Senate committee hears Salvador Cruz on qualifications for Treasurer's Investment Advisory Board seat

At the Jan. 19 meeting of the Senate State Affairs Committee, members considered the gubernatorial appointment of Salvador Cruz of Boise to the Treasurer's Investment Advisory Board for a term commencing Jan. 1, 2026, and expiring July 1, 2028. Cruz summarized his background: originally from Rock Springs, Wyoming; educated at South Dakota State University; early career in retail banking; and 13 years in roles at the U.S. Treasury, including as a Capital Markets Specialist and subject‑matter expert. He currently serves as Financial Institutions Bureau Chief and Interim Director for the Idaho Department of Finance.

Chairman Guthrie followed up on Cruz’s comment that he “doesn't like the person on his resume,” asking why Cruz had written that. Cruz said his résumé did not capture his passion for working in finance and serving the public. Senator Shippy asked what criteria Cruz would use to evaluate expanded investment options — Shippy cited prior legislative proposals to authorize investments such as precious metals. Cruz said he would be held to the prudent investment rule and other statutory requirements and that he would follow direction from the Treasurer and the Advisory Board. When asked about federal debt, Cruz said he views federal debt as a hindrance to personal action and a substantial problem that needs to be addressed.

The minutes record Cruz’s qualifications and the committee’s questioning but do not show a formal motion or a recorded vote on the appointment in these entries.