pay the state's bills, maintain the state's financial records, and invest the taxpayers' money with total transparency and in accordance with law.
As a specialized constitutional office of the state, the Treasurer should have the credentials and experience necessary to lead an important arm of our state government. The Treasurer of State serves as the State’s banker and is responsible for an investment portfolio of about $9 billion. my resume shows that he has the skills and knowledge to take on that task.
I remember the Little Rock Integration Crisis of 1957. I was six years old at the time. My mother had taught at Central High School, and my father was teaching at nearby West Side Junior High at the time of the Crisis. With my parents, I rode past Central in a car shortly after President Eisenhower sent the 101st Airborne to Little Rock. I can vividly recall seeing the troops and their vehicles in front of the school. The Crisis was a defining event for Arkansans of my generation, and indeed for succeeding generations. I wrote my undergraduate thesis on the Crisis, and I had an opportunity to interview many of its principal figures, including Central students and teachers, Governor Faubus, and many other participants in the events of 1957-59.
I remember two political events that happened when I was a child.

First, I remember when President Lyndon Johnson was on TV, saying that he would not run for reelection. I was aware that it was a momentous event. At the tender age of 7, I had already begun to fear a future in which I would be drafted and sent to the jungles of Vietnam.

Six years later, I was captivated by watching the Watergate scandal unfold. I was only 13 years old, but the drama of the story drew me in. I remember watching Nixon's farewell address to the White House staff and thinking what a tragic character he was. It was not until years later, after learning about Shakespearian tragedy, that I understood how true that sentiment was.

These were two examples of historic events that shaped my view of politics and public service. In both cases, the will of the people and the demand for accountability in their elected officials overwhelmed the hubris of the powerful politicians.
Making sure that the People's money is spent according to law and that their investments are prudently managed.
The Treasurer of State serves as the State’s banker and is responsible for an investment portfolio of about $9 billion. My resume shows that he has the skills and knowledge to take on that task.
Yes, the Treasurer manages the 529 Savings Plan, which enables Arkansas families to save money tax-free for higher education and job training.
The State Treasurer serves on several boards and commissions, including serving as chair of the Arkansas Financial Education Commission. As a lifelong educator and advocate for economic and financial literacy I will work to invigorate the efforts of the Commission, seeking to bring together public and private organizations to coordinate their efforts "to provide a unified effort to improve financial awareness throughout the state"
Yes. As a former member of the Pulaski County Quorum Court and the Arkansas Senate, where I served on the Revenue and Taxation Committee, I have first-hand experience in state and local government finance.
The Treasurer of State is responsible for overseeing the state's finances, requiring specialized expertise. Yet the candidates seeking the office are typically career politicians. Often, their campaigns emphasize previous political experience.

But the fact of the matter is that the Treasurer's office is staffed by career professionals who maintain all the books and compile all the required reports. The State Treasurer is just the politically-elected CEO of this operation. In business, the role of a CEO includes making sure that the operating officers of the organization are doing their jobs, with the ability to step in and help when necessary. But primarily, the CEO addresses the outside environment of the organization—its stakeholders. In this case, the stakeholders are the voters.

That's why I see the role of State Treasurer as requiring a different skill-set than held by a typical career politician. Previous experience in government of politics is secondary to the qualifications required for understanding and directing policies on state finances, and for clearly communicating those policies to the public.
A State Treasurer needs three principal skills: 1. The ability to understand complex financial information and to make prudent decisions based on that data; 2. The ability to manage the budget and personnel of an important state agency; 3. The ability to navigate a complicated network of legal requirements governing the performance of his or her official duties. Because of my legislative experience in county and state government, my managerial experience as dean of a law school, and my legal expertise as an Arkansas lawyer for 45 years, I believe that I am well-equipped to handle the Treasurer's responsibilities.
Understanding of finance and economics.

Analytical and technical skills to evaluate the state's investment policies.

