Three Democrats Enter Race for Delaware State Treasurer

Three Democratic candidates are competing for the office of Delaware state treasurer following the announcement that incumbent Colleen C. Davis will not seek reelection. Ted Lauzen, Michael Alexander Smith, and Mike Miller will appear on the ballot for the primary election scheduled for September 15, 2026.

The winner of the Democratic primary will advance to the general election on November 3, 2026. They will face Republican nominee Michael Ramone, a former state representative and state House minority leader. Ramone currently faces no challengers within the Republican primary.

The state treasurer serves as Delaware's chief financial officer. The role involves managing nearly $8 billion in state investments and overseeing banking services that process state receipts and transactions. While the treasurer does not create the state budget, the office is responsible for the responsible management of those funds and the oversight of debt obligations.

Beyond asset management, the treasurer's office administers financial literacy programs and savings plans for residents. These include education plans, retirement plans, and specific programs for individuals with disabilities. The elected official also holds seats on boards that oversee state investments and pensions.

Ted Lauzen is an investment manager and co-founder of Grey Fox Wealth Advisors, a firm he established in 2020. He holds an MBA from the Wharton School of the University of Pennsylvania and currently serves as the treasurer for the Delaware YMCA. Lauzen's background includes service as a U.S. Marine Corps helicopter pilot in Afghanistan and competing for Team USA in the 2016 Olympics.

Michael Alexander Smith is an economist based in Pike Creek. He holds a master’s degree in public policy economics from the University of Alabama. His professional record includes roles at Cornerstone Research, Secretariat Economists, and the Progressive Policy Institute. Smith also founded Powering Our Future, a nonprofit focused on clean energy infrastructure, and previously worked for the Delaware Democratic Caucus in Dover. He previously sought a seat in the Delaware House of Representatives in 2024 but did not win the Democratic primary.

Mike Miller is a business owner and a graduate of Delaware State University. He has operated Miller’s Lawn Services and Taxman Accounting Services for more than 30 years. Miller has previously sought federal office as a Democratic nominee for the U.S. House of Representatives on two occasions, most recently in 2016 when he finished fourth in the primaries.

Early in-person voting for the primary election begins on September 2, 2026. The treasurer is elected to a four-year term.

Analysis of the field shows a competition between three distinct professional backgrounds: private equity and investment management, public policy economics, and small business accounting. This variety reflects different approaches to the management of the state's $8 billion investment portfolio.

The absence of a Republican primary challenger for Michael Ramone simplifies the GOP path to the general election. The Democratic primary will determine whether the race becomes a contest of professional financial management or a broader policy-driven campaign.

Because the treasurer manages state assets rather than drafting the budget, the candidates' specific experiences with debt obligations and pension boards will be the primary metrics for evaluating their fitness for the role. The outcome of the September 15 primary will decide which of these three financial profiles the Democratic party prefers to lead the state's fiscal operations.