Paul W. Ruse Jr.

Hebard, a Republican, announced his retirement in October 1987.^[10] He endorsed Ruse, calling him a worthy successor -- "for a Democrat".^[11]

Ruse won the 1988 election.^[12] He won reelection in 1990 and 1992, and served from January 1989 to January 1995.^[13]

During his tenure, Ruse was criticized for being too friendly with financial services firms that had an interest in matters handled by the state treasurer, including accepting campaign contributions from them, and appearing in an advertisement for one.^[14] Because of the controversy, in 1994 Ruse decided not to run for reelection.^[15] This decision was not widely known; Ruse stated that he withheld his decision not to run so that Ed Flanagan, the incumbent Vermont State Auditor, would not run for treasurer.^[16] Flanagan and Ruse had been involved in a behind the scenes dispute over details of an auditor's report about the treasurer's office; Flanagan disclaimed any interest in the treasurer's post.^[17]

As a result of Ruse's decision not to run again, only Republican Jim Douglas had filed as a major party candidate for treasurer; in the absence of a Democratic candidate, Douglas won the Democratic nomination by write in vote.^[18] In the general election, Douglas faced only token opposition, and received over 91% of the votes.^[19]

Ruse's deputy had retired in October 1994.^[20] After Douglas won the election, Ruse offered him the deputy's position so that Douglas would have an opportunity to learn the workings of the treasurer's office.^[21] Douglas accepted, and served as deputy state treasurer from November 1994 until beginning his term as treasurer in January 1995.^[22]

After leaving the Vermont treasurer's position, Ruse served for several years as Chief Deputy Treasurer for the state of New Hampshire.^[23]