¶ Overview
Stacy Garrity repeatedly faced ethical concerns and questions over her record in the private sector and tenure in the Pennsylvania Treasury’s Office.
Garrity’s previous work in the private sector raised questions about whether she failed to register as a lobbyist. As a vice president of Global Tungsten and Powders, she lobbied for federal legislation and managed hundreds of thousands of lobbying dollars to promote policies that benefited the company, including tariffs on foreign competition and tariff exemptions for her company. From 2010 to 2019, Garrity also worked as director of the Munitions Industrial Base Task Force, a group that spent more than $1 million lobbying the federal government on defense issues.
Garrity joined the board of ECM Insurance Group in 2024, a for-profit insurance company, earning nearly $60,000 in 2025, and would oversee the Insurance Department that regulated the company if elected governor. Garrity would even earn nearly $200,000 if a pending acquisition of the company closes.
Garrity’s Treasury office refused to fulfill a public records request over Garrity’s changes to the Investment Policy Statement as she stood to benefit from the changes. Observers noted Garrity’s changes ended the practice of considering investments’ environmental and social impacts and would benefit the natural gas industry while Garrity reported she earned an income from two natural gas companies.
¶ Garrity’s Private Sector Work Raised Questions Whether She Failed To Register As A Lobbyist
¶ Garrity Had Never Registered As A Lobbyist Despite Working In Roles That Influenced Public Policy In Military Manufacturing And Global Trade And Touting Successfully Lobbying Legislation
HEADLINE: “Did Pa. Governor Candidate Stacy Garrity Need To Register As A Lobbyist? Her Work For A Defense Contractor Raises Questions” [WHYY, 4/14/26]
Garrity Had Never Registered As A Lobbyist Despite Working In Roles That Influenced Public Policy In Military Manufacturing And Global Trade And Touting Successfully Lobbying Legislation. According to WHYY, "Before taking office as Pennsylvania treasurer in January 2021, Stacy Garrity served in senior positions at a defense contractor, where a significant part of her last role focused heavily on influencing public policy tied to military manufacturing and global trade, an activity commonly known as ‘lobbying.’ As vice president of government affairs and industry liaison for Towanda-based Global Tungsten and Powders, she managed hundreds of thousands of lobbying dollars used to push policies that directly benefited the company, including tariffs on foreign competition and tariff exemptions for her employer. She has publicly taken credit for successfully moving legislation forward and has met with legislators and otherwise pushed her company’s interests with government officials. And yet, she never registered as a lobbyist." [WHYY, 4/14/26]
¶ Craig Holman Of Public Citizen Said Garrity’s Role At A Defense Contractor And As Vice President For Global Tungsten And Powders “Highly Suggest She Easily Passed Thresholds That Would Legally Require Her” To Register As A Lobbyist
Craig Holman Of Public Citizen Said Garrity’s Role And Activities In Senior Positions At A Defense Contractor And As Vice President For Global Tungsten And Powders “Highly Suggest She Easily Passed Thresholds That Would Legally Require Her” To Register As A Lobbyist. According to WHYY, “Before taking office as Pennsylvania treasurer in January 2021, Stacy Garrity served in senior positions at a defense contractor, where a significant part of her last role focused heavily on influencing public policy tied to military manufacturing and global trade, an activity commonly known as ‘lobbying.’ As vice president of government affairs and industry liaison for Towanda-based Global Tungsten and Powders, she managed hundreds of thousands of lobbying dollars used to push policies that directly benefited the company, including tariffs on foreign competition and tariff exemptions for her employer. She has publicly taken credit for successfully moving legislation forward and has met with legislators and otherwise pushed her company’s interests with government officials. And yet, she never registered as a lobbyist. However, Garrity’s role and activities highly suggest she easily passed thresholds that would legally require her to do so, Craig Holman of the public interest nonprofit Public Citizen told WHYY News.” [WHYY, 4/14/26]
¶ As Vice President Of Global Tungsten And Powders, Garrity Lobbied For Federal Legislation And Managed Hundreds Of Thousands Of Lobbying Dollars To Promote Policies That Benefited The Company
As Global Tungsten And Powders Vice President, Garrity Engaged In Direct Lobbying Activities, Pushing For Legislation And Working With Legislators To Secure Policy Outcomes. According to WHYY, “According to her LinkedIn profile, Garrity joined Global Tungsten and Powders as an associate accountant in 1987 and worked her way up through the accounting and marketing departments before her promotion to vice president in 2019. Garrity was also tied to a broader industry lobbying network. […] It was as vice president that she engaged in the most direct lobbying activities. Garrity repeatedly described herself as someone who pushed legislation and worked directly with lawmakers to secure policy outcomes. ‘My last assignment, I was vice president of government affairs and industry liaison, and what I did in that role is pushed legislation to help the U.S. industrial base,’ she said in a 2023 interview for 2822 News’ show ‘Veterans Voices.’” [WHYY, 4/14/26]
