Republican incumbent Stacy Garrity has secured her second term as Pennsylvania's state treasurer after defeating her Democratic challenger, Erin McClelland. The race was called in Garrity's favor by the Associated Press early Wednesday morning, with unofficial results showing her capturing 52.1% of the vote compared to McClelland's 45.6%. Several third-party candidates, including Troy Bowman from the Constitution Party, Chris Foster from the Forward Party, and Libertarian Nick Ciesielski, also contested the election.
The Pennsylvania state treasurer plays a vital role in overseeing the state's finances, managing its payments, and investing savings, all while serving on the board of two significant public sector savings funds. Holding the treasurer's office often serves as a stepping stone for higher political aspirations. Notably, Democrat Bob Casey served as state treasurer before successfully running for the U.S. Senate.
In the financial run-up to the election, Garrity significantly outpaced McClelland in fundraising, amassing nearly $1.7 million through late October, while McClelland raised about $116,000 and also lent her campaign $100,000 last year. Garrity's campaign benefited from robust party support and financial backing, including substantial contributions from a political action committee heavily funded by Pennsylvania billionaire Jeff Yass. McClelland secured her primary win in an unexpected upset against state Rep. Ryan Bizzarro, but despite receiving the Democratic Party's endorsement in the general election, she did not receive financial support from Governor Josh Shapiro's PAC due to her decision not to endorse him as Kamala Harris’s running mate.
During her initial term, Garrity focused on various initiatives, including returning unclaimed property to residents, minimizing fees, and eliminating minimum deposit requirements for state-managed savings programs. She also made strategic divestments from Russian, Belarusian, and Chinese securities, redirecting investments to bonds backed by the Israeli government following a major international incident. For her upcoming term, Garrity has pledged to enhance transparency and curb unnecessary state expenditures.
Garrity has been a spokesperson on contentious issues outside her official treasurer duties, aligning herself with former President Donald Trump and expressing skepticism about the 2020 election results. She publicly spoke at a rally questioning the election's outcome a day before the Capitol riots on January 6, which she later condemned. Garrity is also critical of Pennsylvania's participation in the Regional Greenhouse Gas Initiative and supported the Supreme Court's decision to reverse Roe v. Wade.
Erin McClelland brings experience in substance abuse and mental health counseling, project management, and program directorship spanning over fifteen years. Her campaign prioritized enhancing the treasurer's oversight on contracts and improving the Treasury’s cybersecurity efforts. She suggested that collecting and analyzing cyberattack data from local municipalities could bolster security. McClelland also criticized Garrity for supporting a Democratic proposal to introduce Keystone Saves, a retirement plan option for employers who otherwise can't afford to offer such benefits to their employees.
