Investment manager and department store heir David McRae has won the Republican nomination for Mississippi treasurer. The 38-year-old Ridgeland resident beat state Sen. Eugene Buck Clarke on Tuesday in McRae’s second try for the office.
McRae will face Addie Lee Green of Bolton, who was unopposed for the Democratic nomination, in the Nov. 5 general election. Current Treasurer Lynn Fitch, a Republican, is running for attorney general.
McRae says that treasurer is a good office for him to use his investment experience. He has spent heavily from his own money, loaning his campaign nearly $1.7 million through the end of July.
Among the issues a new treasurer will face is a legacy college savings plan that faces a $127 million shortfall and could run out of money in the next eight years. The treasurer also manages the state’s cash, has a seat on the board of the Public Employees Retirement System and tries to return unclaimed property.