Reelect Treasurer Fiona Ma to keep California on the right track for progress.
Fiona Ma’s track record and policy positions demonstrate that she will continue to be a champion for Californians and will govern effectively in the best interest of this diverse state.
Progressive endorsements: Treasurer Ma has the endorsement of many progressive groups in the state, including SEIU California, Equality California, and California Labor Federation.
Top issues: Economic recovery and growth, climate protections, education funding, affordable housing, veterans’ services, and health-care access.
Key initiatives: Treasurer Ma’s priorities for California this term have included action on a variety of issues. Her office worked to distribute small-business loans and to expand health-care access in response to the community effects of COVID-19, and to establish new clean-energy initiatives, including financing for the purchase of low-emissions trucks and equipment. Treasurer Ma was also a strong supporter of AB 132, which provides funding for the establishment of college savings accounts for low-income students at every grade level across the state. Although she has made progress on a collaborative initiative to create more affordable housing in the state, there has been a measurable increase in homelessness since she assumed office.
Treasurer Ma has been accused of sexual harassment and wrongful termination by a former staff member in a complaint that cites lewd behavior and excessive gifting by the treasurer. The complainant indicates that the circumstances produced a hostile work environment prior to her abrupt termination. Treasurer Ma has denied the accusations.
Governance and community leadership experience: Treasurer Ma has served in this seat since 2018, when she was elected with over 64% of the vote. This was the largest vote share that a treasurer candidate has ever received in the state.
Prior to her election in 2018, Treasurer Ma served in positions across state and local government. She served one term on the California Board of Equalization, three terms in the State Assembly, and one term on the San Francisco Board of Supervisors. She has held a variety of leadership positions, including serving as the speaker pro tempore and the majority whip during her time in the Assembly, as chair of the National Association of State Treasurers ABLE Committee, and as president of Women in California Politics.
Other background: Treasurer Ma has lived in California for most of her adult life. Prior to seeking elected office, Treasurer Ma worked as a licensed certified public accountant in California.
The Race
Primary election results: The June 2022 results included incumbent Treasurer Fiona Ma (D), 57%; Jack Guerrero (R), 22%; Andrew Do (R), 17%; and Meghann Adams (I), 4%. Treasurer Fiona Ma and Jack Guerrero will compete in a run-off in the November 8 general election.
Candidate fundraising and pledges: Treasurer Ma’s campaign has raised $3.7 million and is not funded by corporate PAC donors. She has received problematic donations from real estate, police, and fossil fuel interests, including Sempra Energy, California Correctional Peace Officers Association PAC, California Real Estate PAC, and Empress Real Estate Inc.
Opposing candidate: Republican Jack Guerrero
Opposing candidate’s fundraising and pledges: Guerrero’s campaign has raised $1.9 million, but has filed limited financial disclosures with the secretary of state’s office.
The District
State: California is the most populous state in the United States, and includes 58 counties and 331 million residents.
Voter registration: Of the 22 million registered voters in the state, 47% are Democrat, 24% are Republican, and 23% have no party preference. Democrats have held the lieutenant governor seat since 2011.
District demographics: 39% Latino, 16% Asian, and 7% Black
Recent election results: California voted for Joe Biden for president in 2020 by 29 points and Gavin Newsom for governor in 2018 by 24 points.
The Position
Treasurers serve as a state’s chief banker, overseeing revenue and finances for schools, roads, housing, levees, public-health facilities, and infrastructure projects. They can be responsible for pension administration, public employee payroll, and fraud oversight. Treasurers manage the state’s investments and the sale of state bonds, and serve as the trustee of the state’s debt portfolio. In California, the state treasurer manages the banking for the world’s fifth-largest economy and typically oversees around $2.5 trillion in banking transactions during each fiscal year.
The California state treasurer is elected by popular vote in a statewide election. The state treasurer is elected to serve four-year terms, and is limited to two terms in office.
