In the state governments of the United States, 48 of the 50 states have the executive position of treasurer. New York abolished the position in 1926, duties were transferred to New York State Comptroller. Texas abolished the position of Texas State Treasurer in 1996, transferring the duties of that office to the Texas Comptroller of Public Accounts. The state treasurer serves as the chief custodian of each state's treasury and as the state's head banker. Typically, he or she receives and deposits state monies, manages investments, and keeps track of budget surpluses and deficits. The position has powers and responsibilities similar to those of the United States Secretary of the Treasury and the Treasurer of the United States, or the chief financial officer of a corporation.