A political rise interrupted

Janet Cowell’s rise in politics was steady and, it seemed, certain. The state treasurer, in the last part of a successful two-term tenure, was being enthusiastically mentioned in Democratic Party circles as a strong possibility to oppose incumbent U.S. Sen. Richard Burr in 2016. But now, in an email to supporters, Cowell has said she is not going to run for re-election as treasurer or for any other office next year.

The 47-year-old Ivy League-educated MBA-holder has lots of possibilities, of course. She could enter the private sector for a lucrative career, even on Wall Street, after seven years of managing North Carolina’s assets, including $90 billion in state pension funds. That figure grew substantially during Cowell’s tenure even though she took office in the middle of an economic crisis.

But this does represent a self-imposed stall in a political career that looked promising.

Cowell began on the Raleigh City Council in 2001, moved on to the state Senate and then to the treasurer’s office. In most of her races, she won by substantial margins in the primaries and in general elections. In the General Assembly, she got along well with Republicans, including her former city council colleague and fellow senator, Neal Hunt.

Cowell is smart. She cares about constituents. She is well-spoken and well-prepared in terms of public service and education for the jobs she has taken on.

And she has been regarded as a potential candidate for governor or U.S. senator.

Why this decision? One can only take Cowell at her word, that she just prayed and talked with family and made the decision not to seek any office in 2016.

This does spotlight the treasurer’s race. The office often has had long-time occupants. Harlan Boyles served for 24 years, until 2001. His predecessor, Edwin Gill, served for 27 years. Richard Moore, later a Democratic candidate for governor, served two terms prior to Cowell.

The office has been held by conservatives, at least in the sense of their stewardship of state savings and investments. As a result, the state is one of a relative few with a safely maintained AAA credit rating, something that’s vital when it comes to borrowing money.

It is crucial that Cowell’s successor, be that successor a Democrat or Republican, have a background in finance, a reputation for integrity and a resolve not to allow risky investments or political influence in financial contracts. Voters must treat this office with dead seriousness. The office has been capably filled for a long time. That tradition absolutely must continue.

This story was originally published October 13, 2015 at 6:13 PM with the headline "A political rise interrupted."