AP: Federal investigators eyeing McCord as he steps down
The feds are looking into campaign-related activity of the Pa. state treasurer, who says he's resigning from the job after 6 years.
HARRISBURG - Pennsylvania state Treasurer Rob McCord is stepping down after six years, his announcement yesterday coming just before it emerged that federal investigators are making inquiries into the campaign-related activity of the Democrat who spent nearly $9 million in an unsuccessful run for governor last year.
A person familiar with the inquiries by authorities confirmed the existence of the probe to the Associated Press. The source spoke on condition of anonymity, not wanting to to be identified discussing a matter that has not been discussed publicly by McCord or the authorities.
In a statement and letter released by his office, the former venture capitalist made no mention of scrutiny by authorities, and gave no reason for leaving his post, saying only that he thinks it is time to return to the private sector after six years in the job.
"It has been the privilege of a lifetime to serve the citizens of the commonwealth as their elected state treasurer for the past six years," McCord wrote to Gov. Wolf.
McCord, 55, will leave office on Feb. 12 with two years remaining in his final term. He did not grant interviews through the Treasurer's Office yesterday, and there was no answer at his home telephone in Bryn Mawr.
McCord's pending departure follows soon after his lawsuit with Senate Majority Leader Jake Corman against the NCAA resulted in college sports' governing body restoring 112 football wins it had stripped from Penn State over the Jerry Sandusky child-molestation scandal. The lawsuit also succeeded in getting other lingering penalties dropped and in keeping Penn State's $60 million fine in Pennsylvania for child-abuse-prevention efforts.
McCord is the second statewide official in Pennsylvania now facing some sort of official scrutiny. A state grand jury run by a court-appointed prosecutor has recommended charges against Attorney General Kathleen Kane for allegedly giving secret investigative material to the Daily News.
Some prominent Democrats and campaign donors said yesterday that they had been unaware of federal inquiries into McCord. A spokesman for Wolf said that he had been similarly unaware.
In a statement, Wolf said McCord had served "honorably and diligently."
McCord was elected in 2008 and 2012 to four-year terms in the Treasurer's Office and ran unsuccessfully for governor last year, losing in an expensive and bruising primary to Wolf.
He came in third in a four-person race after raising and spending nearly $9 million. He contributed $2.2 million of his own money to the cause, according to campaign-finance reports.
A Wolf spokesman said the governor does not yet have a timeline or nominee in mind to replace McCord. The appointment requires confirmation by the GOP-controlled Senate, so it's a good bet a nominee would have to commit to not run in 2016.
That probably eliminates one choice.
Democrat and former National Constitution Center boss Joe Torsella, 51, already raised more than $1 million to run for treasurer next year. Yesterday, he said he's happy to serve if Wolf and Senate Republicans want him and if they agree that he also can run for the office.
- Staff writer John Baer contributed to this report.