Young Jacob Boozer III, served as the 39th State Treasurer of Alabama from 2011 to 2019. He was elected to his first four-year term on November 2, 2010 and was unopposed and reelected for a second term on November 4, 2014. He left office on January 14, 2019. As State Treasurer, Boozer was responsible for the cash management duties of receiving, depositing and investing all state funds, bond management, unclaimed property, two college savings programs, the Enable Savings Plan Alabama and management of the state's collateral pool for public funds deposits. He played an essential role in managing the Alabama Trust Fund, Alabama's $3 billion investment fund built from the proceeds of the sale of the state's offshore oil and gas reserves. Boozer also serves on various state-related boards including Alabama's Teacher Retirement System and Employee Retirement System Boards, the State Board of Adjustment, the Alabama Housing Finance Authority, the Community Service Grants Executive Commission, the Industrial Access Road and Bridge Corporation Board and the 457 Advisory Board.
Early life
Boozer was born in Birmingham and raised in Tuscaloosa. He became an Eagle Scout in 1962. He earned a bachelor's degree in economics in 1971 from Stanford University and a master's degree in finance from the Wharton School at the University of Pennsylvania in 1973. During the past four decades, Boozer's career in banking, finance and investments has taken him from Citibank in New York and Crocker National Bank in Los Angeles, to Coral Petroleum in Houston and Colonial Bank in Montgomery. Boozer is married to the former Sally Jackson McLendon of Clayton, Alabama. Boozer was named after his father, who first made his name as a football star for the University of Alabama. His father was named after his father, the mayor of Samson, Alabama.
Career
Boozer began his public service career duties as Deputy State Finance Director for Alabama Governor Bob Riley after retiring from banking in 2007. During his tenure in the Alabama Department of Finance, he played a key role in saving millions of taxpayer dollars through the restructuring of state bond debt and derivatives. Boozer left the Riley administration in early 2010 to run for State Treasurer in his first race for elected office. He is a member of and has held leadership roles in several organizations, including the Church of the Ascension in Montgomery, where he served as a member of the vestry; the Montgomery Rotary Club, of which he is a past president; the Alabama Shakespeare Festival, where he served as chair of the board of directors; and the Montgomery Academy, where he served as past board president. He is a member of the Montgomery Committee of 100, and a member of the Class of XXIV of Leadership Alabama. Boozer has served in many capacities at his alma mater, Stanford University; he has been on the board of trustees, chairman of the alumni association, and a recipient of the Stanford Medal. In 2002, Boozer was recognized with the Distinguished Eagle Scout Award by the Boy Scouts of America.
Under Boozer, the State Treasurer's office has had many accomplishments, including working with the Alabama legislature to pass several bills to improve treasury functions and overall state government. These bills have expanded the types of investments in which the state treasurer could invest state funds, freeing up $2 million of the state's general fund budget by moving the treasury's budget out of the general fund. Changes have been made to the management of Alabama Trust Fund's investments, which will provide a stable source of revenue to its distribution recipients and provide for long-term, prudent management of its assets for higher total returns. This will also provide consumer protection and improvements to Alabama's unclaimed property process. In addition, treasury staff has been streamlined from 46 positions to 31 while not only meeting, but exceeding established performance levels. A needs-based college scholarship program was established to help first time college enrollees in Alabama. In February 2017, the office launched the Enable Savings Plan Alabama for individuals with disabilities. The treasury staff now meets with some 20 state agencies annually to review the performance of their investments, which are managed by the treasury. in Washington, D.C. in 2019. Boozer was a member of the National Association of State Treasurers, and served on the NAST Banking Committee. He was a member of the College Savings Plans Network's Executive Board and serves as its chair. CSPN is an affiliate of the National Association of State Treasurers that works to promote and enhance 529 Plans. The CSPN Executive Board is composed of state officials elected by their peers to serve as a leadership team. Term-limited, Boozer could not run for re-election in 2018. No Democrats qualified to run, and of three Republicans who did, John McMillan won the primary election in June, practically guaranteeing his victory in November to succeed Boozer.
