Eric Schmitt

Eric Schmitt
46th Treasurer of Missouri
Incumbent
Assumed office January 9, 2017
Governor	Eric Greitens Mike Parson
Preceded by	Clint Zweifel
Member of the Missouri Senate from the 15th district
In office January 7, 2009 – January 4, 2017
Preceded by	Michael Gibbons
Succeeded by	Andrew Koenig
Personal details
Born	(1975-06-20) June 20, 1975 Bridgeton, Missouri, U.S.
Political party	Republican
Spouse(s)	Jaime Schmitt
Children	3
Education	Truman State University (BA) Saint Louis University (JD)
Website	Senate website Campaign website Government website

Eric S. Schmitt (born June 20, 1975) is an American politician and the 46th State Treasurer of Missouri since 2017. He was previously a member of the Missouri Senate, representing Missouri's 15th State Senate District from 2009 to 2017. He had also previously served as an Alderman for Glendale, Missouri from 2005 to 2008.

Early life and education

Born in Bridgeton, Missouri, Schmitt is a sixth-generation Missourian and a lifelong resident of St. Louis County.^[1]

Schmitt graduated from DeSmet Jesuit High School in 1993 and from Truman State University in 1997, where he earned a B.A. cum laude in political science. At Truman, Schmitt was a member of the Alpha Kappa Lambda fraternity, played football and baseball, and was a founding member of Truman’s Habitat for Humanity chapter. He received a scholarship to attend St. Louis University School of Law, where he earned his J.D. in 2000.^[2] Schmitt was an editor of the law review and published an article analyzing the Supreme Court decision in Clinton v. New York.^[3]

Schmitt lives in Glendale and attends Mary, Queen of Peace Catholic Church with his wife, Jaime, and their three children, Stephen, Sophia and Olivia.^[4] He is currently an adjunct professor in the Department of Philosophy at Saint Louis University.^[5]

Legal career

Schmitt was admitted to the Missouri bar in 2000. He was a partner at the firm Lathrop & Gage, LLP, in Clayton, Missouri, where he focused on land use, real estate, business disputes, and administrative appeals. In his community, he has been an active member for the boards of DeSmet Jesuit High School, Nurses for Newborns Foundation, St. Louis Crisis Nursery, and a Parents as Teachers Program. He had previously been elected chairman of the Young Lawyer Section Council of the Missouri Bar, led a statewide Giving Tree effort to benefit Big Brothers Big Sisters of America, and created a Special Needs Advocacy Task Force. He has also been involved with the TS (Tuberous Sclerosis) Alliance, the Gateway Chapter of the Autism Society of America, Habitat for Humanity, and local Chambers of Commerce.^[6]

State Senate (2009-2017)

Schmitt served as an alderman for Glendale, Missouri, from 2005 to 2008. On November 4, 2008, Schmitt was elected to the Missouri Senate. When sworn in, Schmitt became one of the youngest member ever to serve in the state's upper chamber. He represented Missouri's 15th State Senate district, which includes parts of central and western St. Louis County.^[7] Following the 2010 census, Schmitt's district was redrawn, although it is still centered around central St. Louis County. On February 28, 2012, Schmitt filed for reelection in the 15th district. He ran unopposed in both the primary and general elections in 2012.^[8]

Schmitt served in Senate Leadership as Majority Caucus Chairman and was Chairman of the Jobs, Economic Development and Local Government Committee. He also served on the Committee on Gubernatorial Appointments; the Committee on Judicial, Civil, and Criminal Jurisprudence; Veterans’ Affairs and Health Committee; and Chaired the Joint Committee on Administrative Rules.^[9]

In addition, Schmitt worked to enact the federal ABLE Act, to provide 529 savings account opportunities to families with children with special needs, to cover their future costs and allow them to be more financially independent and self-sufficient. The Missouri ABLE program allows anyone to make a tax-deductible contribution of up to $8,000 for an individual or $16,000 for married couples to another person's ABLE account.^[10] The bill sponsored by Schmitt was signed by the Governor in 2015.^[11]

In 2016, Schmitt sponsored a bill (S.B. 572) that set a limit on the percent of revenue that Missouri local governments could obtain from non-traffic fines (such as fines for violation of city ordinances). Existing state law had set a revenue limit on the percent of revenue that municipalities could obtain from traffic fines The bill passed the state Senate in a 25-6 vote in January 2016.^[12]

Schmitt also co-sponsored legislation "to bar cities, counties and law-enforcement agencies from setting traffic-ticket quotas"; this bill unanimously passed the state Senate in February 2016. Schmitt co-sponsored the bill with Democratic Sen. Jamilah Nasheed; the legislation aimed to respond to respond "to criticism some communities have been too reliant on raising money from issuing these and other types of citations."^[13]

2016 election for State Treasurer

Schmitt did not run for re-election to the Missouri State Senate in 2016 because he was term-limited. Instead, Schmitt filed to run for Treasurer of Missouri in the 2016 elections.^[14] Schmitt ran as a Republican and was unopposed in the Republican primary.^[15] He defeated opponents Democrat Judy Baker and Libertarian Sean O'Toole in the general election.^[16]

Missouri State Treasurer (2017 - Present)

As State Treasurer, Schmitt oversees the state's $3.6 billion investment portfolio as its Chief Financial Officer and also manages a number of different programs and initiatives.

