Under Rendell, Torsella developed and implemented financial and labor reforms that led the city toward a fiscal rebound that the New York Times called "one of the most stunning turnarounds in recent urban history".

[5] The municipal renaissance was chronicled in journalist Buzz Bissinger's book A Prayer for the City,[6] in which Torsella describes the Rendell administration's philosophy as "taking control of the government and restructuring it for effectiveness".

Torsella raised $185 million in private and public funds, formed a board of trustees led by Vanguard Group founder John C. Bogle and got the project back on track.

Torsella returned as President and CEO of the National Constitution Center in 2006, after his successor, Richard Stengel, left to become managing editor of Time magazine.

The medal was presented in 2006 to former Presidents George H. W. Bush and Bill Clinton for their humanitarian work following Hurricane Katrina and the tsunami in Southeast Asia.

On March 18, 2008, then-Senator Barack Obama delivered his much-heralded speech on race relations in America at the Constitution Center,[17] one that historians Garry Wills[18] and Harold Holzer[19] have compared to Abraham Lincoln's famous Cooper Union address.

[20] That evening, Torsella's appearance on The Colbert Report aired on Comedy Central, in a segment awarded "Best TV Performance" in Philadelphia Magazine's 2008 Best of Philly issue.

The Program sought to bolster civil society in Afghanistan through partnerships with the Ministry of Education, the Marefet School[22] and non-governmental organizations.

[34] The position of treasurer was previously held by Timothy A. Reese, who was nominated and confirmed in June 2015 following the resignation of Rob McCord.

[38] When an earlier proposal for graduation testing ran into heavy opposition from statewide education groups[39] and was reversed by the legislature,[40] Torsella brokered a compromise initiative[41] that was approved by the state's Independent Regulatory Review Commission on October 22, 2009,[42] and took effect beginning with the 2010–2011 school year.

[46] To support that application, the Board expedited its review and adopted "Common Core"[47] academic standards in math[48] and English language arts.

[51] More recently, the Board advanced new regulations on school nutrition and physical activity to reduce childhood obesity, a response that has been called "the most comprehensive such standards in the nation.

[53] On November 15, 2010, Torsella was nominated by President Barack Obama to the position of U.S. Representative to the United Nations for Management and Reform, with the rank of Ambassador;[54] on January 5, 2011, he was renominated after a lame duck session ended without his confirmation.

Torsella was the architect and chief public spokesperson for the Obama Administration plans, released in 2012, for reform of the $36 billion UN system.

In his testimony to the U.S. Senate Foreign Relations Committee, Torsella said the UN "at its best" could be a "powerful tool" but that "too often, we have seen [the UN] at its worst," and criticized "waste, inefficiency ... abuse ... [and] political theater.

Torsella's defeat was considered to be an upset, as he possessed a sizable fundraising advantage and consistently led Garrity in polling throughout the campaign.

Torsella continued his pursuit of integrity and accountability with new pre-payment auditing practices for the Treasury's Bureau of Fiscal Review.

In June 2017, Torsella led a bipartisan effort of fellow state treasurers to help protect American families and their ability to save for retirement.

Senator Bob Casey to officially open Pennsylvania Achieving a Better Life Experience Act (ABLE) Savings Program.

Keystone Scholars legislation drew bipartisan support and was sponsored by Senators John Gordner (R) and Vincent Hughes (D), and Representative Duane Milne (R).

This legislative action made Pennsylvania the largest state in the country to implement an automatic universal children's savings account program.

It provides overviews of each hearing's testimonies, a breakdown of other states’ efforts to combat the retirement crisis, and final recommendations.

Treasurer Torsella increased efforts to return unclaimed property being held by Treasury—returning hundreds of millions of dollars since taking office.

The Pennsylvania Treasury Department holds billions of dollars in unclaimed property including dormant bank accounts, forgotten safe deposit boxes and uncashed checks.

As part of Act 5 enacted by the Pennsylvania legislature in 2017, Torsella served as vice-chair of the Public Pension Management and Asset Investment Review Commission (PPMAIRC) in 2018.

In February 2021, Torsella was appointed to the Pennsylvania Public School Employees' Retirement System (PSERS) Board of Trustees by Governor Tom Wolf.

He has written widely on historical and contemporary issues, with some of his work published in the [null New York Times],[74] the Philadelphia Inquirer, the Cleveland Plain Dealer, and the Miami Herald.