State Treasurer 2026 — Iowa Voter Guide

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).

In plain terms: 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

Last Margin

< 3%

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

Bio

From Davenport, Iowa. Served in the Iowa Senate before winning the Treasurer's office in 2022, ending a 40-year Democratic streak. Married with children.

Career

Served multiple terms in the Iowa Senate, including as Senate President Pro Tempore. Member of the State Financial Officers Foundation (SFOF). Won the Treasurer's race in 2022 by less than 3 points.

Primary Issues

Anti-ESG Investing

Strong opponent of Environmental, Social, Governance investing standards. Member of SFOF, which advocates against ESG considerations in state investment decisions.

College Savings Iowa Promotion

Has expanded outreach for the College Savings Iowa 529 program; has emphasized financial literacy education.

Unclaimed Property Outreach

Has prioritized returning unclaimed property to Iowans through expanded outreach campaigns.

Position on Norwood's Priority Issues

IPERS Protection

Supports IPERS as a defined-benefit pension but has supported broader pension reform discussions; has not committed to opposing any privatization proposals.

Investment Returns Over Political Criteria

Argues anti-ESG framework protects returns; opponents argue it itself imposes political criteria on investing.

Endorsements

Republican Party of Iowa
State Financial Officers Foundation

John Norwood (D)

Democratic nominee · Small business advisor · Yale MBA

Bio

Holds a Yale MBA. Works as a small business advisor through the Goldman Sachs 10,000 Small Businesses program. Has decades of financial and business experience.

Career

Goldman Sachs 10,000 Small Businesses program advisor. Has advised small business owners on growth, financing, and operations. Long career in financial services and small business consulting.

Primary Issues

Protecting IPERS from Privatization

Top campaign priority. Strongly opposes any privatization of IPERS; argues defined-benefit pensions are critical for teacher and public employee recruitment.

Restoring Apolitical Investment Strategy

Argues investments should be made on financial fundamentals, not political criteria — including dropping anti-ESG screens that he says limit available investment options.

Small Business Support

Wants to use the Treasurer's office to expand small business access to capital and financial education resources.

Position on Smith's Priority Issues

Anti-ESG Framework

Opposes anti-ESG policies as themselves political criteria that limit investment options and potentially reduce returns for state funds.

College Savings Promotion

Supports continuing the College Savings Iowa 529 program; wants to expand financial literacy programs targeted at lower-income families.