Reelect Treasurer Fiona Ma to keep California on the right track for progress.
Fiona Ma’s track record and policy positions demonstrate that she will continue to be a champion for Californians and will govern effectively in the best interest of this diverse state.
Progressive endorsements: Treasurer Ma has the endorsement of many progressive groups in the state, including SEIU California, Equality California, and California Labor Federation.
Top issues: Economic recovery and growth, climate protections, education funding, affordable housing, veterans’ services, and health-care access.
Key initiatives: Treasurer Ma’s priorities for California this term have included action on a variety of issues. Her office worked to distribute small-business loans and to expand health-care access in response to the community effects of COVID-19, and to establish new clean-energy initiatives, including financing for the purchase of low-emissions trucks and equipment. Treasurer Ma was also a strong supporter of AB 132, which provides funding for the establishment of college savings accounts for low-income students at every grade level across the state. Although she has made progress on a collaborative initiative to create more affordable housing in the state, there has been a measurable increase in homelessness since she assumed office.
Treasurer Ma has been accused of sexual harassment and wrongful termination by a former staff member in a complaint that cites lewd behavior and excessive gifting by the treasurer. The complainant indicates that the circumstances produced a hostile work environment prior to her abrupt termination. Treasurer Ma has denied the accusations.
Governance and community leadership experience: Treasurer Ma has served in this seat since 2018, when she was elected with over 64% of the vote. This was the largest vote share that a treasurer candidate has ever received in the state.
Prior to her election in 2018, Treasurer Ma served in positions across state and local government. She served one term on the California Board of Equalization, three terms in the State Assembly, and one term on the San Francisco Board of Supervisors. She has held a variety of leadership positions, including serving as the speaker pro tempore and the majority whip during her time in the Assembly, as chair of the National Association of State Treasurers ABLE Committee, and as president of Women in California Politics.
Other background: Treasurer Ma has lived in California for most of her adult life. Prior to seeking elected office, Treasurer Ma worked as a licensed certified public accountant in California.
The Race
Primary election results: The June 2022 results included incumbent Treasurer Fiona Ma (D), 57%; Jack Guerrero (R), 22%; Andrew Do (R), 17%; and Meghann Adams (I), 4%. Treasurer Fiona Ma and Jack Guerrero will compete in a run-off in the November 8 general election.
Candidate fundraising and pledges: Treasurer Ma’s campaign has raised $3.7 million and is not funded by corporate PAC donors. She has received problematic donations from real estate, police, and fossil fuel interests, including Sempra Energy, California Correctional Peace Officers Association PAC, California Real Estate PAC, and Empress Real Estate Inc.
Opposing candidate: Republican Jack Guerrero
Opposing candidate’s fundraising and pledges: Guerrero’s campaign has raised $1.9 million, but has filed limited financial disclosures with the secretary of state’s office.
The District
State: California is the most populous state in the United States, and includes 58 counties and 331 million residents.
Voter registration: Of the 22 million registered voters in the state, 47% are Democrat, 24% are Republican, and 23% have no party preference. Democrats have held the lieutenant governor seat since 2011.
District demographics: 39% Latino, 16% Asian, and 7% Black
Recent election results: California voted for Joe Biden for president in 2020 by 29 points and Gavin Newsom for governor in 2018 by 24 points.
The Position
Treasurers serve as a state’s chief banker, overseeing revenue and finances for schools, roads, housing, levees, public-health facilities, and infrastructure projects. They can be responsible for pension administration, public employee payroll, and fraud oversight. Treasurers manage the state’s investments and the sale of state bonds, and serve as the trustee of the state’s debt portfolio. In California, the state treasurer manages the banking for the world’s fifth-largest economy and typically oversees around $2.5 trillion in banking transactions during each fiscal year.
The California state treasurer is elected by popular vote in a statewide election. The state treasurer is elected to serve four-year terms, and is limited to two terms in office.