Dan Schwartz

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Dan Schwartz
Dan Schwartz.jpg
22nd Treasurer of Nevada
In office
January 5, 2015 – January 7, 2019
GovernorBrian Sandoval
Preceded byKate Marshall
Succeeded byZach Conine
Personal details
Born
Daniel Mark Schwartz

(1950-07-28) July 28, 1950 (age 69)
Chicago, Illinois U.S.
Political partyRepublican
Spouse(s)Yanan Ding
Children2 (from previous marriage)
EducationPrinceton University (BA)
Boston University (JD)
Columbia University (MBA)
WebsiteGovernment website
Military service
Allegiance United States
Branch/service United States Army
Years of service1972–1974
RankSpecialist 4th Class

Daniel Mark Schwartz (born July 28, 1950) is a former Nevada State Treasurer, serving from January 2015 to January 2019. An international businessman, attorney, and Republican, Schwartz defeated his Democratic opponent, former Nevada State Controller Kim Wallin, in 2014.

Early life, education, and military service[edit]

Schwartz was born on July 28, 1950 in Chicago, Illinois, the son of Francine (née Abrahams) and Jim Schwartz.[1] His grandfather was a rabbi and his father was an early Holiday Inn owner. He has one brother, Stephen, and one sister, Marian. Schwartz attended Oak Park and River High School where he graduated in the "top 20" of his 800-member class and was president of his senior class. Schwartz attended Princeton University and graduated with a degree from the Woodrow Wilson School of Public and International Affairs. In his junior year, Schwartz studied at the Instituts d'études politiques in Paris, France, where he was awarded a Certificat d'Etudes Politiques.

After graduation, Schwartz enlisted in the United States Army in September 1972, where he rose to the rank of Specialist 4th Class and served on a Pershing Missile base in West Germany from January 1973 to September 1974. He was honorably discharged.[2]

Business career[edit]

Finance[edit]

Schwartz began his financial career in private placements at First City National Bank of Houston in 1978. The bank, which became First City Bancorporation of Texas, Inc. was the largest bank in Texas during the 1970s.[3] In 1982, he briefly worked in corporate finance at Keefe, Bruyette & Woods in New York, New York before going on to work for Daiwa Capital Markets, where he started their mergers and acquisitions department and was a member of the team that underwrote the first Euroyen bond for an overseas company - Sears.[4] He then joined Becker Paribas Inc., where he was part of the group which started Paribas Merchant Banking Group in 1985.

In September 1986, Schwartz founded his own boutique financial advisory firm, Ulmer Brothers, Inc., specializing in cross-border mergers and acquisitions. While at Ulmer Brothers, Schwartz advised on the first IPO of a Japanese subsidiary of a U.S. company in 1989. The firm also published several newsletters and journals, which captured Schwartz's interest. He soon shifted his career path to financial publishing.

Financial publishing[edit]

In 1993, Schwartz purchased the Asian Venture Capital Journal (AVCJ) in Hong Kong. AVCJ became a leading source of information on Asian private equity and venture capital, and its AVCJ Forum became the top private equity and venture capital event in Asia.[5] AVCJ also became the first company to distribute the digital edition of a print publication in 1998. The company was purchased by British publishing company Incisive Media in 2006. AVCJ was subsequently sold to BC Partners-owned Mergermarket Group in 2015.[6][7] Schwartz relinquished his title of Chairman Emeritus of AVCJ in 2008.[8]

In 1998, Schwartz founded Qiosk.com, an online news aggregator and distributor, which became one of the early pioneers of delivering print publications via the internet. He is still a majority shareholder in the company today.[9]

Political career[edit]

2012 U.S. House of Representatives election[edit]

Schwartz entered a competitive race for United States House of Representatives in Nevada's newly created 4th congressional district.[9] He finished behind current Nevada Secretary of State Barbara Cegavske and the eventual nominee Danny Tarkanian.[10]

GOP State Finance Chairman[edit]

From 2012 to 2014, Schwartz served as Finance Chair for the Nevada Republican Party.[9]

2014 Nevada State Treasurer election[edit]

On September 18, 2013, Schwartz announced his candidacy for Nevada State Treasurer at a meeting of the Clark County Republican Party Central Committee in Las Vegas, Nevada. His campaign was largely focused on improving returns on the State's funds while protecting and expanding college scholarship and savings programs.[9]

2015 Budget Debate[edit]

During the 78th session of the Nevada Legislature, Dan Schwartz publicly questioned Nevada Governor Brian Sandoval's proposed $7.3 billion budget, which contained $1.1 billion in tax increases.[11] Schwartz presented a three-page spending priorities list to the Senate Finance Committee, which received bi-partisan opposition.[12]

Education Savings Accounts[edit]

Nevada's ESA bill was passed in the 2015 legislature, to be administered by the Nevada Treasurer's office, and is called the first universal ESA program in the nation.[13] The program seeks to improve Nevada's ranking among the 50 states.[14]

