If elected, Democratic candidate for Iowa state treasurer John Norwood wants to make the office more visible, he told fairgoers at the Des Moines Register Political Soapbox.
Some Iowans may recognized Norwood from his bid for secretary of agriculture against current incumbent Mike Naig in 2022. Now, Norwood wants to bring the treasurer’s office to the voters, saying Republican incumbent Roby Smith has held the job from his home in Davenport.
“I’m going to show up,” Norwood said Saturday, Aug. 15. “I will treat this office as a full-time job.”
Norwood also spoke of issues typically not associated with the treasurer’s office, which acts as the state’s banker and chief financial officers, such as water quality, agriculture, school vouchers and the economy.
Norwood wants to leverage the office to build more wealth to address Iowans’ needs.
“Whether we’re talking about protecting IPERS, or helping farmers create new markets or strengthening public schools or improving water quality or building infrastructure that lasts, none of it happens without making smart financial decisions,” Norwood said.
As the founder of TBL Venture, which advises small businesses on their mission, strategy and plans for growth, Norwood said he would take a similar approach for Iowa’s budget. Holding an MBA in financing and a masters of environmental management from Yale University, Norwood said as treasurer he would be proactive about informing Iowans about where their tax dollars are going.
“You know, the auditor looks backwards at a fraction of our spending,” Norwood told the crowd. “I want your treasurer looking forward, big picture and as your CFO asking, ‘Where are we going financially? Can we get this economy out of the ditch and growing again?'”
Norwood: ‘let’s protect and strengthen IPERS’
The treasurer’s office also serves as a chief pension fiduciary for the Iowa Public Employees’ Retirement System. If elected, Norwood said he would oppose any efforts to privatize IPERS.
While Gov. Kim Reynolds directed the Iowa DOGE Task Force to conduct a study on the workers’ benefit and compensation program, Republican legislative leaders have said they do not intend to make changes to IPERS.
“It’s a really important recruitment and retention tool,” Norwood said of IPERS. “It’s something that financially we want to pay attention to and make sure we properly steward.”
Norwood said he would advocate for the IPERS investment board to be autonomous from the governor. Among the investment board’s voting members, six positions are appointed by the governor.
“I think having governance that better aligned with the membership and long-term interest of the membership … that’s something we should be looking at,” Norwood said.
Management problems are also an area of concern for the program, Norwood said, referencing the recent termination of former chief benefits officer Steven Herbert for violating agency policies, including the state’s sexual harassment policy. The current structure of IPERS oversight has created a concentration of political power that lacks transparency, Norwood said.
“I think ultimately it would be in Iowa’s interest … to really move more authority and control to the board of directors, in terms of the hiring and firing decisions and the long-term thinking,” Norwood said of IPERS investment board.
Kate Kealey is a general assignment reporter for the Des Moines Register. Reach her at kkealey@registermedia.com or follow her on Twitter at @Kkealey17.
This article originally appeared on Des Moines Register: Democratic candidate for state treasurer pledges to strengthen IPERS
Reporting by Kate Kealey, Des Moines Register / Des Moines Register
USA TODAY Network via Reuters Connect
By Kate Kealey, Des Moines Register | USA TODAY Network
