Young Boozer talks about his duties in Montgomery
by Margaret Anderson
Special to The Star
Oct 22, 2013 | 1733 views |  0 comments | 63 63 recommendations | email to a friend | print
State Treasurer Young Boozer spoke to the National Association of Insurance and Financial Advisors - Northeast Alabama Thursday at Classic on Noble in Anniston. Members from Jacksonville, Piedmont and the Anniston area were present.

Boozer was introduced by Alfa Insurance agent Coy Callendar.

Boozer, a Republican, defeated Democrat Charles Grimsley to win the seat vacated by Kay Ivey who was unable to run again due to term limits. Young beat George Wallace Jr., by 30 points in the Republican primary. This was his first venture at running for public office.

He said that when he was running for office, he was chided by Jay Leno, Jon Stewart, Joy Behar and others because of his name. He was on the front page of the Wall Street Journal.

Leno made the comment that Young Boozer was the worst name anyone running for public office could have.

“I’m a Boozer in name only,” he said. “My grandmother was a Young. The Young family married into the Boozer family.”

Boozer talked about the various duties required of his position.

As state treasurer, he is responsible for multiple state financial interests, including cash management, bonds and the Alabama Trust Fund and unclaimed property left by deceased persons. Alabama currently has about a half million dollars in unclaimed property or money.

Anyone wanting to know if he or a relative has unclaimed property can go to www.treasury.state.al.us and type in a name.

Greg Burleson, a board member of the association and financial service representative for Met Insurance asked how long someone has to collect his unclaimed property. Boozer’s response was “Forever.”

“It allows you the option to bid on certain non-cash items that have been turned over to the Treasury Department because the owners can’t be located,” said Callendar.

“About 35 years ago, we discovered natural gas in Mobile Bay,” said Boozer. “They drilled the wells, they extracted the gas and we get a royalty from that. I’m responsible for managing and investing that.”

By serving on the Bond Commission, Boozer performs various functions regarding bonds issued by the state or the various state agencies having authority to issue bonds. The specific duties of the treasurer in a bond issue are determined by the provisions set out in the official statement of the bond issue. Designated duties may include registrar, transfer agent, paying agent, investment of proceeds, debt service payments, or any other assignment permitted by law and accepted by the treasurer.

Boozer noted that he was the water boy on Coach Paul “Bear” Bryant’s 1959-60 football team and that Bryant is his daughter’s godfather.

Boozer was born in Birmingham and reared in Tuscaloosa. He has a bachelor’s degree in economics from Stanford University and a master’s degree in finance from the Wharton School at the University of Pennsylvania. During the past four decades, his career in banking, finance and investments has taken him from Citibank in New York and Crocker National Bank in Los Angeles, to Coral Petroleum in Houston and Colonial Bank in Montgomery.

Boozer served as Deputy State Finance Director for former Gov. Bob Riley. He is a member of the Rotary Club, the Alabama Shakespeare Festival and the Boy Scouts. He is married to the former Sally Jackson of Clayton.

“Mr. Boozer is passionate about his job and discussed several topics of interest, including the Alabama PACT Program and how it was rescued from default,” said Callendar. “The program will now enable each child registered to have a college education, with only a few modifications from the original contract to PACT members.”

“As an association we were honored to have Mr. Boozer speak with us,” said James Cosper of Alfa Insurance in Jacksonville and president of the association. “I feel even more fortunate to have had the opportunity to hear him speak. We truly appreciate him taking time out of his busy schedule to travel to Anniston for our monthly NAIFA luncheon.”

The association and board meet each month. The next meeting will be at 11:30 a.m. Nov. 21 at Classic on Noble. Insurance Commissioner Jim L. Ridling, who is over the Alabama Department of Insurance, will speak.
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Young Boozer talks about his duties in Montgomery by Margaret Anderson
Special to The Star

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