Delaware Democratic treasurer race exceeds $1M in funding

The Democratic primary for Delaware state treasurer has reached record-breaking funding levels, with campaign spending expected to exceed $1 million between the two leading candidates.

Ted Lauzen, a Wilmington investment manager endorsed by the state Democratic Party, and Michael A. Smith, an economist and nonprofit founder endorsed by the state’s teachers’ union, are the primary contenders. The race has drawn unusual financial support, including contributions from Republicans for Lauzen and artificial intelligence-backed donors for Smith.

The state treasurer oversees cash flow, investment funds, and debt management. This election cycle marks a significant increase in financial activity compared to previous years; for context, former Treasurer Colleen Davis raised approximately $250,000 across the 2018 and 2022 cycles combined.