Iowa State Treasurer: Smith vs. Norwood

About the Office

The Iowa State Treasurer is Iowa's chief banking and investment officer, elected to a four-year term. The Treasurer manages state cash flow, administers Iowa's unclaimed property program, oversees the College Savings Iowa 529 program, and serves on the board of the Iowa Public Employees' Retirement System (IPERS).

This office decides how state money is invested and held, runs the college savings program many Iowa families use, and helps oversee the pension system that pays retirement benefits to public employees including teachers, police, and firefighters.

Race at a Glance

Incumbent

Smith (R)

Term Length

4 Years

Election Day

Nov 3, 2026

Roby Smith broke a 40-year Democratic hold on the Treasurer's office in 2022 by a margin of less than 3%. John Norwood, a Yale MBA and small business advisor, is the Democratic nominee.

The Candidates

Each candidate's positions are drawn from primary sources: campaign communications, voting records, debates, and direct interviews.

Roby Smith (R)

Republican incumbent · Iowa State Treasurer since 2023

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Bio and Career

Smith was born in Wyandotte, Michigan, and grew up in St. Louis, Missouri where both his parents worked as elementary school teachers. He earned a bachelor's degree in business administration from Concordia University in Seward, Nebraska. He moved to Iowa to work at U.S. Bank in Davenport, spending nearly a decade as a community banker and later serving on the local U.S. Bank Board.

Smith made his first run for office in 2006, losing an Iowa House race in District 85 to Democrat Jim Lykam. He was elected to the Iowa Senate in 2010 representing District 47 in Scott County and served three terms (2011–2023), chairing the State Government Committee and briefly serving as Assistant Republican Leader in 2013–2014. In 2022, he defeated 40-year Democratic incumbent Michael Fitzgerald, who was the longest-serving state treasurer in the country. Smith outraised Fitzgerald roughly six-to-one.

Smith was sworn in as Iowa's 26th State Treasurer in January 2023. During his first term he has highlighted record returns on state investments, growth of the ISave 529 College Savings Plan to more than $7.6 billion in assets under management, and record unclaimed-funds returns through the Great Iowa Treasure Hunt program. He is an active member of the State Financial Officers Foundation, a conservative organization of Republican state financial officers.

Primary Issues

Fiscal Responsibility & Investment Returns

Frames himself as a steward who has generated record returns on Iowa's public fund investments and prioritized "responsible budgeting practices." Cites his banking background and Iowa Senate committee work as the foundation for making conservative, taxpayer-focused investment decisions.

Financial Literacy & Savings Programs

Emphasizes expanding tax-advantaged savings vehicles the Treasurer's office administers. He personally volunteers teaching financial literacy through Junior Achievement. Positions the office as helping "families and businesses thrive no matter the ZIP code."

Anti-ESG / Protecting Iowa from "Political Investing"

Aligned with the State Financial Officers Foundation in opposing Environmental, Social, and Governance investing criteria for state funds, arguing return on investment must come first. During his 2022 campaign he pledged to reject the Boycott, Divestment, and Sanctions movement against Israel.

Endorsements

Republican Party of Iowa
State Financial Officers Foundation

Donor Information

Total individual contributions: 176
In-state: 163 (92.6%) Out-of-state: 12 (6.8%)
Small-dollar donors ($100 or less): By count: 60 of 176 (34.1%) By dollar volume: $3,690 of $375,991 (1.0%)

1. Gage A. Kent — Muscatine, IA — $50,000

CEO of Kent Corporation, a Muscatine-based global agribusiness holding company.

2. Lawrence W. Bay — Port Byron, IL — $27,000

Businessman and former mayor of Port Byron.

3. Kent Pilcher — Davenport, IA — $17,500

President of Estes Construction.

