Davis ran for
Delaware State Treasurer in the
2018 elections as a member of the
Democratic Party. She defeated
incumbent Republican Ken Simpler. Her victory was a major upset and was one of several losses for prominent Republicans in Delaware. She was sworn into office on January 1, 2019. During her first term, Davis developed and advocated for House Bill 205, the legislation that created Delaware EARNS, a retirement savings program for small business employees that was signed into law by Governor
John Carney in 2022. Registration for Delaware EARNS opened in July 2024, and the program surpassed $1 million in total assets by January 2025. Davis ran for reelection in 2022 and defeated the Republican nominee, Greg Coverdale. She was sworn into office for her second term on January 1, 2023. After
Lisa Blunt Rochester announced that she would not run for reelection to the
United States House of Representatives in in the
2024 elections, Davis announced her candidacy in the election in July 2023. She withdrew from the race in February 2024, citing family reasons and a wish to focus on her work as Treasurer. ==Legal issues==