Mike Pieciak will run for a second term as state treasurer, his campaign announced on Thursday.
The 40-year old Winooski Democrat — who is widely seen as a contender for higher office — has raked in more campaign contributions than any other statewide incumbent, according to his last campaign filing in mid-March.
“I’m focused on the major challenges facing Vermont: housing, climate resilience, and economic opportunity. I’m seeking another term to continue my work on these issues,” Pieciak wrote in an email response to questions.
Pieciak’s campaign said it had already received more than $150,000 in donations.
Pieciak’s fundraising strength was a highlight of his first election to the office in 2022. Despite facing no primary opposition, he racked up donations from Vermont political heavy-hitters, such as former Govs. Howard Dean and Peter Shumlin, on his way to easily defeating perennial Republican candidate H. Brooke Paige.
Pieciak previously served in the Vermont Department of Financial Regulation starting in 2014. As deputy commissioner, he faced scrutiny about his role regulating the Northeast Kingdom EB-5 projects that became the largest fraud in the state’s history.
Pieciak defended his actions, as did Shumlin, whose administration had brought Pieciak on board. Pieciak was made commissioner of the Department of Financial Regulation in 2016, and Gov. Phil Scott kept him in the role when his administration took over in 2017.
When he was elected as state treasurer in 2022, Pieciak became the first openly LGBTQ+ person to lead the office, which oversees the state’s investments, manages its debt and cash flow, issues bonds and administers three public pension systems.
As state treasurer, one of his signature proposals has been “Baby Bonds” legislation that would invest $3,200 for each Vermont child born on Medicaid into a state trust fund. According to Pieciak, his office was asking the legislature for broad authority to design a pilot program, and wanted to partner with a national foundation to fund it.
“The ultimate aim is to expand the pilot into a broader, permanent program,” he wrote.
Asked about the buzz around his potential next steps in politics, Pieciak remained tight-lipped.
“I’ll leave questions about the future for another day,” he said.