Joe Torsella

After graduating from Wyoming Seminary, Torsella earned a Bachelor of Arts degree in economics and history from the University of Pennsylvania, graduating Phi Beta Kappa in 1986. As a Rhodes Scholar (1986–1990), he did graduate work in American history at New College, Oxford.{{Cite web|last=DiStefano|first=Joseph N.|title=Pa. Treasurer Joe Torsella tried to reform the state's biggest pension funds. Then he lost his job.|url=https://www.inquirer.com/business/joe-torsella-treasurer-pa-pennsylvania-psers-pensions-teachers-lost-harrisburg-20210220.html|access-date=2021-02-22|website=The Philadelphia Inquirer|date=19 February 2021 }}

Torsella served as Philadelphia's Deputy Mayor for Policy and Planning for Mayor Ed Rendell (later Governor of Pennsylvania) from January 1992 to September 1993. He was not yet 30. Under Rendell, Torsella developed and implemented financial and labor reforms that led the city toward a fiscal rebound that the New York Times called "one of the most stunning turnarounds in recent urban history".Hinds, Michael deCourcy, "Philadelphia Climbs Out of Fiscal Depths and Builds by Sharing Sacrifices," New York Times, April 6, 1993, pg. A-19 The municipal renaissance was chronicled in journalist Buzz Bissinger's book A Prayer for the City,Bissinger, H.G., A Prayer for the City, Random House 1997 in which Torsella describes the Rendell administration's philosophy as "taking control of the government and restructuring it for effectiveness".Bissinger, 1997: 123

In 1988, the United States Congress passed and President Ronald Reagan signed the Constitution Heritage Act calling for the creation of a National Constitution Center to "disseminate information about the United States Constitution on a non-partisan basis in order to increase the awareness and understanding of the Constitution among the American people".{{cite web|url=http://www.theconstitutional.com/about/abou-enable.html|title=The Constitutional Walking Tour of Philadelphia|website=www.theconstitutional.com|date=16 September 2013 }} The non-profit museum and education center was to be located in Philadelphia. But for almost a decade the project languished, financially troubled and inadequately focused.Van Allen, Peter, "Hospitality review preview: Under Pressure, Joseph M. Torsella," Philadelphia Business Journal, January 3, 2003, pg. 8

By 1997, the Constitution Center was still not built and already had an operating deficit of $200,000 (Philadelphia Business Journal, January 3, 2003). That year, Philadelphia Mayor Ed Rendell asked Torsella to become President and CEO. Torsella raised $185 million in private and public funds, formed a board of trustees led by Vanguard Group founder John C. Bogle and got the project back on track.Nussbaum, Debra, "A Renaissance Go-to guy," Philadelphia Inquirer, November 11, 2001, Sunday Magazine The National Constitution Center opened on July 4, 2003, in a modern glass-fronted {{convert|160000|sqft|m2|adj=on}} structure (designed by Henry H. Cobb of Pei Cobb Freed & Partners) located on the north end of Independence Mall.Rybczynski, Witold, "More Perfect Union of Function and Form," New York Times, July 8, 2003

In 2005, Torsella co-chaired the city of Philadelphia's bid for the 2016 Olympic Games, along with David L. Cohen, executive vice president of Comcast Corp, and Olympic gold medalist Dawn Staley. Chicago was ultimately selected as the U.S. Olympic bid city, but Torsella continued to serve as co-chairman of the Philadelphia Olympic and International Sports Project the successor organization to Philadelphia 2016 that attracted two Olympic team trial events, table tennis and gymnastics.

Torsella returned as President and CEO of the National Constitution Center in 2006, after his successor, Richard Stengel, left to become managing editor of Time magazine. Under Torsella's leadership, the Center became the permanent home of the annual Liberty Medal ceremony. The medal was presented in 2006 to former Presidents George H. W. Bush and Bill Clinton for their humanitarian work following Hurricane Katrina and the tsunami in Southeast Asia. In 2007, it went to Bono and DATA, the advocacy organization Bono co-founded for raising awareness about AIDS and extreme poverty in Africa. In 2008, the medal was presented to Mikhail GorbachevShister, Gail, [http://www.philly.com/inquirer/home_region/28642599.html "Gorbachev honored with Liberty Medal"], Philadelphia Inquirer, September 19, 2008. to mark the 20th anniversary of the fall of the Berlin Wall.[http://rbth.ru/articles/2008/09/05/050908_gorby.html "Gorbachev to receive Liberty Medal for ending Cold War"], Russia, September 5, 2008.

