This paper studies the level of government guarantees as the outcome of an electoral competition. Households favor different levels of guarantees depending on their investment decisions and the two competing candidates choose positions to maximize their winning probability. Households' single-peaked preferences allow us to derive equilibria in the voting games that feature (a) zero guarantees when guarantees is the only policy tool and (b) a continuum of equilibria with positive guarantees when both guarantees and taxes on investment returns are determined by the election outcome.