Rachael Eubanks

State Treasurer
Michigan Department of Treasury


Rachael Eubanks was appointed as Michigan's 47th State Treasurer by Governor Gretchen Whitmer in January of 2019. She is committed to bringing creativity, collaboration and commitment to identify and implement solutions to some of Michigan’s greatest challenges. She does this while also building upon Treasury’s culture of service to Michiganders, through continuous improvement and employee engagement, which are the foundation of Treasury’s mission to provide fair and efficient financial services on behalf of taxpayers, governments, students and all Michiganders, for the long-term fiscal health and stability of our state.


In 2016 she was appointed by Governor Rick Snyder (and reappointed in 2017) to serve on the Michigan Public Service Commission (MPSC) as a utility regulatory commissioner. In that capacity she reviewed and voted on hundreds of orders that helped shape Michigan’s energy future. In particular, the Commission had regulatory oversight over the implementation of two comprehensive energy law changes during her tenure. She served on several national organizations, including being elected as Vice President to the Organization of PJM States, Inc., and was on the Board of Directors of the National Association of Regulatory Utility Commissioners, where she was Chair of the Supplier and Workforce Development Subcommittee.

Prior to that role, Treasurer Eubanks structured more than $25 billion in bond financings for public entities–primarily the state of Michigan, State Building Authority, Michigan Finance Authority and the Michigan Strategic Fund. Treasurer Eubanks also served as point of contact for credit rating agencies on state credit matters for 10 years.

Treasurer Eubanks serves on the National Association of State Treasurers’ (NAST) State Debt Management Network and Legislative Committees and also is the Chair of the NAST Financial Education & Empowerment Committee. She was on the Board of Michigan Women in Finance from 2008-2013 and was elected Treasurer and President.


Treasurer Eubanks obtained her bachelor’s in economics from the University of Michigan and serves on several boards and commissions.