After Schwartz's office adopted and published regulations, two court cases were filed against the ESA program. The first lawsuit, by the ACLU (Duncan v. Nevada), was filed in Las Vegas and argued that the program was not constitutional. They claimed the program violated Nevada's Blaine Amendment, which states: "no public funds of any kind or character whatever, State, county or Municipal, shall be used for a sectarian purpose."[15] District Court Judge Eric Johnson dismissed the case in May 2016, ruling the program to be "neutral with respect to religion."[16]

The second lawsuit, by Educate Nevada Now and promoted by The Rogers Foundation (Lopez v. Schwartz), was filed in Carson City, Nevada. This case challenged a different constitutional provision. District Court Judge James Wilson placed a temporary injunction on the program in January 2016 stating that public school dollars would go toward private schools, preventing full implementation.[17]

The losing side in each case appealed the decision, and the Nevada Supreme Court heard both cases on the same day in July 2016. The Court upheld the lower decision in Duncan v. Nevada, ruling that the program was constitutional, and also upheld the lower decision in Lopez v. Schwartz, finding that the funding mechanism was defective.[18]

Treasurer Schwartz urged Governor Sandoval to take up the ESA funding issue in an October 2016 Special Session of the Nevada Legislature designed to approve funding for an NFL stadium, so that the program could continue for the 8,000 families who have already signed up for the program.[19]

Electric cars[edit]

Schwartz has repeatedly called into question the viability of a $1 billion Faraday Future electric vehicle plant in North Las Vegas, Nevada, after LeEco, the internet company belonging to the billionaire Chinese entrepreneur behind Faraday Future, Jia Yueting, suspended trading in his public company, Leshi, in December 2015.[20] It was during that same month that the Nevada Legislature approved $335 million in incentives to lure Faraday to the state.[21]

In mid-November 2016, Faraday Future announced that it had suspended construction on the plant.[22] In December 2016, Leshi again suspended trading in its shares due to a cash crunch and rumored margin calls on borrowings by Jia Yueting.[23]

Campaign for Governor[edit]

On September 5, 2017, Schwartz announced that he intended to seek the Republican nomination for Governor of Nevada[24] On June 12, 2018, he lost and placed second in the Republican primary to state attorney general Adam Laxalt.

Other[edit]

Schwartz has also pursued other objectives at the Treasurer's office. He has reduced the number of process days from 120 to same-day processing for unclaimed property claims, combined and strengthened the college savings program, refunded the State's debt to produce $80 million in annual savings, has authored bills to curb the abuses of payday loans, and suggested a major overhaul of the State's tax system.[25][26][27]

Electoral history[edit]

Nevada State Treasurer election, 2014
Party Candidate Votes % ±
Republican Dan Schwartz 277,613 51.46 +7.66
Democratic Kim Wallin 223,793 41.49 -6.81
Independent American Kress Cave 19,355 3.59 -0.41
None of These Candidates None of These Candidates 18,686 3.46 -0.34
Total votes 539,447 100
Republican gain from Democratic Swing +14.46

Controversy[edit]

In the summer of 2015, Schwartz hired Nevada Republican Party Chair Michael McDonald to serve as a senior deputy treasurer despite McDonald's embroilment in a civil lawsuit.[28] A restructuring of department staff resulted in McDonald's resignation in October 2015.[29]

Schwartz also found himself at odds with Nevada Lieutenant Governor Mark Hutchison when Hutchison filed his own lawsuit in defense of Nevada's Education Savings Account program. Schwartz joined the Nevada Attorney General's office in arguing that the private suit could jeopardize the legal proceedings already underway, which included lawsuits filed by the American Civil Liberties Union and a group of parents. Nevada's Attorney General, Adam Laxalt, had already hired former U.S. Solicitor General Paul Clement to defend the state against those lawsuits.[30] Hutchison dropped the suit, but not before Schwartz suggested he should resign if he did not.[31]

Family and personal life[edit]

Schwartz and his wife Yanan were married on September 9, 2011 and now reside in Carson City, Nevada. Born in China, Yanan Schwartz headed the Sino-Italian Cooperation Program for Environmental Protection in Beijing. She is fluent in Mandarin and Italian. She became a U.S. citizen in March 2016.[32] He has two daughters, Allison and Dana, from his first marriage.

Published works[edit]

Schwartz, Dan (2010). The Future of Finance: How Private Equity and Venture Capital Will Shape the Global Economy. New York: John Wiley. ISBN 978-0470825112.

Schwartz, Dan (2012). Principles of the American Republic. Burlingame: Sturdy Oak Publishing. ISBN 978-0615388434.

In addition to publishing the Asian Venture Capital Journal (1993-2008), Schwartz also published Policy Today (2004-2008).

