Dale Folwell recently concluded his second four-year term as state treasurer of North Carolina. He turned over the office to Brad Briner, who was sworn in Thursday. “I’m most proud of being the best treasurer money can’t buy, advocating for the invisible and building a culture of conservatism and common sense in the treasurer’s office,” said Folwell, 66, in a recent interview.
Elected in 2017, Folwell sought the Republican nomination for governor this year but was unsuccessful. He described the treasurer’s role as “the keeper of the public purse,” managing about $260 billion—eight times the size of the state budget. Approximately half of that amount funds the pension plan for state and local employees, affecting nearly a million people.
On his final day in office, Folwell announced that the North Carolina Retirement Systems (NCRS) had an estimated market value of $127 billion as of December 27. This represents a 43 percent increase from when he first took charge of the Investment Management Division. “When I raised my hand to be the 28th treasurer of North Carolina, I promised to preserve and protect the pension plans for current and future public service workers.
I pledged to conservatively invest the North Carolina Retirement Systems’ funds for the benefit of those that teach, protect, and serve – not Wall Street,” Folwell stated.
Folwell’s financial legacy and successor
In addition to his financial responsibilities, Folwell has been a vocal critic of high health care costs in North Carolina.
He has specifically targeted healthcare systems like Atrium and Novant, accusing them of exorbitant pricing and aggressive debt collection practices. To combat these issues, Folwell’s office has engaged in discussions with healthcare providers to reduce prices and change collection policies. He has referred to these healthcare systems as “cartels” and has called for legislative changes, including the repeal of Certificate of Need laws and ensuring multi-billion dollar corporations match their charity care with their tax benefits.
Folwell takes pride in advocating for what he calls the “invisible” – individuals for whom the security of the state pension and health plan are crucial. Under his leadership, the office retired 60% of the state’s obligation debt, an accomplishment he claims is unmatched by any other city, county, or state. As the chair of the Local Government Commission, Folwell monitored the finances of city and county governments, emphasizing the importance of responsible fiscal management.
Folwell also highlighted the success of NCCASH, a program designed to return unclaimed property to its rightful owners. “We’ve been able to smash all records, paying out over $620 million over the last eight years, in getting people’s money back to them,” said Folwell. Looking ahead, Folwell is eager to focus on personal interests such as spending time with his family and working on motorcycles.
His political career has been long and varied, but he now looks forward to simpler pleasures.