In 2007, Torsella personally persuaded former President George H. W. Bush to serve as Chairman of the Board of Trustees,Eichel, Larry, "Bush 41 Will Chair Constitution Center," Philadelphia Inquirer, January 12, 2007 pg. A-1 the only active board position President Bush then held.Eichel, Philadelphia Inquirer, 2007 In 2008, Torsella announced that former President Bill Clinton would replace Bush as chairman as of January 1, 2009.[https://www.usatoday.com/news/nation/2008-09-09-1645677038_x.htm "Bill Clinton named chairman of Constitution Center"], USA Today, September 9, 2008.

The Constitution Center also hosted key events during the 2008 presidential race. On March 18, 2008, then-Senator Barack Obama delivered his much-heralded speech on race relations in America at the Constitution Center,Obama, Barack, [http://www.philly.com/philly/multimedia/16811636.htm "A More Perfect Union"], National Constitution Center, Philadelphia, PA, March 18, 2008. one that historians Garry WillsWills, Garry, [http://www.nybooks.com/articles/21290 "Two Speeches on Race"], The New York Review of Books. and Harold HolzerNational Constitution Center, A More Perfect Union: A Virtual Exhibit of Barack Obama's Race Speech at the Constitution Center on March 18, 2008, [http://constitutioncenter.org/amoreperfectunion/docs/Harold_Holzer_01.mp3 "Historian Harold Holzer compares Lincoln's Cooper Union Speech and Obama's Race Speech at the Constitution Center"]. have compared to Abraham Lincoln's famous Cooper Union address. On April 16, 2008, the National Constitution Center hosted a Democratic presidential primary debate between Senators Obama and Hillary Clinton, the last and highest rated debate of the primary season.Stelter, Brian, [http://thecaucus.blogs.nytimes.com/2008/04/17/top-ratings-for-penn-debate "Top Ratings for Pennsylvania Debate"], New York Times: The Caucus Blog, April 17, 2008. That evening, Torsella's appearance on The Colbert Report aired on Comedy Central, in a segment awarded "Best TV Performance" in Philadelphia Magazine's 2008 Best of Philly issue.

In 2008, on the 60th anniversary of the Universal Declaration of Human Rights, the Constitution Center launched an International Engagement ProgramNational Constitution Center, [http://constitutioncenter.org/Files/international_project.pdf "National Constitution Center Launches International Engagement Project: Focus on Supporting Democracy in Afghanistan"] {{Webarchive|url=https://web.archive.org/web/20111005025552/http://constitutioncenter.org/Files/international_project.pdf |date=2011-10-05 }}, December 10, 2008. to promote constitutional principles in emerging democracies by using the civic learning and educational initiatives it developed at the Constitution Center. The Program sought to bolster civil society in Afghanistan through partnerships with the Ministry of Education, the Marefet SchoolRubin, Trudy, [http://www.philly.com/inquirer/currents/20100314_Worldview__Grassroots_Afghan_education.html "Worldview: Grassroots Afghan Education"], Philadelphia Inquirer, March 14, 2010. and non-governmental organizations. The Constitution Center supported Nasim Fekrat, Afghanistan's leading blogger,Lowrey, Annie, [https://foreignpolicy.com/articles/2009/08/12/meet_afghanistans_biggest_blogger?page=full "Meet Afghanistan's Biggest Blogger: How 26-year-old Nasim Fekrat Helped Create Afghanistan's Blogosphere Out of Thin Air"], Foreign Policy, August 12, 2009. to strengthen citizen journalism in the country.Stern, Jeffrey, [http://www.slate.com/id/2194806/pagenum/all/#p2 "Meet Afghanistan's Most Fearless Blogger"], Slate, July 3, 2008. In addition, the Constitution Center provided Afghan students with digital cameras and camcorders to capture the sights and sounds of freedom, religious expression and other civic themes as part of its Being "We the People" exhibit project, which opened at the Constitution Center on August 24, 2009.

On December 11, 2008, Torsella announced that he would be stepping down as President and CEO of the Constitution Center at the end of January 2009.{{cite news |last=Van Allen |first=Peter |title=National Constitution Center makes David Eisner next CEO |url=http://www.bizjournals.com/philadelphia/stories/2009/11/16/daily29.html |access-date=September 30, 2012 |newspaper=The Philadelphia Business Journal |date=November 18, 2009}}http://philadelphia.bizjournals.com/philadelphia/stories/2008/12/08/daily34.html?q=torsella%20resigns%20national%20constitution "Torsella to step down as Constitution Center chief" The Philadelphia Inquirer described his tenure as a "resounding success" and called him a "modern-day founding father"."A Modern Day Founding Father," Philadelphia Inquirer, December 15, 2008.