As Global Tungsten And Powders Vice President, Garrity Managed Hundreds Of Thousands Of Lobbying Dollars Used To Promote Policies That Benefited The Company, Including Tariffs On Foreign Competitors And Tariff Exemptions For Her Firm. According to WHYY, "Before taking office as Pennsylvania treasurer in January 2021, Stacy Garrity served in senior positions at a defense contractor, where a significant part of her last role focused heavily on influencing public policy tied to military manufacturing and global trade, an activity commonly known as ‘lobbying.’ As vice president of government affairs and industry liaison for Towanda-based Global Tungsten and Powders, she managed hundreds of thousands of lobbying dollars used to push policies that directly benefited the company, including tariffs on foreign competition and tariff exemptions for her employer. She has publicly taken credit for successfully moving legislation forward and has met with legislators and otherwise pushed her company’s interests with government officials." [WHYY, 4/14/26]
During Her Tenure At Global Tungsten, Garrity Lobbied For Legislation To Prevent The U.S. Department Of Defense From Purchasing Certain Tungsten Products From China, Iran, North Korea, And Russia. According to Spotlight PA, “She was also president of the Refractory Metals Association, an industry group, from 2018 to 2021. Garrity lobbied for legislation as part of her job at Global Tungsten, notably pushing for a successful bill to keep the U.S. Department of Defense from buying certain tungsten products from China, Iran, North Korea, and Russia, according to PennLive.” [Spotlight PA, 4/9/26]
¶ Garrity Was The Director Of A Broader Industry Lobbying Network, The Munitions Industrial Base Task Force
2010 To 2019: Garrity Was The Director Of A Broader Industry Lobbying Network, The Munitions Industrial Base Task Force, Which “Spent $1.09 Million Lobbying Congress And Executive Agencies On Munitions Issues, Defense Appropriations And Authorizations, Procurement And Tax Matters.” According to WHYY, “Garrity was also tied to a broader industry lobbying network. From 2010 through 2019, she was listed on IRS filings as a director of the Munitions Industrial Base Task Force. That group spent $1.09 million lobbying Congress and executive agencies on munitions issues, defense appropriations and authorizations, procurement and tax matters during that time. It was as vice president that she engaged in the most direct lobbying activities. Garrity repeatedly described herself as someone who pushed legislation and worked directly with lawmakers to secure policy outcomes. ‘My last assignment, I was vice president of government affairs and industry liaison, and what I did in that role is pushed legislation to help the U.S. industrial base,’ she said in a 2023 interview for 2822 News’ show ‘Veterans Voices.’” [WHYY, 4/14/26]
¶ Garrity Served As A Paid Board Member For A For-Profit Insurance Company And Would Oversee Its Regulator If Elected Governor
¶ Garrity Joined The Board Of ECM Insurance Group In 2024, A For-Profit Insurance Company, And Would Oversee The Insurance Department That Regulates The Company If Elected Governor
If Elected Governor, Garrity Would Oversee The Insurance Department That Regulates A For-Profit Insurance Company Which She Was A Paid Board Member. According to the Philadelphia Inquirer, "While Garrity’s business experience could help her cut a contrast with Shapiro, it also poses potential conflicts as she seeks higher office. As governor, Garrity would oversee a department that regulates a for-profit insurance company for which she is currently a paid board member. In response to questions from The Inquirer, Garrity’s campaign said she would resign from the board if she is elected governor. Garrity, 62, earned $57,290 as a board member last year, her campaign said. If a pending acquisition closes, she stands to make more than three times that amount, according to federal securities filings. Garrity’s annual salary as treasurer is $211,219, according to state records." [Philadelphia Inquirer, 5/28/26]
2024: Garrity Joined The Board Of ECM Insurance Group, The Fourth-Largest Underwriter Of Farm Owners Insurance In Pennsylvania And The 12th-Largest In The Nation. According to the Philadelphia Inquirer, "In 2024 she joined the board of ECM Insurance Group, a Bedford County-based firm that was founded in 1913. ECM operates in 48 states and says it is the fourth-largest underwriter of farm owners insurance in Pennsylvania and 12th-largest in the country." [Philadelphia Inquirer, 5/28/26]
¶ In 2025, Garrity Earned $57,290 As A Board Member And Would Earn Nearly $200,000 If A Pending Acquisition Closes
HEADLINE: "Stacy Garrity Could Make Almost $200k From Pa. Insurance Company Board. She’d Resign If Elected Governor." [Philadelphia Inquirer, 5/28/26]
2025: Garrity Earned $57,290 As A Board Member And Would Earn More Than Three Times The Amount If A Pending Acquisition Closes. According to the Philadelphia Inquirer, "Garrity, 62, earned $57,290 as a board member last year, her campaign said. If a pending acquisition closes, she stands to make more than three times that amount, according to federal securities filings. Garrity’s annual salary as treasurer is $211,219, according to state records."
