Leadership change at NAST

The new year brings new leadership to the National Association of State Treasurers as Rachael Eubanks, Michigan's state treasurer, takes the reins.

"Serving as president of NAST is an opportunity to highlight the powerful, bipartisan partnerships taking place across the nation," said Eubanks.

"Whether we're promoting responsible fiscal policy or supporting national initiatives that uplift every community, our mission is grounded in service and results."

NAST is a nonpartisan professional organization of state financial officers and represents the private sector through its Corporate Affiliate Program.

The organization has a long history of supporting the municipal bond tax exemption and the advance refunding of tax-exempt bonds.

"Last year, NAST led a critical effort to protect the municipal bond tax exemption," said Eubanks.

"With ongoing federal budget pressures, we cannot take the tax exemption or Private Activity Bonds for granted and we will continue advocating for restoring tax-exempt refundings."

"I'd also like us to identify other treasury priorities, such as 529 plans, ABLE accounts, and others, where we can go on the offense rather than reacting to congressional proposals."

Eubanks was appointed as Michigan's 47th State Treasurer by Gov. Gretchen Whitmer in January of 2019. She served as the NAST's senior vice president last year, and as the new president she will chair the board of directors.

Eubanks brings a strong record of public service to her new role, serving as a utility regulatory commissioner on the Michigan Public Service Commission in 2016 and 2017.

Prior to that role, Treasurer Eubanks structured more than $25 billion in bond financings for public entities-primarily the state of Michigan, State Building Authority, Michigan Finance Authority and the Michigan Strategic Fund.

Indiana Treasurer Daniel Elliott is the new senior vice president of NAST.

Elliott was elected as the 56th Indiana State Treasurer in 2022, and serves as the chair of the Indiana Bond Bank, the Statewide E-911 Board, the Indiana Education Savings Authority, the ABLE Authority, and the Sole Trustee of the State Police Pension Trust.

Connecticut Treasurer Erick Russellis now the Secretary-Treasurer of NAST.

Russell administers Connecticut's pension funds holding over $62 billion in assets, oversees the state's debt and cash management, collects and returns unclaimed property, and manages the Connecticut Higher Education Trust which helps students and families save for higher education.

In his first term, Russell successfully secured funding to launch CT Baby Bonds, a first-in-the-nation program to combat generational poverty.

"NAST is fortunate to have leaders of this caliber guiding our work in 2026," said Shaun Snyder, CEO of NAST.

"President Eubanks, Treasurer Elliott, and Treasurer Russell each bring outstanding experience, a strong record of service, and a deep commitment to bipartisan collaboration."

The newly minted NAST board of directors includes Stacy Garrity representing Pennsylvania, Steven Johnson of Kansas, David Richardson of Virginia, and Laura Montoya of New Mexico.

The immediate past president role is filled by North Dakota Treasurer Thomas Beadle.