Shoffner Steps Down

Martha Shoffner

LITTLE ROCK (KATV) - Embattled state treasurer Martha Shoffner has resigned.

24 hours after Shoffner left a federal court hearing and told reporters she was not ready to resign, she has had a change of heart.

Ms. Shoffner tendered her letter of resignation to Governor Beebe just before 5:00 pm. It is effectively immediately.

Shoffner faces allegations that she steered lucrative state bond contracts to a particular securities broker in exchange for cash payments which she used to pay rent on a Little Rock apartment.

The unnamed broker is now cooperating with the government.

In her resignation letter to Governor Beebe the 68 year-old Shoffner says she "...can no longer perform the duties and responsibilities owed to the public."

Governor Beebe and a host of other politicians were urging Shoffner to resign.

So who will perform the duties of state treasurer duties until the end of next year?

Governor Beebe is now tasked with picking an interim treasurer.

He will offer the position to someone this week and should that person accept, it will take him or her out of the running to be the next elected state treasurer.

May 20th, 2013