John Norwood thinks most Iowans can’t name their state treasurer — let alone explain what the office actually does.
The West Des Moines business advisor said he hopes to change that sentiment as he launches his campaign for Iowa’s top financial post.
“The treasurer is the chief financial officer of the state, the state's banker, chief fiduciary, and that role is really important to Iowans' pocketbooks and the Iowa economy,” Norwood explained. “So, we need someone who can both understand the minutia of the office, but also the big picture, and be able to communicate that to Iowans.”
The 61-year-old founded the consulting company TBL Ventures and, since 2019, has coached dozens of small businesses across the state through the Goldman Sachs 10,000 Small Businesses Program.
“Small business is the economic engine of our country and of the Iowa landscape,” he said. “I’m actually heading to Le Mars on Wednesday for an outreach event to continue to attract new businesses and give them the skills and resources to help them grow.”
Norwood believes his experience sets him apart from incumbent state Treasurer Roby Smith.
Smith, a former state senator and banker from Davenport, beat long-time Treasurer Mike Fitzgerald in 2022, making him the first Republican to hold the statewide office in 40 years.
Norwood wants to modernize the office and communicate to the public the vital role of the state’s chief financial officer.
"Corporations don’t make decisions without the input of the CFO," Norwood said. "That would constitute malfeasance if the company did so. We need that level of oversight at the state level."
Protecting IPERS is a top priority
Besides advocating for independent oversight of the state’s finances and increased transparency, if elected, Norwood plans to fiercely protect the Iowa Public Employees’ Retirement System, known as IPERS, which includes around 400,000 people.
Last year, a state-appointed DOGE task force initially recommended exploring a move to a 401(k)-style plan for new hires.
“It's foundational to the Iowa economy because it helps the state recruit and retain workers and then provide, through their working careers, the form of a pension when they retire,” Norwood said.
The final task force report suggested making alternative options for retirement plans part of recurring reviews of the program. Some legislative leaders and Gov. Kim Reynolds said “IPERS isn’t going anywhere.”
Norwood also hopes to broaden retirement savings opportunities for more Iowans, ensuring that workers across industries have access to secure financial futures.
“This might be a small business, or this might be a waitress. Let’s figure out how to help them save for retirement and have a dignified retirement,” he said.
Norwood graduated from Williams College before receiving an MBA in finance and a Master of Environmental Management from Yale University. He previously won election to the Polk Soil and Water Conservation District before running for Iowa secretary of agriculture in 2022.
