Photos by Ralph Freso
Long before Kimberly Yee earned the trust of Arizona’s voters to become state treasurer in 2019, she learned about the value of building trust and relationships from her family.
Yee shared a story about her grandfather, who understood that certain customers couldn’t afford to pay him right away to buy food at his grocery store on Buckeye Road and Seventh Avenue. It might take them one to three weeks to settle their bill.
“But because he built relationships with those people, he remembered them by name and trusted them. … The store wouldn’t have stayed in business for 63 successful years had that not happened,” Yee told students at the Grand Canyon University Colangelo College of Business lobby as part of her “Financial Leadership” talk for the T.W. Lewis Speaker Series.
“And those families who did not have the funds, he gave them the groceries. And they would come back when they had the money and paid him back. That was the family relationship they owned.”
Yee, the first Asian American elected to statewide office in Arizona, emphasized the importance of investing in Arizona’s Education Savings Plan (AZ529), which allows a parent, grandparent or student to save for educational expenses with a minimum investment of only $15 a month. The plan comes with certain tax advantages.
When Yee took over as state treasurer, she said she asked the state legislature to move the plan to the treasurer’s office so it could be promoted more aggressively.
In the last 51 months, literature has been printed in the Spanish and Navajo languages and promoted on social media. During that same span, she said the program has increased by 57,200 new accounts – with 40% from out of state.
The funds can be applied toward books, tuition and technology (computers), said Canyon Ventures Founding Director Robert Vera, who moderated the discussion.
And if you don’t use all the money toward college, laws allow you to transfer the funds to the name of a family member or transfer up to $35,000 to a Roth IRA account, which is a retirement fund.
Yee serves as Arizona’s chief banking and investment officer and oversees the management of Arizona’s $64.7 billion state budget and payments to schools, local governments and agencies.
And, “We just don’t hold that money as if it were sitting in an account,” said Yee, who has watched assets under her management double to $31.6 million since she took over as state treasurer.
She emphasized the importance of students mastering financial literacy – saving, spending wisely and being a good steward.
The issue of financial literacy has stuck with her since watching generations of families remain on welfare. She watched as they collected their government subsidies without working.
After joining the Arizona Senate, Yee pushed for a required a financial literacy course for those seeking aid.
Yee became the second woman elected as Arizona Senate majority leader, following the late Sandra Day O’Connor, who later became the first woman to serve on the U.S. Supreme Court.
To reach that position, Yee took a firm stance while shifting from the state House of Representatives to the state Senate.
She spoke of an older senator who once held the door for her and said, “Welcome to the senate, kiddo.”
Yee thought, “OK” before replying, “Thank you, senator. Now how would you take it if I called you an old man?”
A few years later, the same senator nominated Yee for Arizona Senate majority leader.
Vera said Yee has an “uncanny ability” to build trust and confidence in people, and she credited her faith in building her life around her priorities, especially her family.
“God has never let me down,” she said.
Yee’s term as state treasurer ends in 2026, and she hopes to maintain the integrity of the office and ensure it runs smoothly.
And what will the future hold for Yee after her term expires?
“I love the state of Arizona. I hope to continue to serve.”
GCU News senior writer Mark Gonzales can be reached at [email protected]
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