Missouri Economic Dashboard

The Missouri State Treasurer's Office developed a dashboard that shows economic data and trends, including unemployment, GDP, exports, housing starts, and other indicators.^[17]

Unclaimed Property

Schmitt returned more unclaimed property in his first year than any previous treasurer in Missouri history. Treasurer Schmitt returned $45 million in unclaimed property during his first year in office, surpassing the previous record of $29 million.

Most unclaimed property consists of cash from bank accounts, stocks, bonds and contents of safe deposit boxes that have been abandoned.^[18]

Missouri ABLE

In 2014, Congress passed the Stephen Beck, Jr., Achieving a Better Life Experience (ABLE) Act to allow eligible individuals with disabilities to save money while still allowing those individuals to be eligible for federal needs-based benefits. In June 2015, then-Senator Eric Schmitt passed the state legislation, making the state a leader in the ABLE movement. Missouri ABLE was launched in April 2017.

Individuals receiving support through Social Security, Medicaid and other publicly-funded programs are often disqualified from that support if they have more than $2,000 worth of resources or assets. The MO ABLE program allows qualified individuals with disabilities to save up to $14,000 a year in an ABLE account without jeopardizing their eligibility for federally-funded means tested benefits, such as Supplemental Security Income (SSI) and Medicaid. The funds in the account can be used for disability-related expenses that assist the beneficiary in increasing and/or maintaining his or her health, independence or quality of life.

Missouri residents who contribute to a MO ABLE account may deduct up to $8,000 (single) or $16,000 (joint) on the state income tax deduction.^[19]

Missouri FIRST

Missouri State Treasurer Eric Schmitt launched the Missouri FIRST initiative in March 2018. Missouri FIRST (Financing Investment in our Rural, Small Business and Technology communities) was aimed at allowing Schmitt to invest more in Main Street Missouri by revamping the state's linked deposit program, which partners with local lenders to provide low-interest financing to small business and agricultural operations. The changes implemented through Missouri FIRST focused on cutting red tape, expanding access and modernizing the linked deposit system.^[20]

MOST 529

As State Treasurer, Schmitt administers MOST 529, a tax-advantaged program that empowers Missouri families to save for a child's K-12 tuition and other qualified higher education expenses. Missourians who contribute to MOST 529 accounts are eligible for a tax deduction of up to $8,000 or $16,000 if married and filing jointly. Earnings in 529 accounts are also not subject to federal income tax, so long as funds are spent on qualified expenses.^[21]

Prior to the passage of federal tax reform in December 2017, MOST 529 plans were limited to higher education expenses. Included in the Tax Cuts and Jobs Act of 2017 was language that allowed states to expand their programs to K-12 tuition, which Schmitt implemented in Missouri.^[22]

Electoral history

Op-eds written by Eric Schmitt

• USA Today: No more taxation by citation in Ferguson (August 9, 2016)
• St. Louis American: Advancing social justice reform for Missouri (May 31, 2016)
• Kansas City Star: Letter to the editor: Missouri Tax Cut (March 3, 2016)
• Columbia Daily Tribune: Reforming Mizzou: Earning back the taxpayers' trust (January 10, 2016)
• Wall Street Journal: ‘Taxation by Citation’ Undermines Trust Between Cops and Citizens (August 7, 2015)
• St. Louis American: Ferguson reform: ending taxation by citation (July 8, 2015)
• St. Louis American: Ferguson reform: ending taxation by citation (June 24, 2015)
• Eric Schmitt: Underfunded state pensions are Missouri’s crisis on the horizon (February 5, 2017)
• Congress Must Pass Tax Reform By The End Of The Year (September 6, 2017)

References

External links

Wikiquote has quotations related to: Eric Schmitt

• Lathrop & Gage LLP - People - Eric S. Schmitt biography at his law firm
• Project vote smart biography
• "Eric Schmitt - Missouri Senator". StateSurge. LobbyAssist LLC. Retrieved 2009-04-06.
• "Voter Information for Eric Schmitt. November 4, 2008 Election". SmartVoter. League of Women Voters of California Education Fund. Retrieved 2009-04-06.