In 2004, Torsella ran for a seat in the U.S. Congress in Pennsylvania's 13th congressional district. Torsella received endorsements from the region's major newspapers, including the Philadelphia Inquirer,"Pa. Primary Elections A Summary of Endorsements," Philadelphia Inquirer, April 25, 2004 but was outspent by close to $1 million,Davies, Dave, [http://www.mult-sclerosis.org/news/Apr2004/USPoliticalCandidatewMS.html "Schwartz-Torsella a tough choice for Dems"], Philadelphia Daily News, April 20, 2004; Davies, Dave, "Schwartz's winning recipe included Emily's dough," Philadelphia Daily News, June 1, 2004. and lost in a close Democratic Party primary to Allyson Schwartz.Prichard, Oliver, "Schwartz, Brown will vie for Hoeffel seat; Schwartz's Democratic win was narrow. Melissa Brown coasted in GOP," Philadelphia Inquirer, April 28, 2004

In 2009, Torsella announced his candidacy for the Democratic nomination in the 2010 U.S. Senate race in Pennsylvania.Associated Press, [http://cbs3.com/local/joe.torsella.national.2.930892.html "Joe Torsella to Seek Democratic Nod for Senate"]{{Dead link|date=February 2020 |bot=InternetArchiveBot |fix-attempted=yes }}, February 9, 2009. Torsella withdrew from the race after incumbent Senator Arlen Specter switched party affiliations from Republican to Democrat, citing a desire to avoid a potentially negative primary fight that would weaken Democratic chances in the November 2010 general election.Fitzgerald, Thomas, [http://www.philly.com/philly/news/politics/45048267.html "Torsella Drops Out of U.S. Senate Race"], Philadelphia Inquirer, May 14, 2009.Hefling, Kimberly, [http://www.huffingtonpost.com/2009/05/14/joe-torsella-specters-dem_n_203781.html "Joe Torsella, Specter's Democratic Opponent, Drops Out of Race"], Huffington Post, May 14, 2009.

In 2016, Torsella was elected as Pennsylvania State Treasurer, beating Republican Otto Voit of Berks County. As Treasurer, Torsella is responsible for overseeing more than $100 billion in public assets, but his bigger challenge comes with changing the public perception.{{Cite news|url=http://www.wfmz.com/news/state-treasurer/148158163|title=Democrat Joe Torsella wins race for Pennsylvania treasurer|last=LAKANA|date=2016-11-09|newspaper=WFMZ|language=en-US|access-date=2016-11-10|archive-date=2016-11-10|archive-url=https://web.archive.org/web/20161110154949/http://www.wfmz.com/news/state-treasurer/148158163|url-status=dead}} The position of treasurer was previously held by Timothy A. Reese, who was nominated and confirmed in June 2015 following the resignation of Rob McCord.{{Cite news|url=http://www.post-gazette.com/opinion/editorials/2016/10/26/Torsella-for-treasurer-His-breadth-of-public-service-gives-the-edge/stories/201610310055|title=Joe Torsella for Pa. treasurer: His breadth of public service gives the edge|newspaper=Pittsburgh Post-Gazette|access-date=2016-11-10}}

On August 13, 2008, Governor Edward G. Rendell named Torsella the Chairman of the Pennsylvania State Board of Education.[http://www.redorbit.com/news/education/1520367/pennsylvania_governor_rendell_names_joseph_torsella_state_board_of_education/index.html "Pennsylvania Governor Rendell Names Joseph Torsella State Board of Education Chairman"], redOrbit.com, August 13, 2008.

