Democrat John Norwood is launching a bid for Iowa treasurer, seeking to oust Republican incumbent Roby Smith.
Norwood, who lives in West Des Moines, is the founder of TBL Ventures, which advises small businesses on their mission, strategy and plans for growth.
He also works with business owners in agriculture, manufacturing and technology as a business advisor with Goldman Sachs 10,000 Small Businesses Program.
Norwood is a former Polk County soil and water commissioner who ran unsuccessfully for Iowa Secretary of Agriculture in 2022.
In an interview, he said his three priorities as treasurer would be protecting the Iowa Public Employees’ Retirement System (IPERS), providing independent oversight of Iowa’s finances and expanding retirement options for Iowans.
Norwood said IPERS is key to recruiting and retaining Iowa’s public employees, including teachers, firefighters and others.
“I’m going to protect IPERS,” he said. “You know, there’s been talk, Republican talk about privatizing IPERS or privatizing part of IPERS or let’s give current or future employees other choices. We don’t want to undermine the integrity of IPERS.”
Gov. Kim Reynolds’ Iowa DOGE Task Force recommended a study on state workers’ benefits and compensation, which could pave the way to tweaking IPERS for future state employees.
Some legislative Republicans have expressed openness to such a study, but Republican legislative leaders have said they do not intend to make changes to IPERS.
Norwood said as a fiduciary, the state treasurer has the responsibility of “telling the truth to the people of Iowa” about tax and spending decisions.
He pointed to Iowa’s Republican-passed state budget for the current year, which spends roughly $1.3 billion more than the state is collecting in revenue as a result of income tax cuts. Republicans have said they have saved money in Iowa’s Taxpayer Relief Fund to cover the difference until revenues recover.
“I think Iowans deserve a fiduciary who’s going to tell them the facts,” Norwood said. “And it’s not my job to develop the budget, that’s the governor and the Legislature working together, but I get to have an opinion on that. And if it’s not a sound budget, then I think the treasurer should speak up.”
He holds a bachelor’s degree from Williams College and an MBA in finance and a master of environmental management degree from Yale University.
The state treasurer acts as the state’s banker, overseeing state funds and pension investments, including serving on the investment board for the Iowa Public Employees’ Retirement System (IPERS). The treasurer also oversees the state’s 529 college savings plan and the Great Iowa Treasure Hunt, an initiative that helps Iowans recover assets turned over to the treasurer’s office as abandoned assets.
“The treasurer’s office is really the central nervous system for the financial health of our economy,” Norwood said. “So this is a really important position, a really important part of the state’s machinery, and I’m excited to run for this office.”
Smith, the Republican incumbent, announced Dec. 2 he would seek a second term. He is a former banker and former member of the Iowa Senate who became the first Republican to hold the treasurer’s office in 40 years when he defeated longtime Democratic Treasurer Mike Fitzgerald in 2022.
Stephen Gruber-Miller covers the Iowa Statehouse and politics for the Register. He can be reached by email at sgrubermil@registermedia.com or by phone at 515-284-8169. Follow him on X at @sgrubermiller.
This article originally appeared on Des Moines Register: Democrat John Norwood running for Iowa treasurer to take on Roby Smith
Reporting by Stephen Gruber-Miller, Des Moines Register / Des Moines Register
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