David Lemoine has been nominated by a joint House and Senate Democratic caucus for another term as state treasurer.

Lemoine was endorsed by Rep. Emily Cain (D-Orono), a member of the Appropriations Committee, who spoke of an incident last summer when the state reportedly lost $20 million dollars from an investment gone bad. Lemoine was blamed in the media for the bad investment and when he appeared before Cain’s committee many expected a “public hanging.”

However, in that hearing, Cain said Lemoine was able to lay out the facts and describe how the investment failed through no fault of the treasurer’s office. They had instead relied on advice by the investment firm Merrill Lynch.

“We got the money back, we have it, David was right,” Cain said.

Cain said Lemoine has increased the cash pool return rates within the treasury and that he is respected across the country for his work. Rep.-elect Matthew Peterson (D-Rumford) spoke about Lemoine’s work on an

equipment loan program for the disabled. The program has been copied by other states for its emphasis on promoting independence.

“This program is a rich vital resource for Maine citizens,” Peterson said. Lemoine said that often, in the job, he is caught between “politics avenue and market lane”. He said he is looking forward to working with

the legislature going into the tough budget year.

Lemoine is expected to be confirmed during a meeting of both chambers Tuesday.