Under Torsella's leadership, the State Board passed a landmark reform strengthening high school graduation requirements on August 13, 2009;[http://thetimesnewsnow.com/2009/08/13/pennsylvania-education-board-oks-new-high-school-tests "Pennsylvania Education Board OKs New High-School Tests"] {{Webarchive|url=https://web.archive.org/web/20110717035803/http://thetimesnewsnow.com/2009/08/13/pennsylvania-education-board-oks-new-high-school-tests/ |date=2011-07-17 }}, TimesOnline.com, August 13, 2009; Murphy, Jan, [http://www.pennlive.com/midstate/index.ssf/2009/08/state_board_oks_graduation_req.html "Pennsylvania Board of Education OKs Graduation Requirement Proposal"], The Patriot-News, August 13, 2009. the reform requires students to demonstrate proficiency in core subjects such as math, science, English and social studies prior to receiving a diploma.Pennsylvania Department of Education, Standards Aligned System, [http://static.pdesas.org/Content/Documents/Keystone_Fact_Sheet.pdf "Keystone Fact Sheet"]. When an earlier proposal for graduation testing ran into heavy opposition from statewide education groupsChute, Eleanor, [http://www.post-gazette.com/pg/09224/990177-298.stm "Graduation Exam Rule Expected to Pass"], Pittsburgh Post-Gazette, August 12, 2009. and was reversed by the legislature,Barnes, Tom, [http://www.post-gazette.com/pg/09162/976668-298.stm "Pa. Senate approves legislation to prohibit high school exit exams]", Pittsburgh Post-Gazette, June 11, 2009. Torsella brokered a compromise initiative[http://www.post-gazette.com/pg/09195/983670-192.stm "Testing times: Compromise school exam deserves support"], Pittsburgh Post-Gazette, July 14, 2009; Chute, Eleanor, [http://www.post-gazette.com/pg/09194/983553-454.stm "Graduation exam compromise earning mixed grades"], Pittsburgh Post-Gazette, July 13, 2009; [http://newstalkpa.com/topic.php?id=330 "Keystone Exam Compromise Receives Strong Bipartisan Support"] {{Webarchive|url=https://web.archive.org/web/20090730093226/http://newstalkpa.com/topic.php?id=330 |date=2009-07-30 }}, NewsTalkPA; [http://www.pasenategop.com/news/archived/2009/0709/piccola-072809.htm "Keystone Exam Compromise Receives Strong Bipartisan Support"] {{Webarchive|url=https://web.archive.org/web/20101128010058/http://pasenategop.com/news/archived/2009/0709/piccola-072809.htm |date=2010-11-28 }}, Pennsylvania Senate Republican News, July 28, 2009. that was approved by the state's Independent Regulatory Review Commission on October 22, 2009,The Education Policy and Leadership Center, Education Notebook, [http://www.eplc.org/notebook2009/November13.html "Independent Regulatory Review Commission"], November 13, 2009. and took effect beginning with the 2010–2011 school year.Mezzacappa, Dale, [http://www.thenotebook.org/fall-2009/091826/new-pa-graduation-tests-kick-class-2015 "New Pa. graduation tests to kick in for class of 2015"], The Notebook: An Independent Voice for Parents, Educators, Students and Friends of Philadelphia Public Schools, Vol. 17, No. 2, Fall 2009; [http://www.smarterpa.org/news/inquirer-editorial-diplomas-that-count/ "Diplomas that count"]{{Dead link|date=February 2020 |bot=InternetArchiveBot |fix-attempted=yes }}, Philadelphia Inquirer, July 22, 2009.

The Board partnered with Pennsylvania's Department of EducationPennsylvania Department of Education, News Releases, [http://www.portal.state.pa.us/portal/server.pt?open=512&objID=7201&PageID=510952&mode=2&contentid=http://pubcontent.state.pa.us/publishedcontent/publish/cop_hhs/pde/single_web/newsroom_press_releases/news_releases/race_to_the_top.html "Pennsylvania's 'Race to the Top' Fueled by Effective Reforms, Strong Local Support: State Stands to Receive up to $400 Million in Federal Grants to Accelerate Ongoing Educational Gains"], January 19, 2010. to develop an application for the federal government's Race to the Top initiative, an incentive program designed to spur reform in K-12 education across the country. In the first-round selection, Pennsylvania was seventh out of forty-one applicant statesDillon, Sam, [https://www.nytimes.com/2010/03/05/education/05educ.html "New York is Among Finalists for U.S. School Grants"], New York Times, March 4, 2010. and submitted a second round application on June 1, 2010.Pennsylvania Department of Education, Grants and Subsidies, [http://www.portal.state.pa.us/portal/server.pt/community/rttt/17696/rttt/613085 "Race to the Top for Pennsylvania Schools"]; PR Newswire, [http://www.prnewswire.com/news-releases/pennsylvania-submits-round-two-federal-race-to-the-top-application-for-400-million-in-education-improvement-funding-95360524.html "Pennsylvania Submits Round Two Federal 'Race to the Top' Application for $400 Million in Education Improvement Funding"], June 1, 2010. To support that application, the Board expedited its review and adopted "Common Core"Murphy, Jan, [http://www.pennlive.com/midstate/index.ssf/2010/07/pennsylvania_adopts_new_math_a.html "Pennsylvania adopts new math and language academic standards advanced by consortium of states"], The Patriot-News, July 1, 2010; Chute, Eleanor, [http://www.post-gazette.com/pg/10154/1062793-298.stm "Pennsylvania to adopt new academic standards"], Pittsburgh Post-Gazette, June 3, 2010. academic standards in mathPennsylvania Department of Education, State Board of Education, [http://www.portal.state.pa.us:80/portal/server.pt/gateway/PTARGS_0_123199_828898_0_0_18/Common%20Core%20Standards%20-%20Math%206-2-10.pdf "Common Core Standards – Mathematics"]. and English language arts.Pennsylvania Department of Education, State Board of Education, [http://www.portal.state.pa.us:80/portal/server.pt/gateway/PTARGS_0_123199_828897_0_0_18/Common%20Core%20Standards%20-%20ELA%20-%206-2-10.pdf "Common Core Standards – ELA"].

