On October 22, 2013, Magaziner announced his intention to run for Rhode Island General Treasurer in an online announcement video. He won the Democratic nomination in the September 9 primary election, defeating former Treasurer Frank Caprio. Magaziner was elected in the November 2014 general election, defeating independent candidate Ernest A. Almonte. In his first months in office, Magaziner developed a plan to establish the Rhode Island Infrastructure Bank to finance green infrastructure projects. The agency was created in June 2015 by the Rhode Island General Assembly. Magaziner also worked with the governor and the state legislature to establish "Rhode Island's ABLE" program, which allows Rhode Islanders living with disabilities and their families to save for disability related expenses without sacrificing their eligibility for federal disability assistance programs. In June 2015, Magaziner launched a transparency initiative for the Employees’ Retirement System of Rhode Island that former U.S. Securities and Exchange Chairman Arthur Levitt Jr. called a national model for public pension system transparency. Magaziner's "Transparent Treasury" initiative was codified into Rhode Island law in September 2017. In November 2015, Magaziner announced the selection of Ascensus College Savings and Invesco as the new managers of the CollegeBound Saver, Rhode Island’s 529 college savings program. The Treasurer’s Office also announced it was pursuing two class action lawsuits against fossil fuel industry companies BP and Plains All American for oil spills that allegedly harmed investors and the environment. In February 2016, Magaziner was selected to serve as Chair of the Financial Literacy Committee for the National Association of State Treasurers. He was elected vice-president of the organization in September 2017 and succeeds Massachusetts Treasurer Deborah Goldberg in representing the eastern region of the United States. Treasurer Magaziner launched BankLocal in early 2017. The nationally-recognized program moves a portion of the State's cash into secure accounts at local banks and credit unions - matching loans made to small businesses in Rhode Island, with a 2-to-1 match for loans to women and minority-owned businesses. In its first year, BankLocal moved more than $19 million into local banks and credit unions, supporting loans to more than 175 small businesses in Rhode Island. Magaziner announced in October 2017 that his office has pulled more than $500 million in pension fund investments from hedge funds, reallocating the investments to more traditional asset classes. For the first time in the State’s history, he filed and co-filed shareholder proposals with companies in the State’s pension investment portfolio, asking them to implement more sustainable business practices and improve disclosure to shareholders. In 2016, the R.I. pension fund voted against reelecting all members of the Wells FargoBoard of Directors, following the revelation that the bank had committed massive fraud against its customers. Treasurer Magaziner also joined shareholders across the country in demanding that energy companies disclose information about climate change policies, risks, and lobbying expenses that they use to influence lawmakers and regulations. Appointed by Governor Gina Raimondo to co-chair of the Rhode Island School Building Task Force, Treasurer Magaziner is tasked with developing a plan to address the mounting infrastructure crisis in school facilities throughout Rhode Island. Treasurer Magaziner launched YOUR MONEY, a new program that will automatically reunite Rhode Islanders with their unclaimed property. More than 35,000 individuals are expected to have $10 million returned to them in 2017.
