In Grady L. Patterson, Jr.’s thirty years as South Carolina State Treasurer, he has been responsible for many of the changes that modernized state government and protected South Carolina’s citizens. During his tenure, South Carolina transformed itself from an agricultural economy to one strong in manufacturing and technology, but certain financial truths never changed for Treasurer Patterson.

"My first priority as State Treasurer is to do a good job for the people of South Carolina," Patterson says. "The public’s assets we deal with every day are not just money to be spent, those assets are a trust between our citizens and their government. We must make sure that trust is protected by wisely managing these funds. Every day we strive to make sure our money works smart for the hard working people in South Carolina."

For years South Carolina was an innovator in the management of public funds under the guidance of Treasurer Patterson. He has always advocated common sense conservative management policies. "My managing principle is simple: spend what you must, not what you want to – pay your bills on time – and, don’t ever be reckless with the people’s money," says Patterson. State officials recognized Grady Patterson’s leadership, and he has often been the voice for responsible fiscal management in often-contentious policy debates.

Because of his common sense approach to state government, Patterson promoted several initiatives to keep state spending on a tight leash and to make the Treasurer’s Office more responsive to the needs of South Carolinians.

• AAA Bond Rating – Treasurer Patterson was one of the leaders who first helped South Carolina receive a triple-‘A’ bond rating from all the major rating agencies. The high rating meant that South Carolina paid millions of dollars less to borrow money for large projects such as roads, bridges, public facilities, etc. And, when the state lost its high rating during the recession of the early 1990's, Treasurer Patterson offered the plan used by the Budget & Control Board to recapture the triple-‘A’ rating (South Carolina was the first state to regain the rating).
  
  
• Annual Debt Limit – Grady L. Patterson, Jr. introduced and supported a constitutional amendment to prevent spending more money than the state receives in revenue. South Carolina is now constitutionally bound to live within its means with no tampering due to the political winds.
  
  
• Investment in State Banks – Throughout the years, Treasurer Patterson has placed state monies in local banks where it draws interest for the state. By placing this money in South Carolina banks our local banks can provide better services to their customers, and their community.
  
  
• Local Government Investment Pool – Grady Patterson recognized that local governments could not earn the higher interest rates on their money that larger entities receive. His office was one of the first in the nation to pool local resources to bring higher returns for local governments. Over the years, the higher returns have allowed local governments to keep their taxes lower on South Carolina families.
  
  
• Mini-Bond Program – For years, large investors could place their money in South Carolina investments guaranteed by the state government, but these required larger sums of money than most people have. Mr. Patterson introduced and guided legislation that allows citizens to "buy a little piece of South Carolina" and save for their future tax-free for as little as $250.
  
  
• Pension Protection – Over 200,000 state employees and retired state employees place their pensions in the South Carolina Retirement Systems. Grady Patterson fought to ensure that the monies these hard working employees set aside will still be there when they retire. The legislation means that the General Assembly may not touch pension funds to balance the annual operating budget.
  
  
• School Facilities Construction – In 1998, Mr. Patterson introduced a $1 billion plan for school construction, renovation, and technology wiring. The money will be used to build new classrooms, and refurbish old ones, to replace portables and dilapidated structures in all 86 South Carolina school districts. It passed in 1999 and was the first state assistance for local school districts with critical facilities needs in over fifty years.
  
  
• State Reserve Fund – Mr. Patterson saw that the volatility of economic cycles could affect the state’s ability to meet its obligations. To make sure that South Carolina can meet the needs of its citizens in times of economic hardship, he proposed and supported the implementation of State Reserve Funds to cover possible shortfalls in the state budget.
  
  
• Stock Investments – After a two year legislative logjam, Mr. Patterson cooperated with state leaders to invest the first state pension monies in equities. Looking at the long-term benefits of the stock market, most analysts believe these new investments will make South Carolina’s strong retirement system even stronger.
  
  

Grady L. Patterson, Jr. has spent thirty years in the service of his state as South Carolina’s Treasurer. His dedication has brought accolades from voters, citizens, state and national leaders. He continues to energetically safeguard South Carolina’s finances and innovate for our future.