In other initiatives, the Board initiated reviews to improve school safety,Graham, Kristen A., [http://www.philly.com/philly/news/breaking/78426007.html "State: After 5 years, classrooms no safer"], Philadelphia Inquirer, December 3, 2009. held more than half of its meetings outside Harrisburg and urged a variety of measures to make college more accessible and affordable, including the creation of a "no frills" option in higher education.American Public Media, Marketplace, [http://marketplace.publicradio.org/display/web/2009/05/05/pm_no_frills_u/ "No-Frills Colleges Don’t Have Big Costs"] {{Webarchive|url=https://archive.today/20120718113455/http://marketplace.publicradio.org/display/web/2009/05/05/pm_no_frills_u/ |date=2012-07-18 }}, May 5, 2009. More recently, the Board advanced new regulations on school nutrition and physical activity to reduce childhood obesity, a response that has been called "the most comprehensive such standards in the nation."National Association of State Boards of Education, [http://nasbe.org/index.php/nasbe-publications/hlr/986-headline-review-for-week-ending-51410 "Headline Review for Week Ending 5/14/10"] {{Webarchive|url=https://web.archive.org/web/20101127154044/http://nasbe.org/index.php/nasbe-publications/hlr/986-headline-review-for-week-ending-51410 |date=2010-11-27 }}; PR Newswire, [http://www.prnewswire.com/news-releases/state-board-of-education-approves-new-nutrition-and-activity-regulations-for-schools-92980999.html "State Board of Education Approves New Nutrition and Activity Regulations for Schools"], May 6, 2010; [http://www.pennlive.com/editorials/index.ssf/2010/02/first_ladys_obesity_campaign_r.html "First Lady’s obesity campaign resonates in Pennsylvania schools"], The Patriot-News, February 28, 2010.

On June 10, 2010, Governor Rendell tapped Torsella to lead Pennsylvania's participation in Complete College America, a 22-state effort to significantly increase college completion and accessibility by 2020.[http://www.post-gazette.com/pg/10164/1065380-454.stm "Education chairman will lead ‘complete college’ effort"], Pittsburgh Post-Gazette, June 13, 2010; PR Newswire, [http://www.prnewswire.com/news-releases/governor-rendell-names-joe-torsella-to-lead-commonwealths-efforts-to-increase-college-graduation-rates-access-96075219.html "Governor Rendell Names Joe Torsella to Lead Commonwealth's Efforts to Increase College Graduation Rates, Access"], June 10, 2010.

On November 15, 2010, Torsella was nominated by President Barack Obama to the position of U.S. Representative to the United Nations for Management and Reform, with the rank of Ambassador;White House, [https://obamawhitehouse.archives.gov/the-press-office/2010/11/17/presidential-nominations-and-withdrawal-sent-senate-111710 "Presidential Nominations and Withdrawal Sent to the Senate, 11/17/10"], November 17, 2010. on January 5, 2011, he was renominated after a lame duck session ended without his confirmation.White House, [https://obamawhitehouse.archives.gov/the-press-office/2011/01/05/presidential-nominations-sent-senate "Presidential Nominations Sent to the Senate 01/05/11"], January 5, 2011.

He had a second hearing before the U.S. Senate Committee on Foreign Relations on March 16, 2011 (with Sen. Robert Casey, Jr. acting as chairman),Robert P. Casey, Jr., United States Senator for Pennsylvania, Newsroom, Press Releases, [http://casey.senate.gov/newsroom/press/release/?id=9036935f-48a7-490b-a6c8-8cd1f3d3eedc "Casey Chairs Torsella Confirmation Hearing"], March 16, 2011. and was confirmed by the U.S. Senate on April 19, 2011.

Torsella was the architect and chief public spokesperson for the Obama Administration plans, released in 2012, for reform of the $36 billion UN system. In his testimony to the U.S. Senate Foreign Relations Committee, Torsella said the UN "at its best" could be a "powerful tool" but that "too often, we have seen [the UN] at its worst," and criticized "waste, inefficiency ... abuse ... [and] political theater."{{Cite web|url=http://www.foreign.senate.gov/imo/media/doc/Torsella_Testimony.pdf|title=Torsella Testimony|access-date=August 23, 2019}}

{{Further|2016 Pennsylvania State Treasurer election}}

In 2015, Torsella announced his candidacy for State Treasurer of Pennsylvania.{{Cite web|title=Torsella Raises $1 Million for Treasurer Bid|date=30 January 2015 |url=http://www.politicspa.com/torsella-raises-1-million-for-treasurer-bid/63347/}} It was an open seat election. The position of treasurer was being held by Timothy A. Reese, who was nominated and confirmed in June 2015 following the resignation of Rob McCord. Reese promised not to run for election, when nominated for the appointment.

Torsella's policy proposals included universal college savings accounts,{{Cite web|title=Joe Torsella's Big Idea: Free College Savings Accounts for All|url=http://thephiladelphiacitizen.org/baby-savings-accounts-joe-torsella-529-plans/|date=2016-07-18}} portable IRAs for Pennsylvania workers whose employers do not offer retirement savings plans,{{Cite news|title=Pittsburgh Post-Gazette|url=http://www.post-gazette.com/news/politics-state/2016/10/24/Quiet-Pa-treasurer-campaign-is-carrying-high-stakes/stories/201610240015}} banning the corrupt practice of third-party marketers introducing money managers to the state,{{Cite news|title=Philly.Com|url=http://www.philly.com/philly/news/politics/20160429_Candidates_for_Pa__treasurer_pledge_to_ban__middlemen__investment_firms.html}} appointing a chief integrity officer for Treasury,{{Cite news|title=Pittsburgh Post-Gazette|url=http://www.post-gazette.com/opinion/editorials/2016/10/26/Torsella-for-treasurer-His-breadth-of-public-service-gives-the-edge/stories/201610310055}} creating an online Pennsylvania Sunshine Checkbook that shows all state spending,{{Cite web|title=Friends of Joe Torsella|url=http://www.joetorsella.com/pennsylvania-sunshine-checkbook/}} disclosing all state contracts on alternative investments, adding political contributions by contract-holders to the Treasury's state contracts database, and requiring those trading public funds to disclose their personal trades.{{Cite news|title=Philadelphia Inquirer|url=http://www.philly.com/philly/opinion/20161020_Watchdog_choices.html}}

He also garnered high-profile endorsements from Barack Obama,{{Cite news|title=AP News|url=https://www.apnews.com/bc758210d51f43918fd6e3ce82846a4c}} Mayor Michael Bloomberg,{{Cite news|title=Philadelphia Inquirer|url=http://www.philly.com/philly/blogs/capitolinq/Mike-Bloomberg-endorses-Pat-Toomey-in-Pennsylvania-Senate-race.html}} and Governor Ed Rendell.{{Cite news|title=PoliticsPA|url=http://www.politicspa.com/breaking-rendell-endorses-torsella-for-treasurer/71727/}}

On November 8, 2016, Torsella was elected Treasurer, defeating Republican Otto Voit III of Berks County. Torsella captured 50.66% of the vote, winning by a larger margin (380,593 votes) than any other statewide candidate.{{Cite web|title=Pennsylvania Department of State|url=http://www.electionreturns.pa.gov/ENR_NEW|date=2016-12-23|url-status=dead|archive-url=https://web.archive.org/web/20161113185634/http://www.electionreturns.pa.gov/ENR_NEW|archive-date=2016-11-13}}

Torsella was sworn in as Pennsylvania's State Treasurer on January 17, 2017.{{Cite web|title=New Pennsylvania attorney general, treasurer to take office today|url=https://www.post-gazette.com/news/politics-local/2017/01/17/New-Pennsylvania-row-officers-to-take-office-today/stories/201701160130|access-date=2021-03-17|website=Pittsburgh Post-Gazette|language=en}}

{{Further|2020 Pennsylvania State Treasurer election}}

Torsella sought a second term in 2020. He was unopposed in the Democratic primary, which was delayed due to the COVID-19 pandemic. In the general election, Torsella faced Republican nominee Stacy Garrity. Garrity ultimately defeated Torsella in his bid for a second term by a 48.6%–47.9% margin. Torsella's defeat was considered to be an upset, as he possessed a sizable fundraising advantage and consistently led Garrity in polling throughout the campaign.{{cite news|url=https://www.inquirer.com/politics/election/pennsylvania-treasurer-joe-torsella-loses-republican-stacy-garrity-20201110.html|title=Pa. Treasurer Joe Torsella has lost his reelection bid, in a big upset by Republican Stacy Garrity|first1=Andrew|last1=Seidman|first2=Chris|last2=Brennan|work=The Philadelphia Inquirer|date=November 10, 2020|access-date=November 10, 2020}}{{Cite web|last=Delano|first=Jon|date=2020-10-20|title=Iraq War Veteran Stacy Garrity Challenging Incumbent State Treasurer Joe Torsella|url=https://pittsburgh.cbslocal.com/2020/10/20/iraq-war-veteran-stacy-garrity-challenging-incumbent-state-treasurer-joe-torsella/|access-date=2020-10-27|website=CBS Pittsburgh|language=en-US}}

File:Pennsylvania Makes Largest Rainy Day Fund Transfer in Nearly Two Decades - 48244348292.jpg

Torsella's first act as Treasurer was instating a formal ban on third-party placement agents. In his first week in office, Torsella implemented the Treasury Department's first ever code of conduct policy. The policy covers all personnel involved with investment activities and their immediate family members. That same week Torsella reduced the size of the Department's vehicle fleet by more than half, returning eleven vehicles to the Commonwealth.

