Damschen worked for American West Bank and U.S. Bank, and then became the chief deputy to Richard Ellis, the Utah State Treasurer, in 2009. When Ellis resigned in 2015, GovernorGary Herbert appointed Damschen to succeed Ellis.[1][2] He was sworn into office in January 2016.[3] Damschen defeated Neil Hansen in the 2016 election to a full term.[4] In 2018, he was voted senior vice president of the National Association of State Treasurers.[5] Damschen won reelection to a second full term in November 2020.[6]
In April 2021, Damschen announced his resignation, effective April 30, to become President and CEO of the Utah Housing Corporation.[7]