At the end of April, I was in Eugene and Springfield as part of my ongoing visits to communities around Oregon, where I heard the same question asked repeatedly—how is the chaos and uncertainty of the Iran war affecting Oregon’s investments and all of us who depend on them?

It’s too soon to tell how this conflict will end, or its long-term consequences for the economy. While public equities have recovered from their initial drop of more than 9%, we know there could be more unexpected developments. Global energy flows and supply chains may take months to fully recover.

Despite this cloudy picture, Oregon’s investment portfolio is built to blunt the economic shocks we know are inevitable—whether they come in the form of wars, pandemics, or slowdowns. As I outlined in the investment principles I released last year, we need a diversified portfolio that balances risk and returns. That’s one of the best ways we will stay true to our obligations as a fiduciary. Oregon’s $148 billion portfolio is built to be resilient and stay reliable for the beneficiaries and public agencies whose funds we invest.

During my trip to Eugene and Springfield it was encouraging to talk to so many people dedicated to providing financial empowerment education throughout people’s lifespans. I visited a personal finance class at Springfield High. I talked with peer financial counselors at the University of Oregon. I met with staff at SELCO Credit Union who help their members build financial security. In these uncertain times, I am glad to see Oregonians empowering other Oregonians, no matter where they are in their financial journey.

On Earth Day I also had the opportunity to meet with a group of climate advocates in Eugene. We talked about the Climate Resilience Investment Act we passed in 2025—and the importance of profitable climate positive investing as part of Treasury’s fiduciary responsibility in growing the pension fund. After this meeting I was excited to stop in at the studios of KLCC to join Oregon on the Record host Michael Dunne and the Sierra Club’s Oregon director Damon Motz-Storey to discuss climate positive investing. I’m glad to see organizations like the Sierra Club recognize the positive impact of Oregon’s climate positive investment strategy.

 - Elizabeth Steiner, MD, Oregon State Treasurer