Torsella appointed the Department's first ever Chief Integrity Officer in February 2017. He appointed Kenya Mann Faulkner to the position. She served as Pennsylvania's Inspector General under Tom Corbett’s Administration. Torsella continued his pursuit of integrity and accountability with new pre-payment auditing practices for the Treasury's Bureau of Fiscal Review. The new practices save more than $50 million annually.

In April 2017, Torsella transitioned all public equity investment holdings to a low-cost, index investment strategy. The action is estimated to save taxpayers $5 million a year. The move to index investments reduces fees and risk on investments while improving returns for taxpayers.

In June 2017, Torsella led a bipartisan effort of fellow state treasurers to help protect American families and their ability to save for retirement.

In April 2017, Torsella teamed up with more than 200 disability advocates, families, state lawmakers and U.S. Senator Bob Casey to officially open Pennsylvania Achieving a Better Life Experience Act (ABLE) Savings Program. Casey sponsored the federal legislation that authorized states to establish ABLE accounts. PA ABLE allows those with disabilities and their families a way to save for disability related expenses without losing access to benefits they may depend on.

In February 2018, Torsella, along with state lawmakers, announced the launch of the state's first universal children's savings program for higher education, Keystone Scholars. The pilot program provided a $100 grant as a starter deposit in a PA 529 plan for all babies born from the designated counties in 2018. The goal of the program is to encourage families to start saving early for postsecondary education expenses, and to encourage postsecondary education ambitions.

The demonstration project was funded by $2.25 million in private funds. Philanthropic funding sources include the PHEAA Foundation, the Neubauer Family Foundation, and the National Philanthropic Trust. Torsella became the program's first philanthropic donor in 2017, when he donated his automatic pay increase. He continues to donate his annual pay increase to Keystone Scholars.

Keystone Scholars legislation drew bipartisan support and was sponsored by Senators John Gordner (R) and Vincent Hughes (D), and Representative Duane Milne (R). Keystone Scholars was passed by Pennsylvania lawmakers in June 2018, and signed into law by Governor Tom Wolf. This legislative action made Pennsylvania the largest state in the country to implement an automatic universal children's savings account program. Starting January 1, 2019, all babies born or adopted to a Pennsylvania family qualify for the $100 Keystone Scholars grant.

In 2017, Torsella created the bipartisan Treasury Task Force on Private Sector Retirement Security to find ways to help the more than two million Pennsylvanians who do not have access to employee-sponsored retirement plans. The task force was charged with investigating the scale of the retirement crisis, cataloging solutions being enacted in surrounding states, and presenting options to empower Pennsylvanians to save for their retirement.

In March 2019, Treasurer Torsella released the final report of the task force. It provides overviews of each hearing's testimonies, a breakdown of other states’ efforts to combat the retirement crisis, and final recommendations.

Treasurer Torsella increased efforts to return unclaimed property being held by Treasury—returning hundreds of millions of dollars since taking office. This includes [https://www.chop.edu/news/childrens-hospital-philadelphia-featured-good-morning-america $91,000] that was returned to Children's Hospital of Philadelphia (CHOP) in a partnership with Good Morning America. CHOP donated the returned funds to its [https://injury.research.chop.edu/violence-prevention-initiative#.XMMo7OhKhaR Violence Prevention Initiative] that spearheads anti-bullying programs in schools.

The Pennsylvania Treasury Department holds billions of dollars in unclaimed property including dormant bank accounts, forgotten safe deposit boxes and uncashed checks. Treasury has a simple search tool to help as many Pennsylvanians as possible get back what is rightfully theirs.

Torsella initiated an effort to return unclaimed or abandoned military decorations to veterans and their families. Treasury's vault holds hundreds of military awards and medals, including Purple Hearts and Bronze Stars.

Torsella launched a dedicated [https://www.patreasury.gov/unclaimed-property/medals/ database] to search for lost military medals that may be held by Treasury for safekeeping.

Torsella spearheaded the creation and launch of the state's first online tool to track state spending in real-time, the Transparency Portal. The Transparency Portal won national and global recognition.

The portal was launched in 2017 and made the General Fund balance available in real-time on the Treasury Department's homepage. Users also had access to monthly and annual expenditures, and the ability to see how any active lines of credit were affecting the General Fund.

