DELAWARE - Delaware State Treasurer Colleen Davis announced she will step down at the end of her current term, saying in a statement to Facebook that after months of reflection she believes “it’s the right moment” personally and professionally to make room for new leadership.
Davis, who was first elected in 2018 and re-elected in 2022, shared the decision in a Facebook post, describing the past seven years as “one of the great privileges” of her life. She said she intends to use the remaining 13 months of her term to continue delivering results for residents and maintain her long-standing focus on state financial stability.
“I’m proud of what we’ve achieved together,” Davis wrote, citing more than half a billion dollars in investment returns, COVID-era bond refinancing she said saved taxpayers billions, administration of pandemic relief funds, and the launch of Delaware EARNS, a retirement savings program for workers without employer-sponsored plans.
Davis said she will continue working with the Meyer administration and the General Assembly to advance policies that keep state finances strong and will ensure a smooth transition for the next treasurer. She was sworn into office for her second term in January of 2023
State Treasurer Colleen Davis Takes the Oath of Office from Deputy Attorney General Jason Staib, January 2023. (Office of the State Treasurer)
Since taking office, Davis says she has prioritized improving retirement security, expanding economic opportunity and strengthening the state’s financial management, according to background information provided by the state. According to the state. her tenure has included maintaining Delaware’s AAA bond rating, increasing investment returns by more than $58 million during her first term, and establishing the Delaware EARNS Auto-IRA program.
She has served in several national and state financial leadership roles, including as Eastern Region vice president of the National Association of State Treasurers and on the executive board of the College Savings Plans Network. In Delaware, she sits on multiple state boards overseeing financial policy, benefits, and economic forecasting.
Davis closed her statement by thanking Delawareans for entrusting her with the role. “It has truly been the honor of a lifetime,” she wrote.
In February of 2024 Davis took time off for medical reasons, eventually exiting the congressional race saying "in recent weeks and months, my family and I have gone through a great deal of difficulty, including my father's ongoing illness, learning that I carry a genetic mutation that poses a risk for cancer, and my decision to have my ovaries removed and a double mastectomy. While I’m recovering well, this has all helped clarify my priorities at this time in my life- that family, and our health, always comes first. I will therefore be ending my campaign for Congress in Delaware."