Ability to communicate effectively.
"An economist, a chemist, and an engineer were stranded on a desert island. And between them they had only a single can of beans, but no can opener. The engineer suggested that he climb a palm tree to a precise height, then throw the beans a precise distance at a precise angle. 'And when the can hits,' he said, 'it will split open.' 'No,' said the chemist. 'We'll leave the can in the sun until the heat causes the beans to expand so much the can will explode.' 'Nonsense,' said the economist. 'Using either method we'd lose too many beans. According to my plan, there will be no mess or fuss and not a single bean will be lost.' Well, the engineer and the chemist said, 'We're certainly willing to consider it. What's your plan?' And the economist answered, 'Well, first assume we have a can opener.'" - Ronald Reagan's version of a classic joke about economists.
Recommended by the Arkansas Education Association; endorsed by the AFL-CIO
I strongly favor complete financial transparency and total government accountability. The Treasury should publish financial information in a timely and comprehensible fashion.
Financial transparency and government accountability are the cornerstones of my campaign. As Arkansas Treasurer of State, I would make it my mission to bring information and analysis of state finances to my stakeholders: the people of Arkansas. The Treasurer of State is in a unique position to explain to the taxpayers of Arkansas where ALL of their tax dollars are going. That is why I propose making the office of Treasurer of State a portal of transparency for state government finances.
Yes, I strongly support reforming the current state ballot initiative process. The legislature has erected numerous obstacles that need to be removed. For instance, we should repeal the requirement that a certain number of signatures be obtained from at least 50 counties, and we should return to the number specified in the Constitution, i.e., 15 counties. We also should impose guardrails around the Secretary of State's signature-counting powers in order to prevent the arbitrary rejection of petitions based on the Secretary's personal views or partisan loyalties.. The hyper-partisan attorney general should be removed from the process altogether.


Past elections

The section below details election results for this office in elections dating back to 2012.

2022

See also: Arkansas Treasurer election, 2022

General election

General election for Arkansas Treasurer

Mark Lowery defeated Pam Whitaker in the general election for Arkansas Treasurer on November 8, 2022.

Candidate
%
Votes
Image of Mark Lowery
Mark Lowery (R)
 
66.3
 
592,634
Image of Pam Whitaker
Pam Whitaker (D) Candidate Connection
 
33.7
 
301,600

Total votes: 894,234
Candidate Connection = candidate completed the Ballotpedia Candidate Connection survey.
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Democratic primary election

The Democratic primary election was canceled. Pam Whitaker advanced from the Democratic primary for Arkansas Treasurer.

Republican primary election

Republican primary for Arkansas Treasurer

Mark Lowery defeated Mathew Pitsch in the Republican primary for Arkansas Treasurer on May 24, 2022.

Candidate
%
Votes
Image of Mark Lowery
Mark Lowery
 
74.8
 
239,360
Image of Mathew Pitsch
Mathew Pitsch
 
25.2
 
80,565

Total votes: 319,925
Candidate Connection = candidate completed the Ballotpedia Candidate Connection survey.
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2018

See also: Arkansas Treasurer election, 2018

General election

General election for Arkansas Treasurer

Incumbent Dennis Milligan defeated Ashley Ewald in the general election for Arkansas Treasurer on November 6, 2018.

Candidate
%
Votes
Image of Dennis Milligan
Dennis Milligan (R)
 
70.9
 
611,189
Image of Ashley Ewald
Ashley Ewald (L)
 
29.1
 
250,943

Total votes: 862,132
Candidate Connection = candidate completed the Ballotpedia Candidate Connection survey.
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Republican primary election

Republican primary for Arkansas Treasurer

Incumbent Dennis Milligan advanced from the Republican primary for Arkansas Treasurer on May 22, 2018.

