US Treasurer Chief Lynn Malerba to step down after historic term

Treasurer Chief Lynn Malerba signs her name during a ceremonial signing at the Bureau of Engraving and Printing in September 2022, when she became the first Native American U.S. Treasurer. Her signature, which appears as "Lynn Roberge Malerba" in honor of her maiden name, was added to U.S. currency alongside that of Treasury Secretary Janet Yellen, shown on right. (Photo: Treasury)

 

 

By Brian Edwards

November 14, 2024

U.S. Treasurer Chief Marilynn "Lynn" Malerba, the first Native American to hold the position, is stepping down this week after overseeing significant expansions in tribal economic development and investment programs during her two-year tenure at the Department of Treasury. 

Malerba made her decision to step down ahead of the 2024 election, according to sources familiar with the timing.

The lifetime chief of The Mohegan Tribe in Connecticut, Malerba realized a long-held vision as Treasurer: creating Treasury's first Office of Tribal and Native Affairs, which she had advocated for both as a tribal leader and member of the Treasury tribal advisory committee. Under her leadership, the office helped administer $30 billion in economic recovery funds, including $20 billion for tribes through the American Rescue Plan — the largest single investment in tribal nations in U.S. history.

When offered the historic appointment in 2021, Malerba acknowledged feeling some intimidation, but saw a greater opportunity. "It was a space that Indigenous people have not been represented in, and that's really very special to me, to be able to be the person that would then bring our voice forward in a bigger way," she said during a press call Wednesday, reflecting on her tenure at Treasury.

As Mohegan's first female chief, Malerba brought a unique perspective to the role of Treasurer. Prior to her appointment, she served as a critical care nurse and held various tribal government positions, including executive director of health and human services and chair of the Mohegan Tribal Council.

At Treasury, she helped the agency reach a milestone of more than $500 million in State Small Business Credit Initiative (SSBCI) Capital Program approvals for tribal nations, including an $83 million allocation for a consortium of 125 Alaska tribes. These investments are expected to leverage up to $5 billion in additional financing for Native entrepreneurs and small businesses. 

 SOURCE: TRIBAL BUSINESS NEWS