ANNAPOLIS, Md. (AP) — Maryland Treasurer Nancy Kopp announced Monday she will step down by the end of the year.

Kopp, a Democrat, has been treasurer since 2002. She has been re-elected by the General Assembly to five four-year terms.

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The treasurer holds one of three seats on the state’s powerful Board of Public Works, which oversees a large portion of state procurement contracts. The other two board members are the governor and comptroller.

As treasurer, Kopp has served as the state’s chief representative dealing with bond rating agencies and banking firms, responsible for receiving, depositing, investing, and distributing state funds.

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The treasurer also leads several key state boards and financial planning committees, including the Maryland State Retirement and Pension Systems.

State law requires the General Assembly’s Senate president and House speaker to appoint a committee to review candidates for the opening when Kopp steps down. That process will begin in the coming weeks.

Before Kopp became treasurer, she represented the Bethesda area in the House of Delegates for 27 years.

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CBS Baltimore Staff