The race for Massachusetts state treasurer this November features incumbent Deborah Goldberg, a Democrat who has held the office for 12 years, and Republican challenger Elizabeth Dionne, a Belmont-based corporate attorney and local government official.
The treasurer’s office manages a wide range of responsibilities beyond overseeing state finances, including regulating alcohol, administering the state lottery, managing the state retirement plan, overseeing school building funding, and returning unclaimed property. Goldberg’s tenure has seen both accomplishments and controversy. Among her initiatives, she established a state-sponsored retirement plan for nonprofit employees and launched the BabySteps program, which provides families with $50 toward 529 college savings accounts for newborns—accounting for approximately 70,000 new accounts since 2020. She has also pushed successfully for legislation permitting the state lottery to offer online games, an important source of revenue for local aid, although concerns remain about the potential increase in problem gambling.
However, Goldberg’s handling of the Cannabis Control Commission has drawn criticism. She appointed Shannon O’Brien as commission chair, then quickly fired her amid internal conflict. This decision resulted in prolonged legal battles costing more than $1 million in taxpayer money and disrupted commission operations. A court ultimately ordered O’Brien’s reinstatement, finding no evidence of gross misconduct. Goldberg maintains she acted appropriately.
Dionne, who identifies as a centrist Republican, only rejoined the party in late 2025 after a period of unenrollment stemming from opposition to certain actions by former President Donald Trump. Prior to this, she had voted in Democratic primaries in 2020 but generally has cast Republican ballots over the years. Her background includes extensive local government service in Belmont, including chairing the select board and finance-related committees, alongside pro bono legal work supporting special education for low-income children.
In her campaign, Dionne has emphasized fiscal responsibility, promising to audit the treasurer’s office, improve operational efficiencies, and return more staff to in-person work from the current hybrid model. She has raised concerns about how the Massachusetts School Building Authority allocates funds, noting reports that resources disproportionately benefit suburban areas over cities like Boston and Gateway Cities that face greater need. Dionne has also expressed support for reviewing the funding distribution to rural, urban, and suburban schools, as well as increasing support for vocational education facilities.
On the lottery, Dionne advocates balancing revenue growth with gambling addiction risks and contends expanding lottery sales is not the solution to increasing local aid. Instead, she proposes cutting administrative costs and urging lawmakers to raise local aid funding through other means.
Dionne’s past leadership of a political advocacy group founded by members of the Mormon Church has been targeted by a political action committee supported by labor unions and the Democratic Treasurers Association. The group opposed abortion and same-sex marriage, positions Dionne has since publicly abandoned, stating that her views have evolved.
A notable aspect of the race is the limited public debate between the candidates. Goldberg declined one scheduled forum, and the only agreed-upon head-to-head event is a brief, 12-minute segment on WBZ-TV scheduled to air on November 1, just two days before Election Day and after many ballots are expected to have been cast.
Massachusetts generally favors Democratic candidates in statewide elections, posing a challenge for Dionne. Still, her moderate platform and focus on improving the management and oversight of key state functions position her as a credible contender in the treasurer’s race.