Vermont Business Magazine FormerDepartment of Financial Regulation (DFR) Commissioner Mike Pieciak today announced his campaign for Vermont State Treasurer. Current TreasurerBeth Pearce announced on Wednesday that she would not seek reelection because of health concerns. Pieciak has served as DFR Commissioner in both the Shumlin and Scott Administrations.

Pieciak, who served at DFR for eight years, was first appointed commissioner by Governor Peter Shumlin in 2016 and was reappointed to the post for the last five years under Governor Phil Scott. His last day at DFR was Wednesday.

During his announcement, Pieciak focused on the importance of continuing Treasurer Beth Pearce’s legacy of strong fiscal management. He also discussed the need to focus on issues fundamental to Vermonters’ economic well-being, including affordable housing, the cost of health care, and financial equity for all Vermonters.

“For the last six years, I’ve led DFR, Vermont’s consumer watchdog agency, working to protect the financial well-being of all Vermonters. I hope to continue these efforts to strengthen the financial security and resiliency of our communities as we tackle some of the biggest challenges confronting our state,” said Pieciak. “Beth will leave big shoes to fill for whomever Vermonters decide should be our next Treasurer. It would be an honor to continue her legacy of service.”

Pearce introduced Pieciak and endorsed his candidacy.

“I encouraged Mike to run for this position because Vermonters know and trust him. He has the right experience and background that uniquely suit him to the duties of the Treasurer’s Office, and he brings an open, collaborative approach to everything he does,” Pearce said. “Under Mike’s leadership, I know the Treasurer’s Office would be in good hands.”

Pieciak served on the Pension Task Force that formulated the proposal that would reduce the State’s unfunded liabilities by an estimated $2 billion. He reiterated his support for the Task Force’s recommendation during his announcement.

Pieciak grew up in Brattleboro, Vermont and currently resides in Winooski with his partner, Will Holder.

Pieciak’s campaign will be managed by Thetford native Isaac Dayno. Dayno was formerly Pieciak’s top aide for Covid-19 response at the State of Vermont and has worked on multiple political campaigns, including as a director for Pete Buttigieg’s 2020 presidential campaign in Iowa.

Earlier today Pieciak announced his decision to friends through a personal email. VermontBiz obtained a copy of the email this morning.

He has played a prominent role in the investigation of the EB-5 fraud centered at Jay Peak Resort and in the state's COVID-19 response. Pieciak has been a regular participant in Governor Phil Scott's press conferences and presented the state's COVID-19 data modeling.

Pieciak, a lawyer and native Vermonter, previously announced he would be stepping down as DFR commissioner. He was expected to seek one of the several open statewide positions, which include US Senate, US Representative, lieutenant governor,attorney general, secretary of state andtreasurer.

Pieciak grew up in Brattleboro and graduated cum laude from Union College with a degree in political science. He received his law degree summa cum laude from the University of Miami School of Law where he served as editor-in-chief of the “Miami Law Review.”

Pieciak previously practiced at Downs Rachlin Martin in Burlington in the Business Law Group.

Deputy Commissioner Kevin Gaffney will serve as interim commissioner.

Michael Pieciak. Email. May 6, 2022: