MONTPELIER — Vermont State Treasurer Mike Pieciak is running for a third term as state treasurer, he announced Thursday morning outside the Vermont Secretary of State’s Office.

Pieciak, who has been treasurer since 2023, was long rumored to be a possible Democratic challenger to Republican Gov. Phil Scott, who polls as the nation’s most popular governor, has won by wider margins in every gubernatorial election. Scott announced he’s seeking a sixth term on Thursday.

The treasurer said he decided not to run for governor due to a flurry of personal reasons and wants to continue his work in his office.

“It’s been a really hard year for me personally,” Pieciak said. “I lost both my parents, separated from my husband, so it’s really just been a year of some reflection. And I think I’m really excited about continuing this job that I enjoy.”

The treasurer said he wants to see through his “Baby bonds” project, a financial assistance initiative designed to help parents save money for their kids’ future. A trial run of the project is underway in Essex, Orleans, and Caledonia counties.

Pieciak has won by comfortable margins in the last two elections, winning about 62% of the vote when he was first elected in 2022 and about 60% in 2024. He was first seen as a future candidate for governor during his initial run for treasurer, when he made headlines for aggressive fundraising.

This year, he won endorsements from U.S. Rep. Becca Balint, D-Vt., and his predecessor as treasurer, Beth Pearce.

“Mike Pieciak has been a steady hand as our Treasurer, remaining laser-focused on fiscal responsibility and building a state economy that is fairer and more inclusive,” Balint said in a press release from Pieciak’s office.

Before becoming treasurer, Pieciak spent nearly a decade in state government. The former corporate attorney came to the Vermont Department of Financial Regulation in 2014.

Without Pieciak in the gubernatorial race, Democrats Aly Richards and Amanda Janoo are the only Democrats to announce so far.

Pieciak said that throughout his last two terms, he’s most proud of a project that invests state funds in housing development. “We’ve invested about $130 million to support about 1,700 units of housing across Vermont. I think it’s a No.1 economic issue,” he said.

Standing on the State Street sidewalk, the treasurer said that on the campaign trail, he’s learned that Vermonters are feeling like their paychecks don’t go as far as they used to 10 years ago.

When asked if Scott has to own the state’s affordability issues, Pieciak said, “When you’re in charge, you have to own the good and the bad.”

Though the treasurer won’t be a gubernatorial candidate himself, he said he thinks the national political climate will give Democratic candidates some “wind in their sails.”

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