The name Joan Fitzpatrick-Bolin may not ring a bell to everyone.

However, many Iowans remember the Iowa Trust Scandal — Bolin was the deputy treasurer who “blew the whistle” on the scandal in 1991. She was also counsel to the Campaign Disclosure Board from 1987 to 1989.

“I looked at the way Iowa’s funds are invested and the impact the treasurer has on Iowa’s economic future and decided I could make a difference,” said Bolin, the Republican candidate for state treasurer who is running against incumbent Democrat Michael Fitzgerald.

According to Bolin’s campaign literature, the bank that holds and keeps tabs on the state’s assets and transactions is in Boston. It costs about $2.5 billion to give this bank custody of Iowa’s funds. Bolin wants to keep Iowa’s funds close to home in a nearby bank.

“The use of a regional custodian would produce $3.2 million in Iowa business and economic impact, and the use of an Iowa custodian would produce $4 million in Iowa business and economic impact,” Bolin’s literature said.

“Iowa has more than $1 billion in pooled fund assets,” the literature said. “More than 95 percent does not get deposited in Iowa banks; the more funds that are invested in Iowa banks, the easier it will be for Iowans to obtain loans.”

In addition to banking responsibilities, the state treasurer is also in charge of the state’s investments.

Bolin said Iowa’s investments currently are managed by firms in Chicago. She said using Iowa brokers and brokerage firms would bring $500,000 to $1 million in business back to Iowa.

“Safety, security and a return on Iowa’s funds must be goals, with attention to the investment impact on Iowa’s economy,” Bolin said.

Bolin’s opponent Fitzgerald has been Iowa’s state treasurer for 16 years.

“In those 16 years he has not developed a real program for Iowa financial institutions,” Bolin said.

Bolin called the Great Iowa Treasure Hunt, one of Fitzgerald’s most prized programs, deficient. “Treasures” often are not advertised to the public for a year after they are reported to the office.

“Iowans could have used [the money] for last year’s Christmas presents if the treasurer had advertised [promptly],” Bolin said.

Aside from Fitzgerald’s financial theories and practices, Bolin has another problem with him.

Back in 1991, when Bolin blew the whistle on the trust scandal, she said she received no help from Fitzgerald. He had suspected there was a problem with the Iowa Trust for two years but did nothing to warn Iowans, according to an article in the Feb. 23, 1992 copy of The Des Moines Register.

“I would definitely like to beat him. I have seen the worst of things, and I still believe in the system,” Bolin said. “Fitzgerald was elected because of his well-known name. He is a career politician, a regular talking head.”