COLUMBUS — The job of Ohio’s top banker and broker is about more than dollar signs, spreadsheets, and investment returns, according to the Democratic candidate for the office.
“I envision the role of treasurer as being able to use the power of the purse to hold the powerful accountable,” Cincinnati labor and securities litigation attorney Rob Richardson said. “I believe you can do that by leveraging this office in a way that it hasn’t been leveraged. I see it being able to address the opioid crisis in a different way by holding drug companies accountable that we invest in.”
Mr. Richardson, 39, former chairman of the University of Cincinnati Board of Trustees and an unsuccessful candidate for mayor, faces state Rep. Robert Sprague (R., Findlay) on the Nov. 6 ballot. The current treasurer, Republican Josh Mandel, is term limited.
Mr. Richardson has proposed using the treasurer’s seat on the boards of Ohio’s public employee pension funds to pressure them to divest from for-profit prisons for whom, he said, locking people up is good business.
He wants to use the office to study the state-run prison system to find ways to keep some people out and save money.
He would look at charter schools run by for-profit management companies in the wake of the Electronic Classroom of Tomorrow enrollment-reporting scandal and use the state’s investment clout to force drug manufacturers to address the opioid addiction crisis.
He said choosing between simple return on investment and encouraging civil justice is a “false choice.”
“I would argue that it does far more economic damage if you’re investing in jails,” he said.”They don’t have a return for the state of Ohio. They are just ways that our state subsidizes people to make money, but it hurts the state by taking away opportunities...
“There are plenty of companies that make good returns that are doing things that I’m talking about.”
He also views it as a “moral” issue.
“There was a time when we invested in South Africa when they were in apartheid,” Mr. Richardson said. “I don’t think that was right either. Should we do that because we had a good return?”
When it comes to the opioid crisis, he takes aim at his opponent, who has been in the Ohio House since 2011.
“(Mr. Sprague) has been in politics for a long time,” Mr. Richardson said. “He could have fixed the issues. He’s offered a lot of bills that have done nothing but make the problem worse.”
Mr. Richardson has endorsed Issue 1, which asks voters to amend the state constitution to downgrade low-level, non-violent drug felonies to misdemeanors. As with the governor’s race, that has become an issue in the race for treasurer.
“I understand why some people have the position they do in terms of a constitutional amendment,” he said. “I get that.
“But it is an extreme problem that hasn’t been addressed. It has gotten worse under the current leadership.”
He wants to use another tool in the office to encourage the private sector to deploy broadband Internet in under-served areas.
Mr. Richardson overcame a learning disability as a child to earn engineering and law degrees from University of Cincinnati. He helped to found the first NAACP chapter on the university campus. Now divorced, Mr. Richardson took in his struggling young cousin, whom he now considers to be his son.
The Associated Press uncovered Hamilton Court documents that accused him of trying to hide money from his wife during divorce proceedings and misrepresenting his employment status when applying for a mortgage. His campaign said both allegations were false and that he never mismanaged money.
“If voters want to know how Rob handles money they can look to his record at the University of Cincinnati, where cash reserves grew by over $300 million during his time on the board and the university was voted the number one return on investment for public education,” spokesman William Montague said.
“Attacking Rob on personal matters indicates our opponent wants to distract voters from his failed record as a legislator, where he oversaw a worsening opioid crisis and allowed ECOT to get away with stealing millions of tax dollars.”
Mr. Richardson is one of two African American candidates, both Democrats, on the statewide ballot.
While Republicans have had some success, Democrats have never been able to elect a black candidate statewide for Ohio office.
“Many African American candidates don’t come from privilege, don’t have deep political connections...,” he said.”I just think it comes down to the timing and opportunity.”
He is banking that this election is one of those opportunities.
Contact Jim Provance at: jprovance@theblade.com or 614-221-0496.
First Published October 14, 2018, 12:30 p.m.