The Transparency Portal was then relocated and expanded to its own website. The Treasury Department continuously works to further expand its capabilities. Taxpayers can use the tool to analyze state spending across all state departments and agencies.

As part of Act 5 enacted by the Pennsylvania legislature in 2017, Torsella served as vice-chair of the Public Pension Management and Asset Investment Review Commission (PPMAIRC) in 2018. PPMAIRC was responsible for conducting the first-ever independent review of the state's largest pension funds including the State Employees’ Retirement System (SERS) and the Pennsylvania Public School Employees’ Retirement System (PSERS).

Torsella, as the overseer of all state investments, goes beyond his constitutional responsibility and urges companies the state invests in to operate in a socially responsible manner—including calling for changes to a company's corporate governance and practices that affect its role in major social or environmental issues.

Torsella has moved to hold drug manufacturers and distributors accountable for their role in the opioid epidemic. Torsella joined more than 40 institutional investors to form the Investors for Opioid Accountability Coalition. Together they filed 26 shareholder resolutions at 10 drug manufacturers and distributors calling for changes on issues connected to the opioid epidemic.

In February 2021, Torsella was appointed to the Pennsylvania Public School Employees' Retirement System (PSERS) Board of Trustees by Governor Tom Wolf.{{Cite web|last=DiStefano|first=Joseph N.|title=Gov. Wolf puts critic back on $60 billion pension board|url=https://www.inquirer.com/news/torsella-psers-garrity-muth-20210225.html|access-date=2021-04-11|website=The Philadelphia Inquirer|date=25 February 2021 |language=en}} The appointment is Torsella's first for the board but would result in his second time as a board member, after serving as an ex-officio member of both PSERS and the State Employees' Retirement System (SERS) during his four years as Pennsylvania State Treasurer. The appointment filled an open seat selected by the Governor, but it still had to be confirmed by a majority of the Pennsylvania State Senate, which voted unanimously for the confirmation in April 2021.{{Cite web|last=Caruso|first=Stephen|title=Torsella back on PSERS board amid internal and external investigations|url=https://www.penncapital-star.com/blog/torsella-back-on-psers-board-amid-internal-and-external-investigations/|access-date=2021-09-21|website=Pennsylvania Capital-Star|language=en}}

Torsella has served as a trustee or advisor to many civic and non-profit organizations, including the Philadelphia Convention and Visitors Bureau; the Holocaust Awareness Museum; Historic Philadelphia, Inc.; the Pennsylvania Heritage Foundation; the Springside School; The American University of Rome; and the Knight Foundation. He has written widely on historical and contemporary issues, with some of his work published in the [null New York Times],{{Cite news|url=https://www.nytimes.com/2012/03/01/opinion/from-a-us-envoy-un-peacekeeping.html|title=The New York Times|last=Torsella|first=Joe|date=2012-03-01}} the Philadelphia Inquirer, the Cleveland Plain Dealer, and the Miami Herald. Torsella is a sought-after public speaker, and has appeared frequently in national broadcast media, including appearances on ABC World News Tonight,{{Cite news|url=http://tvnews.vanderbilt.edu/program.pl?ID=732258|title=ABC Nightly News}} Good Morning America, and The Colbert Report.{{Cite web|url=http://thecolbertreport.cc.com/videos/9zm7cy/national-constitution-center|archive-url=https://web.archive.org/web/20141020040455/http://thecolbertreport.cc.com/videos/9zm7cy/national-constitution-center|url-status=dead|archive-date=October 20, 2014|title=The Colbert Report}}

In 1994, Torsella developed the Spaghetti Smock, a linen bib for adults.Klein, Michael, "Messy at Mealtime? Now, A Neat Idea Is Offered For Adults," Philadelphia Inquirer, August 1, 1994, Pg. D-8.

In 2004, he founded a business consulting firm called 743 Ventures.Panepento, Peter, "A Civic Leader's Works to Protect the Nation's Constitution," The Chronicle of Philanthropy, August 3, 2006.

Since 2023, Torsella has taken a few acting roles in short films and an episode of The Mega-Brands That Built America.{{Cite news|url=https://m.imdb.com/name/nm15438993|title=Joe Torsella|work=IMDB}}

Torsella and his wife, Carolyn Short Torsella, live in Flourtown, Pennsylvania, and have four children.

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• National Constitution Center

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• [https://www.patreasury.gov/ Government website]
• [https://www.joetorsella.com/ Campaign website]

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• [https://web.archive.org/web/20070902204400/http://www.constitutioncenter.org/about_us/PresidentandCEO/index.shtml National Constitution Center biography]

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Category:1963 births

Category:Alumni of New College, Oxford

Category:American nonprofit chief executives

Category:American Rhodes Scholars

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Category:People from Berwick, Pennsylvania

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