Wolf nominates Philadelphia-area venture capitalist Tim Reese to complete treasurer's term

Lifestyle and Budget Associated Press

Gov. Tom Wolf said Tuesday that he is nominating Tim Reese, a Philadelphia-area venture capitalist and the founder of a minority investor network, to complete the state treasurer's term.

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Wolf, a Democrat, made the announcement two months after Treasurer Rob McCord revealed he was resigning and pleading guilty to federal extortion charges.

Reese, 51, is the managing partner in the Ambler-based venture capital firm Forge Intellectual Capital. In addition, Reese, who is black, helped start a network of minority investors to help entrepreneurs get a start.

In a statement, Wolf said Reese brings more than two decades of significant finance and business experience.

"Tim is a proven leader with a diverse financial background — as a consultant, an entrepreneur and an investor," Wolf said. "His outstanding management experience and fiscal expertise, along with a passion for promoting financial literacy, will help bring stability to the Treasury and refocus the department on its core mission."

Reese is also on an advisory committee on small and emerging companies to the U.S. Securities and Exchange Commission. He will need confirmation by two-thirds of the Republican-controlled state Senate to become treasurer.

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McCord, a Democrat, resigned Jan. 30 before he pleaded guilty to two counts of attempted extortion stemming from efforts to fund his failed gubernatorial campaign.

His term ends in January 2017. A successor will be picked by voters in the November 2016 election.