Wesley Harris is running for state treasurer in the November election, a post that will give him authority to oversee investments of more than $120 billion in state pension funds. It’s among the 10 largest U.S. public pension funds.
But the Mecklenburg County state representative doesn’t hold shares in any public or private companies or any North Carolina real estate that exceeds $10,000, according to his Statement of Economic Interest filed with the state.
The January filing notes that he receives income as a legislator and from “Beacon Consulting.” It adds that he received more than $10,000 from “Economic Consulting Broadband Analysis for California.” State legislators are paid about $14,000 a year, plus per diem of $104 during legislative sessions.
As for debt, Harris’ report cites separate debts exceeding $10,000 to a bank and a credit card company.
His financial situation hasn’t changed since the January filing, he said earlier this week. Harris declined to discuss his personal finances, including his income sources and how he is saving for retirement. Instead, his campaign manager sent a statement that is published at the end of this story.
The state requires elected officials and board appointees to file an annual report listing their investments and debts in a general way, using $10,000 as a benchmark. (It doesn’t distinguish if the filer holds $10,001 or $10 million.) It also does not require filers to include their holdings in widely-held investment funds such as mutual funds, pensions or deferred compensation plans.
North Carolina’s state treasurer has unusual power because it is one of three remaining states that use a sole fiduciary model of pension fund management. That means the treasurer has the sole power to make investment decisions on behalf of the fund. In most states, that authority is delegated to either boards or investment teams.
Harris, who turns 38 this month, has served in the state legislature since 2019. He has previously reported income from accounting firms Ernst & Young and Dixon Hughes Goodman and as an adjunct professor at UNC Charlotte.
Harris’ Linkedin profile says he is one of four children whose father was a banker and his mother was a school teacher. It notes he was with Ernst & Young, now EY, from 2015-19 and with Dixon Hughes, now Forvis, for six months in 2019-20. “
Harris is a Democrat facing Republican Brad Briner in the Nov. 5 election. Briner, who lives in Chapel Hill, retired in the past year from Willett Advisors, which manages the personal fortune of billionaire Michael Bloomberg, a former New York City mayor. Briner worked at Willett for 12 years after previous stops at Morgan Creek Capital, UNC Management and Goldman Sachs. He was appointed to the UNC Chapel Hill board of trustees last year.
Briner’s State of Economic Interest in January shows holdings of a home and other real estate in Chapel Hill; more than $10,000 in 10 publicly owned companies; and more than $10,000 in 12 “private interests” such as Florida Real Estate Value Fund II and two funds affiliated with Atlanta-based private equity firm Battle Investment Group.
The state treasurer’s race is among eight Council of State races that typically are closely contested but attract limited public notice. Two-term State Treasurer Dale Folwell is stepping down after two terms after losing in the Republican gubernatorial primary.
Harris has been endorsed by several public employee groups, including the State Employees Association of North Carolina.
Both candidates have criticized Folwell’s management of state pension funds, saying an overly conservative investment strategy has cost billions of dollars in potential gains because of the strong stock and bond markets over the past decade. Folwell has emphasized the need to limit risk and cut investment fees as the best way to protect the pension funds.
Here is the statement today from Harris’ campaign manager, Grayson Barnette.
Voters, business owners, and entrepreneurs understand that Wesley’s experience distinguishes him from his opponent. Wesley is a PhD Economist with a specialty in public finance. This allowed him to develop a career crafting and building laws to help businesses and consumers in the marketplace. Wesley was an economic consultant for one of the world’s largest accounting firms, providing his clients with complex asset and company valuations. He is also a three-term member of the North Carolina House of Representatives; and the only PhD Economist in the legislature. In the House, he has been the lead member for his party on economic and financial matters, and is one of the most qualified voices in North Carolina politics on the impact of the state budget, especially as it applies to the pension plan and State Health Plan. This is why the groups that depend on the pension and health plan have all chosen to endorse Wesley for State Treasurer over his opponent. This includes The North Carolina Association of Educators, the State Employees Association of North Carolina, the Professional Firefighters and Paramedics of North Carolina, and the Police Benevolent Association of North Carolina. The office of the State Treasurer protects the livelihoods of those that protect our families, and Wesley takes that very seriously.
The story author worked for Bloomberg News between 2007-13. He did not know Brad Briner until he announced his candidacy in 2023.