References[edit]

  1. ^ Trevor Jensen (February 10, 2010). "James L. Schwartz: 1923-2010". Chicago Tribune. Retrieved December 19, 2016.
  2. ^ Keith Rogers (June 8, 2012). "GOP candidates make military records available". Las Vegas Review-Journal. Retrieved December 19, 2016.
  3. ^ Collin Eaton (May 25, 2012). "First City Bancorp may finally rest in peace". Houston Business Journal. Retrieved December 19, 2016.
  4. ^ J. Robert Brown Jr. (1994). Opening Japan's Financial Markets. Routledge, New York, NY. p.229.
  5. ^ "ICR's Jeremy Peruski and Edmond Lococo Address the Asian Venture Capital Journal Private Equity & Venture Forum". November 4, 2015.
  6. ^ "Incisive Media purchases Asian b2b publisher". June 17, 2006. Retrieved December 19, 2016.
  7. ^ "Incisive Media sells ACVJ and Unquote to Mergermarket". September 22, 2015. Retrieved December 19, 2016.[permanent dead link]
  8. ^ "Dan Schwartz". Ballotpedia. Retrieved December 19, 2016.
  9. ^ a b c d Sandra Chereb (March 20, 2016). "Nevada treasurer riles up politically powerful, fellow Republicans included". Las Vegas Review-Journal. Retrieved December 19, 2016.
  10. ^ Laura Myers (June 13, 2012). "Tarkanian wins nail-biter in 4th District race". Las Vegas Review-Journal. Archived from the original on September 22, 2016. Retrieved December 19, 2016.
  11. ^ Ray Hagar (January 15, 2015). "Sandoval: Make 'sunset taxes' permanent part of budget". Reno Gazette Journal. Retrieved December 19, 2016.
  12. ^ Sandra Chereb (February 12, 2015). "Nevada lawmakers tell treasurer his budget proposal is embarrassing". Las Vegas Review-Journal. Archived from the original on February 19, 2017. Retrieved December 19, 2016.
  13. ^ "Nevada - Education Savings Accounts". EdChoice. Retrieved December 20, 2016.
  14. ^ Paul Takahashi (January 9, 2014). "Report says Nevada schools again worst in nation for giving children a chance for success". Las Vegas Sun. Retrieved December 20, 2016.
  15. ^ "Nevada State Constitution". Retrieved December 20, 2016.
  16. ^ Neal Morton (May 18, 2016). "Judge upholds Nevada's controversial school choice bill". Las Vegas Review-Journal. Retrieved December 20, 2016.
  17. ^ Sandra Chereb (January 11, 2016). "Decision delays Nevada education savings accounts". Las Vegas Review-Journal. Retrieved December 20, 2016.
  18. ^ Neal Morton (September 29, 2016). "Nevada Supreme Court ruling expected to affect school choice legislation nationwide". Las Vegas Review-Journal. Retrieved December 20, 2016.
  19. ^ Patrick Walker; Mauricio Marin (September 29, 2016). "Nevada Supreme Court ruling brings ESA program to a standstill". KLAS-TV. Retrieved December 20, 2016.
  20. ^ Garrett Reim (February 16, 2016). "Nevada Treasurer Inquiring About Faraday's Finances". Los Angeles Business Journal. Retrieved December 20, 2016.
  21. ^ Michelle Rindels (December 21, 2015). "Nevada governor approves $335M Faraday deal". Reno Gazette Journal. Associated Press. Retrieved December 20, 2016.
  22. ^ Dan Michalski (November 18, 2016). "Spokesman confirms Faraday Future has suspended Apex construction". Las Vegas Review-Journal. Retrieved November 18, 2016.
  23. ^ Phoenix Kwong; Xie Yu; Zen Soo (December 7, 2016). "LeEco unit suspended from trading after shares plunged amid layoff fears". South China Morning Post. Retrieved December 20, 2016.
  24. ^ https://thenevadaindependent.com/article/republican-dan-schwartz-nevadas-maverick-treasurer-jumps-into-governors-race
  25. ^ "Claim your property through the Nevada treasurer's office". Las Vegas Review-Journal. August 10, 2016. Retrieved December 20, 2016.
  26. ^ Michael Lyle (September 22, 2016). "Nevada treasurer says real issue with payday loans is 'who has access and on what terms'". Las Vegas Review-Journal. Retrieved December 20, 2016.
  27. ^ Sean Whaley (August 30, 2016). "State treasurer wants to replace some taxes with corporate income tax". Las Vegas Review-Journal. Retrieved December 20, 2016.
  28. ^ Sandra Chereb (September 16, 2015). "Controversial Nevada GOP leader lands state job". Las Vegas Review-Journal. Retrieved December 20, 2016.
  29. ^ "Nevada GOP chair resigning from deputy state treasurer post". Las Vegas Sun. Associated Press. October 7, 2015. Retrieved December 20, 2016.
  30. ^ Sandra Chereb (December 24, 2015). "Lieutenant governor criticized over ESA lawsuit". Las Vegas Review-Journal. Retrieved December 20, 2016.
  31. ^ Scott Lucas (January 8, 2016). "State treasurer: Hutchison should drop lawsuit or resign". Las Vegas Sun. Retrieved December 20, 2016.
  32. ^ Sandra Chereb (March 20, 2016). "Nevada treasurer riles up politically powerful, fellow Republicans included". Las Vegas Review-Journal. Retrieved December 20, 2016.
Political offices
Preceded by
Kate Marshall
Treasurer of Nevada
2015–2019
Succeeded by
Zach Conine