In January 2011, Chipman “Chip” Flowers Jr. was sworn in as Delaware’s State Treasurer, becoming one of the nation’s youngest treasurers and the state’s first African-American statewide elected official. He is responsible for Delaware’s approximately $2 billion investment portfolio and serves as co-chair of the state’s deferred compensation plans.
Treasurer Flowers entered office with an innovative platform called “The Flowers Framework,” which proposed extensive changes in the operations of the treasurer’s office.
During his first term, Treasurer Flower has generated a solid record of achievement and has emerged as one of the nation’s leading and outspoken treasurers on key economic and financial issues. Under his leadership, the state’s previously underperforming investment portfolio was overhauled. He commissioned a report by Credit Suisse Securities USA, LLC, which determined that the rate of return on the state’s portfolio lagged behind the results realized by other states. Through decisions, actions and innovative ideas, he increased the returns of the portfolio by millions of dollars in his first year and the returns have increased in each successive year thereafter.
Treasurer Flowers has increased the number of state investment managers and required the managers to meet certain financial benchmarks. He also negotiated a lower fee structure with the state’s investment managers, thus increasing the state portfolio’s net return.
Under his administration, the Office of the State Treasurer underwent a major reorganization, modernization and realignment effort, and was renamed the Delaware State Treasury.
Through the newly created Office of Economic Policy, Treasurer Flowers began publishing the Delaware Economic Index, a bimonthly summary of economic data and reports associated with the state’s economy. He implemented the Delaware Early Warning System, a financial warning system that rates the health of the state’s economy. These innovative programs led the White House to commend the Delaware State Treasury in May 2012 for its efforts in promoting financial literacy. Additionally, other State Treasury accomplishments under his administration include launching a prepaid debit card system to reduce the number of checks issued and strengthening relationships with federal institutions and agencies. In early 2013, all three major rating agencies awarded a “AAA” rating to Delaware’s bonds.
In his first year in office, Treasurer Flowers was elected to represent the treasurers of the Eastern states on the Executive Committee of the National Association of State Treasurers. In this capacity, he created and developed a relationship between the White House and the association and lobbied for Congressional action on various policy initiatives. In 2013, his colleagues elected him to serve as Co-Chair of the Democratic State Treasurers.
Treasurer Flowers received a Bachelor of Arts in Economics from the University of Pennsylvania and a Master of Business Administration and law degree from Georgetown University. He also received a Master of Public Administration from the John F. Kennedy School of Government at Harvard University, where he earned the prestigious Don K. Price Award.