Source: Iowa Ethics and Campaign Disclosure Board (IECDB), as of July 14, 2026. webapp.iowa.gov/iecdb

John Norwood (D)

Democratic nominee · Small business advisor · Yale MBA

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Bio and Career

Norwood was born in Boston, Massachusetts and earned a bachelor's degree from Williams College in 1987. He went on to earn dual graduate degrees from Yale University in 1993, earning an MBA in finance from the Yale School of Management and a Master of Environmental Management from the Yale School of Forestry and Environmental Studies.

Norwood has built a career of more than three decades in finance, governance, and public service. He founded the consulting firm TBL Ventures and, since 2019, has served as an adviser with the Goldman Sachs 10,000 Small Businesses Program, coaching Iowa CEOs and business founders in agriculture, manufacturing, and technology on growth strategy, financial performance, and long-term sustainability. He was elected to the Polk County Soil and Water Conservation District Board of Commissioners in 2018, serving a four-year term, and used the role to advocate for water quality and land stewardship.

Norwood ran for Iowa Secretary of Agriculture in 2022 and lost the general election to Republican incumbent Mike Naig. He announced his campaign for State Treasurer on February 2, 2026 with the slogan "Fresh Ideas. Courage to Lead. Protecting Iowa's Fiscal Future."

Primary Issues

Protecting IPERS

Would "fiercely protect" the Iowa Public Employees' Retirement System and opposes any move toward a 401(k)-style plan for new hires. Frames the roughly $47 billion fund as central to the state economy, stating it covers nearly 424,000 current and former public employees and pays about $2.5 billion a year into Iowa communities. Norwood would push to move authority to hire and fire the IPERS CEO from the governor to the Investment Board, and says the vacant chief risk officer position should report to the board rather than to the investment officer it is meant to oversee.

Independent Financial Oversight & Transparency

Argues Iowa faces a $1+ billion structural budget deficit that current leaders aren't talking about. He wants the Treasurer to operate more like a corporate CFO, publicly flagging financial risks and questioning tax credits given to "multi-billion dollar companies who don't need them".

Keeping Iowa's Money in Iowa

Norwood argues the state sends too much of its short-term cash out of state chasing yield, putting the figure at roughly $2.5 billion, and proposes to instead place more of it with Iowa banks and credit unions, where those deposits can back local lending. Points to programs like Invest in Iowa, which auctions state funds to Iowa financial institutions, and Linked Investments for Tomorrow (LIFT), which places state certificates of deposit in Iowa banks to finance below-market small business loans, as the way to implement these changes. Contrasts this with Smith's emphasis on investment return alone, arguing the in-state economic effect belongs in the calculation.

Endorsements

Iowa Democratic Party

Donor Information

Total individual contributions: 423
In-state: 357 (84.4%) Out-of-state: 61 (14.4%)
Small-dollar donors ($100 or less): By count: 295 of 423 (69.7%) By dollar volume: $15,354 of $115,839 (13.3%)

1. Michael Myszewski — Des Moines, IA — $20,000

2. Edward Friedmann — Redfield, IA — $7,000

Owner of a rural medical clinic.

3. Michael Simonson — Des Moines, IA — $5,000

Des Moines City Council member.

Source: Iowa Ethics and Campaign Disclosure Board (IECDB), as of July 14, 2026. webapp.iowa.gov/iecdb

How the Office Would Change

Smith has run the Treasurer's office as a values-aligned fiscal steward, emphasizing conservative investment principles, record returns on Iowa's public funds, and growth of tax-advantaged savings programs like ISave 529 and IAble. He is a national voice within the State Financial Officers Foundation on opposing Environmental, Social, and Governance investing criteria.

Norwood proposes reorienting the office toward independent financial oversight and public transparency. He argues the Treasurer should publicly flags long-term risks rather than staying quiet on state fiscal decisions. He would also place more of the state's short-term cash with Iowa banks and credit unions rather than out-of-state investments, arguing the resulting local lending is part of the return.

The choice on this office is about whether the Treasurer should 1) align with the governing majority or speak up when the state's finances raise concerns and 2) if investments should prioritize return or focus on investing locally.