This election was for a six-year term. Commissioner Holmberg was reelected to a second term. He died in office on June 14, 1951. Governor Luther Youngdahl appointed Duluth Finance Commissioner E.W. (Wally) Lund to fill the vacancy on June 20, 1951. Lund took office on August 1, 1951.
Rasmussen was a resident of Moorhead, former state Budget Commissioner under Governor Floyd Olson, Farmer-Labor nominee for Secretary of State in 1938 and candidate for Governor in 1942, and DFL nominee for state Treasurer in 1950. He would later get elected as a DFLer to the Railroad and Warehouse Commission (1952-1966) and Public Service Commission (1967-1970).