[Philadelphia Inquirer, 5/28/26]
- If The Acquisition Closes, Garrity’s Campaign Said She Planned To Join An ECM Advisory Board And Would Be Paid $195,000 Annually For Five Years. According to the Philadelphia Inquirer, "Garrity’s campaign said that if the transaction closes, she plans to join an ECM advisory board. Corporate records show she would be paid $195,000 annually for five years. ‘However, if elected governor, she would resign her board position in its entirety,’ Beynon said." [Philadelphia Inquirer, 5/28/26]
¶ Garrity’s Office Refused To Fulfill A Public Records Request Over Garrity’s Changes To The Investment Policy Statement, Which She Stood To Benefit From
¶ Garrity’s Treasury Office Refused To Fulfill A Public Records Request Over Garrity’s Changes To The Investment Policy Statement That Ended The Practice Of Considering Investments’ Environmental And Social Impacts
Garrity’s Treasury Office Refused To Fulfill A Public Records Request Over Garrity’s 2022 Changes To The Investment Policy Statement That Ended The Practice Of Considering Investments’ Environmental And Social Impacts. According to the American Journal-News, "Pennsylvania Treasurer Stacy Garrity’s office refused to fulfill a public records request regarding a change she made to the state’s investment strategy. In 2022, Garrity oversaw an Investment Policy Statement (IPS) revision that ended the state’s practice of considering the environmental and social impacts of its investments. Observers said the move would directly benefit the natural gas industry, with which Garrity has close ties. The Pennsylvania Democratic Party filed a request in April seeking all communications Garrity had about the revision." [American Journal-News, 6/30/26]
- Garrity’s Office Rejected The Request, Alleging It Was A “Fishing Expedition” And “Akin To Political Opposition Research.” According to the American Journal-News, “More than a month passed before the Pennsylvania Treasury refused the request, asserting that it was a ‘fishing expedition’ and ‘akin to political opposition research.’" [American Journal-News, 6/30/26]
- Pennsylvania’s Right-To-Know Law Required Open Records Requests To Be About Specific Documents With A Time Period But Prohibited Agencies From Denying Requests For Political Reasons. According to the American Journal-News, "Pennsylvania’s Right-to-Know Law requires public record requests to be for specific documents from a specific time period. The Pennsylvania Democratic Party filing met these criteria. The law does not permit agencies to deny requests for political reasons." [American Journal-News, 6/30/26]
¶ Observers Noted Garrity’s Changes To The Investment Policy Statement Would Directly Benefit The Natural Gas Industry While Garrity Received Income From Two Natural Gas Companies
HEADLINE: "Garrity’s Office Rejected Records Request That Could Expose Corruption" [American Journal-News, 6/30/26]
Observers Noted Garrity’s Changes To The Investment Policy Statement Would Directly Benefit The Natural Gas Industry, And Garrity Received Income From Two Natural Gas Companies. According to the American Journal-News, "In 2022, Garrity oversaw an Investment Policy Statement (IPS) revision that ended the state’s practice of considering the environmental and social impacts of its investments. Observers said the move would directly benefit the natural gas industry, with which Garrity has close ties. [...] Last month, the Philadelphia Inquirer reported that Garrity receives income from two natural gas companies. Her campaign described this income as ‘modest royalties’ but refused to disclose the exact amount or explain why she receives it, saying only that ‘it is part of her private property.’" [American Journal-News, 6/30/26]
- Garrity Reported Income From Two Natural Gas Companies, Saying She Received Modest Royalties But Declined To Provide A Precise Amount And Said She Would Continue To Receive Royalties If Elected Governor. According to the Philadelphia Inquirer, "Garrity, who lives in rural Bradford County in north-central Pennsylvania, has also reported income from two natural gas companies. Her campaign said she receives modest royalties — it declined to give a precise figure — and would continue to do so as governor, ‘as it is part of her private property.’" [Philadelphia Inquirer, 5/28/26]