With our free press under threat and federal funding for public media gone, your support matters more than ever. Help keep the LAist newsroom strong, become a monthly member or increase your support today.
Orange County Supervisors strip county treasurer of investment powers
Listen
1:13
Orange County Supervisors strip county treasurer of investment powers
Orange County Supervisors strip county treasurer of investment powers
The Orange County Board of Supervisors today unanimously decided to strip county Treasurer-Tax Collector Chriss Street of his investment powers. The decision follows a federal judge’s decision against the treasurer in a civil lawsuit.
The judge ruled that Street breached his fiduciary duty when he served as trustee to the End of the Road Trust before he was treasurer. The judge ruled that Street failed to protect the assets he was supposed to monitor and liquidate.
The Orange County Board of Supervisors unanimously agreed to transfer Street's investment power until his term ends in January to county Chief Financial Officer Robert Franz.
"It's a sad day," said Supervisor Bill Campbell. "I'm not aware of any issues relative to Mr. Street's activity as our treasurer-tax collector. This is more just the very practical issue in dealing with the public trust."
Sponsored message
Campbell said it's about maintaining the trust of investors in the county, too.
Street, who wasn't at the meeting, asked supervisors in a letter to temporarily remove his investment power while he considers his legal options.
He wanted the power to go to the county's auditor-controller, but the supervisors didn't go with that plan.
In the letter, Street wrote that while he relinquishes control "with a heavy heart," it's the best way to avoid "misplaced perceptions."
At LAist, we focus on what matters to our community: clear, fair, and transparent reporting that helps you make decisions with confidence and keeps powerful institutions accountable.
Your support for independent local news is critical. With federal funding for public media gone, LAist faces a $1.7 million yearly shortfall. Speaking frankly, how much reader support we receive now will determine the strength of this reliable source of local information now and for years to come.
This work is only possible with community support. Every investigation, service guide, and story is made possible by people like you who believe that local news is a public good and that everyone deserves access to trustworthy local information.
That’s why we’re asking you to stand up for independent reporting that will not be silenced. With more individuals like you supporting this public service, we can continue to provide essential coverage for Southern Californians that you can’t find anywhere else. Become a monthly member today to help sustain this mission. It just takes 1 minute to donate below.
Thank you for understanding how essential it is to have an informed community and standing up for free press.
Your support for independent local news is critical. With federal funding for public media gone, LAist faces a $1.7 million yearly shortfall. Speaking frankly, how much reader support we receive now will determine the strength of this reliable source of local information now and for years to come.
This work is only possible with community support. Every investigation, service guide, and story is made possible by people like you who believe that local news is a public good and that everyone deserves access to trustworthy local information.
That’s why we’re asking you to stand up for independent reporting that will not be silenced. With more individuals like you supporting this public service, we can continue to provide essential coverage for Southern Californians that you can’t find anywhere else. Become a monthly member today to help sustain this mission. It just takes 1 minute to donate below.
Thank you for understanding how essential it is to have an informed community and standing up for free press.
Senior Vice President News, Editor in Chief
