Republican ex-state Rep. Jay Edwards and Democratic Cincinnati City Councilman Seth Walsh are facing off in a race to become Ohio's next state treasurer.
The position, currently held by term-limited Republican Robert Sprague, is considerably less high-profile than governor, U.S. senator or attorney general. But it plays an important role in the state's investments.
Both contenders also want to use the position as a bully pulpit to advocate for better ways to spend Ohio's money.
What does the Ohio treasurer do?
Part of the challenge of running for state treasurer is explaining what the job does. The Ohio treasurer serves as the state's chief investment officer and banker, overseeing about $275 billion in investments. The office also oversees the Ohio Checkbook, which details state spending,
revenue and salaries.
The treasurer appoints investment experts to the boards of Ohio's pension systems, such as the State Teachers Retirement System of Ohio and the Ohio Public Employees Retirement System.
The state treasurer also manages programs, such as tax-advantaged savings accounts for individuals with disabilities called STABLE accounts, interest rate reductions for agricultural loans calledAg-LINK and savings accounts for future homebuyers called Ohio Homebuyer Plus.
Who is Seth Walsh?
Seth Walsh, 35, who lives in downtown Cincinnati, didn't grow up dreaming of becoming Ohio treasurer. Obsessed with the 1960s space race, Walsh wanted to be a NASA astronaut.
"It's such an inspiring, unifying time in American history," Walsh told the statehouse bureau.
There were just two problems with Walsh's career plan: "One, I get motion sickness that killed my career of being an astronaut, and two, I'm pretty terrible at science."
So, Walsh decided to become a NASA lobbyist instead. A native of St. Joseph, Michigan, he moved to Ohio in 2009 to study political science at Xavier University. Walsh was elected student body president in 2012, fell in love with Cincinnati and got involved in local politics. He challenged theRepublican county treasurer in 2016 and lost narrowly.
From there, Walsh worked in community development in the Cincinnati neighborhoods of Sedamsville and College Hill, which saw a surge of new projects under Walsh's leadership.
"I've actually been a part of growing communities and helping communities realize their vision again," Walsh said. "It is a really valuable skill that we've never had in the treasurer's office and nobody running in any of the office this year brings that true community on the ground background and experience."
In December 2022, Walsh was appointed to fill the Cincinnati City Council seatof now-U.S. Rep. Greg Landsman. Walsh was up for election in 2025 and came in sixth of nine council members. He serves on the budget, finance and governance committee, among others.
Walsh also founded the Cincy Soccer League and has two dogs, Calvin and Rosie.
Who is Jay Edwards?
Jay Edwards, 37, of Nelsonville, grew up in a family of Blue Dog Democrats in Appalachian Ohio − a party that Edwards said "doesn't really exist anymore." His grandfather, Joe, owned Movies 10 and Nelsonville TV Cable and was a prominent community member. His father, Jim, carried on the family business and briefly served as a city councilman.
"We always discussed politics, and I always thought growing up the two things that interested me the most were sports and politics," Edwards said.
First, he tried sports, playing linebacker for the Ohio University Bobcats. While there, he connected with then-defensive coordinator Jimmy Burrow and his son, Joe, who would later become the Cincinnati Bengals' quarterback.
"I grew up a Cowboys fanatic, but now I'm a converted Bengals fan," said Edwards, adding that Joe Burrow's commitment to reducing hunger in Appalachia is the most impressive thing about the sports star. Edwards still watches Burrow's Heisman speech all the time. "To this day, it's just pretty remarkable, but we are so proud of Joe and everything Joe's doing, and, you know, we're hoping for a Super Bowl this year."
Then, he pursued politics, winning a seat in the Ohio House of Representatives in 2016 at age 27. Edwards replaced a term-limited, longtime Democratic lawmaker as President Donald Trump won the state and most of Appalachian Ohio.
Edwards carved a niche as a pro-union Republican with close ties to House Speaker Larry Householder, R-Glenford, and served as chairman of the powerful finance committee. Householder was later sentenced to 20 years in prisonfor a corruption scheme involving Akron-based utility FirstEnergy. Edwards appeared in FBI recordings from the case, but has not been charged with any crime.
Walsh said Edwards' ties to Householder are "concerning given that this was the largest corruption scandal in Ohio's history." He added: "I do think that there's an onus and a burden on him to prove that what happened with FirstEnergy wouldn't happen if he gets elected."
Edwards said he was friends with Householder, a fellow son of Appalachia, but was "very disappointed" in the speaker's actions. "I had obviously nothing to do with anything as far as that goes and quite frankly, I think the people involved should be punished and held to the extent of the law," he said.
Edwards lives in Nelsonville with his partner, Jayde.
What would they do as treasurer?
$600M for a new Browns stadium: Both Walsh and Edwards opposed using Ohioans' unclaimed funds to pay for a new, domed stadium for the Cleveland Browns in the suburb of Brook Park.
Edwards wants to move oversight of Ohio's unclaimed funds from the Ohio Department of Commerce to the state treasurer's office. He argues that Ohio should do more to reunite residents with their money.
"If that money wasn't sitting there, they wouldn't be able to use it for stadium funding," Edwards said. "I'm not saying they've done a bad job (at Commerce,) but I don't think they actively go out and try to get that money back to people."
Walsh wants to join alawsuit challenging whether state lawmakers can use unclaimed funds to pay for sports stadiums.
Investing in smaller communities: Both Edwards and Walsh say they'd like to invest more of Ohio's money in smaller towns and community credit unions.
"If you want to see a growing Ohio again, the state treasurer has all the mechanisms with that $280 billion to be a big part of that," Walsh said.
Israel bonds: As of 2025, the Ohio Treasury held $262.5 million in Israel Bonds, making Ohio one of the largest government investors in these bonds in the United States. Some communities have allowed Israel bonds to expire, but then-Ohio Attorney General Dave Yost advised that leaders can divestfrom Israel bonds for economic, but not political, reasons.
Walsh said Ohio shouldn't be investing outside of the United States, including Israel. "We will not be making an additional priority on any country, nonetheless Israel," he said.
Edwards previously said he was "troubled that too many entities are divesting from Israel bonds for purely political reasons. These bonds have a strong track record of low risk, reliable repayments, and competitive returns that benefit Ohio’s portfolio." He would invest based on financial merit, not politics.
Using the bully pulpit: Ohio treasurer isn't a high-profile position, but both candidates want to use their voice more than predecessors.
Walsh said Ohio needs more accountability for data centers and other big investments. "We can have a voice in terms of trying to prevent our investments from going into groups that are investing in data centers," Walsh said.
Edwards said he hasn't been thrilled with how state lawmakers spend Ohioans' money, including on the Browns Stadium. He would voice his opinions on bad deals.
More transparency on pension boards: Edwards wants more communication and transparency with retirees, particularly when cost-of-living adjustments aren't provided. "Maybe the fund's not in the position to be able to do that. That's fine, but we need to be able to prove that and talk to our retirees about it."
State government reporter Jessie Balmert can be reached at jbalmert@usatodayco.com or @jbalmert on X.
This article originally appeared on Cincinnati Enquirer: Ohio treasurer's race pits Cincinnati councilman against ex-state rep