Candidate
Image of Dennis Milligan
Dennis Milligan

Candidate Connection = candidate completed the Ballotpedia Candidate Connection survey.
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2014

See also: Arkansas down ballot state executive elections, 2014
Treasurer of Arkansas, 2014
Party Candidate Vote % Votes
     Republican Green check mark transparent.pngDennis Milligan 56.4% 466,959
     Democratic Karen Sealy Garcia 37.3% 308,663
     Libertarian Chris Hayes 6.4% 52,640
Total Votes 828,262
Election results via Arkansas Secretary of State



Election analysis

Click the tabs below to view information about demographics, past elections, and partisan control of the state.

  • Presidential elections - Information about presidential elections in the state.
  • Statewide elections - Information about recent U.S. Senate and gubernatorial elections in the state.
  • State partisanship - The partisan makeup of the state's congressional delegation and state government.
  • Demographics - Information about the state's demographics and how they compare to the country as a whole.


See also: Presidential voting trends in Arkansas and The Cook Political Report's Partisan Voter Index

Cook PVI by congressional district

Cook Political Report's Partisan Voter Index for Arkansas, 2024
District Incumbent Party PVI
Arkansas' 1st Rick Crawford Ends.png Republican R+22
Arkansas' 2nd French Hill Ends.png Republican R+9
Arkansas' 3rd Steve Womack Ends.png Republican R+15
Arkansas' 4th Bruce Westerman Ends.png Republican R+20


2020 presidential results by 2024 congressional district lines

2020 presidential results in congressional districts based on 2024 district lines, Arkansas[1]
District Joe Biden Democratic Party Donald Trump Republican Party
Arkansas' 1st 28.1% 69.0%
Arkansas' 2nd 42.1% 55.2%
Arkansas' 3rd 36.8% 60.2%
Arkansas' 4th 31.0% 66.2%


2012-2020

How a state's counties vote in a presidential election and the size of those counties can provide additional insights into election outcomes at other levels of government including statewide and congressional races. Below, four categories are used to describe each county's voting pattern over the 2012, 2016, and 2020 presidential elections: Solid, Trending, Battleground, and New. Click [show] on the table below for examples:


Following the 2020 presidential election, 80.4% of Arkansans lived in one of the state's 66 Solid Republican counties, which voted for the Republican presidential candidate in every election from 2012 to 2020, and 19.4% lived in one of eight Solid Democratic counties. Overall, Arkansas was Solid Republican, having voted for Mitt Romney (R) in 2012, Donald Trump (R) in 2016, and Donald Trump (R) in 2020. Use the table below to view the total number of each type of county in Arkansas following the 2020 election as well as the overall percentage of the state population located in each county type.

Historical voting trends

Arkansas presidential election results (1900-2020)

  • 20 Democratic wins
  • 10 Republican wins
  • 1 other win
Year 1900 1904 1908 1912 1916 1920 1924 1928 1932 1936 1940 1944 1948 1952 1956 1960 1964 1968 1972 1976 1980 1984 1988 1992 1996 2000 2004 2008 2012 2016 2020
Winning Party D D D D D D D D D D D D D D D D D AI[2] R D R R R D D R R R R R R

This section details the results of the five most recent U.S. Senate and gubernatorial elections held in the state.

U.S. Senate elections

See also: List of United States Senators from Arkansas

The table below details the vote in the five most recent U.S. Senate races in Arkansas.

U.S. Senate election results in Arkansas
Race Winner Runner up
2022 65.7%Republican Party 31.1%Democratic Party
2020 66.5%Republican Party 33.5%Libertarian Party
2016 59.7%Republican Party 36.3%Democratic Party
2014 56.5%Republican Party 39.4%Democratic Party
2010 58.0%Republican Party 36.9%Democratic Party
Average 64.0 33.3

Gubernatorial elections

See also: Governor of Arkansas

The table below details the vote in the five most recent gubernatorial elections in Arkansas.

Gubernatorial election results in Arkansas
Race Winner Runner up
2022 63.0%Republican Party 35.2%Democratic Party
2018 65.3%Republican Party 31.8%Democratic Party
2014 55.4%Republican Party 41.5%Democratic Party
2010 64.4%Democratic Party 33.6%Republican Party
2006 55.6%Democratic Party 40.7%Republican Party
Average 58.5 38.9
See also: Party control of Arkansas state government

Congressional delegation

The table below displays the partisan composition of Arkansas' congressional delegation as of May 2024.

Congressional Partisan Breakdown from Arkansas
Party U.S. Senate U.S. House Total
Democratic 0 0 0
Republican 2 4 6
Independent 0 0 0
Vacancies 0 0 0
Total 2 4 6

State executive

The table below displays the officeholders in Arkansas' top four state executive offices as of May 2024.

State executive officials in Arkansas, May 2024
Office Officeholder
Governor Republican Party Sarah Huckabee Sanders
Lieutenant Governor Republican Party Leslie Rutledge
Secretary of State Republican Party John Thurston
Attorney General Republican Party Tim Griffin

State legislature

Arkansas State Senate

Party As of February 2024
     Democratic Party 6
     Republican Party 29
     Independent 0
     Other 0
     Vacancies 0
Total 35

Arkansas House of Representatives

Party As of February 2024
     Democratic Party 18
     Republican Party 82
     Other 0
     Vacancies 0
Total 100

Trifecta control

The table below shows the state's trifecta status from 1992 until the 2024 election.

Arkansas Party Control: 1992-2024
Eleven years of Democratic trifectas  •  Ten years of Republican trifectas
Scroll left and right on the table below to view more years.

Year 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24
Governor D D D D D R R R R R R R R R R D D D D D D D D R R R R R R R R R R
Senate D D D D D D D D D D D D D D D D D D D D D R R R R R R R R R R R R
House D D D D D D D D D D D D D D D D D D D D D R R R R R R R R R R R R

The table below details demographic data in Arkansas and compares it to the broader United States as of 2022.

Demographic Data for Arkansas
Arkansas United States
Population 3,011,524 331,449,281
Land area (sq mi) 51,991 3,531,905
Race and ethnicity**
White 72.7% 65.9%
Black/African American 15.1% 12.5%
Asian 1.6% 5.8%
Native American 0.6% 0.8%
Pacific Islander 0.4% 0.2%
Two or more 6.7% 8.8%
Hispanic/Latino 8.1% 18.7%
Education
High school graduation rate 88.2% 89.1%
College graduation rate 24.7% 34.3%
Income
Median household income $56,335 $75,149
Persons below poverty level 11.6% 8.8%
Source: population provided by U.S. Census Bureau, "Decennial Census" (2020). Other figures provided by U.S. Census Bureau, "American Community Survey" (5-year estimates 2017-2022).
**Note: Percentages for race and ethnicity may add up to more than 100 percent because respondents may report more than one race and the Hispanic/Latino ethnicity may be selected in conjunction with any race. Read more about race and ethnicity in the census here.

About state financial officers (SFO's)

Environmental, social, and corporate governance
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State financial officer stances on ESG, 2022-2023

Different states have different names for state financial officers, but they all fall into three groups: treasurers, auditors, and controllers.

Broadly, these officials are responsible for things like auditing other government offices, managing payroll, and overseeing pensions. In some states, certain SFOs are also responsible for investing state retirement and trust funds, meaning they decide where that public money goes.

Because of the role SFOs play in managing public investments, they have been involved in debates over environmental, social, and corporate governance (ESG). ESG refers to an investment or corporate governance approach that involves considering the extent to which corporations conform to certain standards related to environmental, social, and corporate governance issues (such as net carbon emission or corporate board diversity goals) and making business and investment decisions that promote those standards.

See also

Arkansas State Executive Elections News and Analysis
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Arkansas elections: 2025202420232022202120202019201820172016
Party control of state government
State government trifectas
State of the state addresses
Partisan composition of governors

External links

Footnotes