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Harry Arora
A Finance Professional for a Finance Role

“As your next State Treasurer, I will define a new financial strategy focused on reducing our debt and improving our investment performance.” – Rep. Harry Arora

Investment Performance

Our pension funds have consistently underperformed a passive index of US stocks and bonds. We would have returned an extra $8 billion over the last four years if we had followed an indexed strategy. As your State Treasurer, I will stop this underperformance through improved asset allocation.


Investment Management Fees

We paid nearly $800 million in investment fees over the last five years. As your next State Treasurer, I will ensure that we only pay fees for outperformance and reduce overall management fees by embracing low-cost indexing strategies.


Appropriate Debt Level

From 2016 to 2021, our total state debt increased from $65 billion to $100 billion. This level of debt is excessive and unsustainable. My priority will be to reduce this debt and repair our balance sheet.


Strategic Focus

Currently, our Treasurer's office is focused on social policy while the finance role takes a back seat. The keystone program for our Treasurer has been the Baby Bonds program. My vision is to focus the Treasurer's office on a robust financial strategy - improving investment performance and reducing our total debt. I will let the Department of Social Services define and manage the social programs.


Background and Experience

Our past and current Treasurers have had little finance or investing background. Our current Treasurer is an attorney, and the one prior was trained as a city planner. Neither had any experience in portfolio management. I have an MBA in Finance and have 25 years of experience in finance and investing. 

Silver Steel Plate

CT Pension Annual Returns

“The state pension would have made $8 Billion more in returns if we had invested in an index portfolio of US stocks and bonds over the last four years."                            – Rep. Harry Arora

CT Pension Funds Annual Returns.png

*Index Portfolio of 75% S&P 500 Equity Index, 25% Barclays Aggregate Bond Index

Source: CT Treasurer’s Annual Reports, 2016-2021


Greater than $100 Billion Debt  
CT Debt is excessive and unsustainable

“Our total debt is excessive and unsustainable. We need to take immediate action to reverse this trend. As your next State Treasurer, I will make this my top priority.  

– Rep. Harry Arora

ct debt.png

Source: CT Annual Financial Reports, 2016-2021

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