During this campaign, he attained broad prominence; subsequently, he was appointed U.S. secretary of transportation in 2021 by newly elected president Joe Biden.

Incumbent Republican Richard Mourdock had won election four years earlier 52% to 48%,[3] which was considered to be a relatively narrow victory.

[11][12] This move by Mourdock lost Indiana a large amount of money due to the restructuring of Chrysler during the company's bankruptcy.

[24][14][36] Placing emphasis on the potential job loss that could have occurred due to Mourdock's lawsuit, Buttigieg even had his nomination seconded at the state convention by Richie Boruff, the president of Kokomo's United Automobile Workers Local 685.

[19][46] Buttigieg argued that the state should only invest tax dollars in financial institutions that had demonstrated that they treat customers well,[35][47][48] such as those that gave to small businesses and kept residents from losing homes to foreclosure.

[63] Buttigieg's plans would also entail increasing the transparency of investment policy statements and state treasury records, making them accessible online.

It would also involve an increase of public input in investment decisions, holding at least twice-annually a series of town halls.

His plans would also place a prohibition on former employees of the treasurer's staff lobbying or doing business with the office for two years after they leave.

[63] Buttigieg argued that, by keeping better track of deposits and lending, the state could free credit up and stimulate job growth.

[65] Buttigieg pledged that, as treasurer, he would seek to reinvest state funds in assets that were issued by companies based in Indiana wherever they would generate good returns on investment.

Buttigieg promised, if elected, to partner with the Indiana State Legislature to pass ethics standards to that would ensure that no investments would not be influenced by corporate campaign contributions.

[74] Buttgigieg argued that wiser management of the states finances would decrease the necessity for cuts, such as those that had been recently made to education.

[69] Buttigieg also promised that, within his first 60 days in office, he would assemble a committee that would inform his principles and develop reporting procedures.

[42] Buttigieg declared that, “In these tough economic times, state government needs to find new and creative ways to make our tax dollars work harder and smarter for us.

[76] Buttigieg made efforts to reach out to the Republican-associated Tea Party movement, declaring that he understood their economic concerns.

[78] Mourdock defended the lawsuit he lodged against Chrysler, which cost the state $2 million, as having fulfilled his "fiduciary duties" and having been his acting on behalf of the taxpayers of Indiana.

I think most Hoosiers were opposed to seeing our pensioners getting ripped off, which is exactly what happened.”[12] Mourdock collaborated with governor Mitch Daniels on an op-ed in early June The Wall Street Journal defending the lawsuit.

[81] Mourdock received criticism during the campaign from Buttigieg for holding events with controversial figures such as television personality Glenn Beck (an appearance Buttigieg particularly criticized in light of "deceptive" cash-for-gold advertisements Beck had been featured in)[82][83] and Maricopa County Sheriff Joe Arpaio.

[85] Mourdock advertised his role as Chairman of the Indiana Wireless Enhanced 911 advisory board, proclaiming that such work demonstrated his commitment to public safety.

[86] Mourdock responded to criticism by Buttigieg of his investing by publicizing that the state treasurer's had earned $480 million in the 2010 fiscal year.

[89] Mourdock's candidacy was seen as benefiting from running in a very Republican-favorable election cycle and from being in a Republican-leaning state, making him the strong favorite to win.

Mourdock was the state's top vote-getter, receiving a greater number of votes than any other Indiana candidate in the 2010 elections.

[102] During his second term as mayor Buttigieg ran unsuccessfully in the 2017 Democratic National Committee chairmanship election.

[103] Later in his second term as mayor, he launched his campaign for the Democratic nomination in the 2020 United States presidential election, which saw him rise to become a top-tier candidate in primary race.

[111] Mourdock's resignation came on the last day that state employees could retire before cuts to pension benefits took effect in September 2014.