Team

Elizabeth Steiner is Oregon’s 30th Treasurer. She is the first woman and first physician to hold this office. Born in New York and raised in Massachusetts, she moved to Oregon in 1991 for her family medicine residency at OHSU. Within in six months of arriving she knew Oregon was home and has been here ever since.

Elizabeth served in the State Senate for thirteen years prior to being elected Treasurer. She served as Senate Co-Chair of the Joint Committee on Ways & Means for six years, gaining expertise in managing the state’s budget, engaging in economic development across the state, and working closely with Treasury regarding bonding. Her policy work focused on upstream public health including raising the legal age for tobacco & e-cigarettes to 21 and creating the nation’s first universally-offered home visiting program for families with new babies.

As a family physician Elizabeth knows that financial security is critical for good physical and mental health. She is excited to help more Oregonians achieve better health by building financial security through financial empowerment programs and use of various savings programs offered through the Oregon Treasury.

Elizabeth and her three adult children all live in Portland.

Mr. Alvarez serves as the Director of Debt Management at Oregon State Treasury. He joined Oregon State Treasury as Deputy Director and Senior Debt Program Manager of the Debt Management Division in December 2021. Mr. Alvarez manages the debt management staff, functions and operations of Oregon State Treasury.  He serves as the State of Oregon Treasurer’s designee with regards to the issuance of debt for Oregon state agencies and oversee the issuance of all debt statewide.  His activities also include serving as Chair the Private Activity Bond Committee, staff the Municipal Debt Advisory Commission and the Oregon Facilities Authority and serve as a member of the Board of Directors of the Infrastructure Finance Authority for Oregon Business Development. Mr. Alvarez works with the various agencies to manage the state’s credit strategy and bond underwriting engagements to provide the most cost-effective financing for the State.

Mr. Alvarez previously served as Division Manager of the Capital Management and Debt Management Division of the Finance Department for the City of Houston, Texas. He earned his MBA from Texas Southern University and his BBA in Finance from the University of Houston.

Ms. Hall serves as the Deputy Director of Debt Management at Oregon State Treasury. She joined Oregon State Treasury in September 2025. Ms. Hall supports Mr. Alvarez in managing the debt management staff, functions and operations of Oregon State Treasury.  Ms. Hall works with the various Agencies along with the Director of Debt Management to manage the issuance process to obtain cost-effective financing for the governmental and quasi-governmental issuers in Oregon.

Prior to joining Oregon State Treasury, Ms. Hall served as an Assistant Vice President in the Public Finance Investment Banking Division of Citigroup, where she worked on municipal bond transactions for various state and local government agencies in the Mid-Atlantic region. She also served as an Industry Specialist for a technology firm creating software for municipal bond issuers. She earned her BBA with a double major in Finance and Economics from Temple University in Philadelphia, Pennsylvania.

Mrs. Nelson became the Department of Administrative Service Capital Finance Manager in March 2023, after serving as the Capital Finance Analyst since 2016. The Capital Finance unit has direct responsibility for managing several independent financing programs and coordinating statewide budgeting for bonds and capital construction. The section is responsible for the issuance and administration of several state constitutional bonding programs, including Article XI-Q, XI-F(1), XI-G, XI-L, XI-M, XI-N, XI-O and XI-P bonds and other financing agreements. The unit also coordinates issuance and administers the State Lottery Bonds, Tax Anticipation Notes (TANs) and the Pension Obligation Bond Program.

Prior to being part of the Capital Finance unit, Mrs. Nelson served in several accounting, budgeting and policy roles in Oregon state government since 1998. She earned her Bachelor’s Degree from Western Oregon University in 2002.

Siora Arce serves as the Department’s Capital Markets Director. Ms. Arce joined the Department in 2019 as the Debt Management Analyst, became Debt Manager in 2022, and now leads the Department’s capital markets strategy, overseeing bond issuances, cash flow modeling, and debt compliance. Ms. Arce previously served as a Finance Coordinator for Oregon State University for 8 years. Ms. Arce has held accounting and finance roles in both public and private sectors and holds a Bachelor of Science in Business and Economics with a minor in Accounting from Western Oregon University.

Mr. Pendlebury joined the Oregon’s Department of Transportation (ODOT) as the Debt and Financial Analysis Program Manager in August 2025. He is responsible for managing and overseeing the structuring and sale of ODOT’s Highway User Tax Revenue Bond programs, in coordination of the Oregon State Treasury. Mr. Pendlebury oversees the Agency’s post-issuance compliance processes and advises agency leadership across a wide range of financing matters.

Mr. Pendlebury previously served as a member of ODOT’s Budget team and has served in budgeting roles for the States of Texas and Montana. He earned his MS in Business Analytics from The University of Montana, and his BA in Economics from Western Washington University.

Nicole has over 20 years of accounting, budgeting and finance experience. She most recently was the Executive Director for Budget Development & Strategic Planning at Oregon State University. She held several roles in her time at the University, notably in the Central Budget office and In Capital Budgeting. Before working at the University, she was a Senior Auditor for the Secretary of State Audit's division

She is a licensed Certified Public Accountant (CPA)