Reelect State Treasurer Fiona Ma to keep California on the right track for progress.
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.
The District
California is the most populous state in the United States, and includes 58 counties and 331 million residents. The demographic breakdown of the total residential population is 39% Latino, 16% Asian, and 7% Black. Democrats have held the Treasurer’s seat since 1999. Of the 22 million registered voters in the state, 47% are Democrat, 24% are Republican, and 23% have no party preference. The most recent election results show that California voted for Joe Biden for president in 2020 by 29 points and Gavin Newsom for governor in 2018 by 24 points.
The Race
There are four candidates running for this seat, including Democrat Incumbent Treasurer Fiona Ma and Republican Andrew Do. Treasurer Ma’s campaign has raised $3.3 million and has received donations from corporate PAC, real estate, and police interests. Do’s campaign has raised $203,000 and has not received donations from fossil fuel, police, real estate, or corporate PAC interests.
The Recommendation
Treasurer Ma, a certified public accountant and public official, has lived in California for most of her adult life. According to campaign materials, she is running for reelection to continue to provide fiscal leadership on economic, environmental, and educational reforms in the state. She was elected to serve as the California treasurer in 2018, winning her bid over Republican Greg Conlon by 28 points.
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.
Prior to her election in 2018, Treasurer Ma served in positions across state and local governments. 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. Prior to seeking elected office, Treasurer Ma worked as a licensed certified public accountant in California.
Treasurer Ma has the endorsement of many progressive groups in the state, including SEIU California, Equality California, and California Labor Federation. Based on our analysis, Treasurer Ma’s track record and policy positions demonstrate that she will continue to be a champion for the constituents of California and will manage effectively in the best interest of this diverse state.
Reelect State Treasurer Fiona Ma to keep California on the right track for progress.
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.
The District
California is the most populous state in the United States, and includes 58 counties and 331 million residents. The demographic breakdown of the total residential population is 39% Latino, 16% Asian, and 7% Black. Democrats have held the Treasurer’s seat since 1999. Of the 22 million registered voters in the state, 47% are Democrat, 24% are Republican, and 23% have no party preference. The most recent election results show that California voted for Joe Biden for president in 2020 by 29 points and Gavin Newsom for governor in 2018 by 24 points.
The Race
There are four candidates running for this seat, including Democrat Incumbent Treasurer Fiona Ma and Republican Andrew Do. Treasurer Ma’s campaign has raised $3.3 million and has received donations from corporate PAC, real estate, and police interests. Do’s campaign has raised $203,000 and has not received donations from fossil fuel, police, real estate, or corporate PAC interests.
The Recommendation
Treasurer Ma, a certified public accountant and public official, has lived in California for most of her adult life. According to campaign materials, she is running for reelection to continue to provide fiscal leadership on economic, environmental, and educational reforms in the state. She was elected to serve as the California treasurer in 2018, winning her bid over Republican Greg Conlon by 28 points.
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.
Prior to her election in 2018, Treasurer Ma served in positions across state and local governments. 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. Prior to seeking elected office, Treasurer Ma worked as a licensed certified public accountant in California.
Treasurer Ma has the endorsement of many progressive groups in the state, including SEIU California, Equality California, and California Labor Federation. Based on our analysis, Treasurer Ma’s track record and policy positions demonstrate that she will continue to be a champion for the constituents of California and will manage effectively in the best interest of this diverse state.