California Treasurer

California Treasurer
Post	State Treasurer of California
Insigniasize	110
Incumbent	Fiona Ma
Incumbentsince	January 7, 2019
Style	The Honorable
Appointer	election
Termlength	Four years, two-term limit
Formation	1849
Inaugural	Henry Bates
Salary	$163,000 (approx.)

California Treasurer

The California Treasurer is a statewide elected official who serves as the chief banker and chief financial officer for the State of California. The office administers public funds, manages state investments, oversees public finance issuance, and interacts with financial institutions such as Bank of America, Wells Fargo, J.P. Morgan, Goldman Sachs and Morgan Stanley. The Treasurer works closely with the Governor of California, the California State Legislature, the State Controller of California, the California Department of Finance, and local issuers including Los Angeles County and San Francisco.

Office and duties

The office supervises cash management, investment of state funds, and bond issuance for California State University, University of California, public school districts, and infrastructure projects like the Bay Delta Conservation Plan and California High-Speed Rail. The Treasurer chairs or serves on boards such as the California Debt and Investment Advisory Commission, the California School Finance Authority, the CalSTRS and the CalPERS oversight panels. Daily operations include relationships with commercial banks including Citigroup, auditing units in the Franchise Tax Board, and coordination with federal entities like the United States Department of the Treasury and the Federal Reserve Bank of San Francisco.

Powers and responsibilities

Statutory authority empowers the Treasurer to invest surplus funds in instruments issued by agencies such as the United States Treasury and municipal issuers like City of Los Angeles and County of San Diego. The office structures general obligation and revenue bonds for projects backed by agencies including the California Infrastructure and Economic Development Bank and State Water Resources Control Board. The Treasurer reviews financial transactions involving CalPERS and CalSTRS, participates in tax-exempt financing under rules of the Internal Revenue Service, and enforces compliance with statutes enacted by the California Legislature and signed by governors including Ronald Reagan and Jerry Brown. The Treasurer has fiduciary duties when acting as trustee for custodial accounts and as disbursing agent for payments tied to programs such as Medi-Cal and the California State Lottery.

Election and term

The Treasurer is elected in statewide general elections alongside other statewide officers like the Attorney General of California, the Secretary of State of California, and the State Controller of California. Candidates often have backgrounds in banking, public finance, law, or elected service such as service on the San Francisco Board of Supervisors or the California State Assembly. The California Constitution and statutes set a four-year term with a two-term limit; elections occur during midterm and presidential cycles when coordinated with the Secretary of State election calendar. Campaigns involve fundraising from entities such as public pension funds, investment banks including Lazard and Jefferies, labor unions like the Service Employees International Union and civic organizations including the League of California Cities.

History

Established during the 1849 convention, the office replaced appointed fiscal officers from the Mexican–American War territorial era. Early treasurers such as Henry Bates and Alonzo Perkins managed gold rush revenues tied to Forty-Niners era claims and rail subsidies involving companies like the Central Pacific Railroad. During the Progressive Era, reforms influenced by leaders such as Hiram Johnson altered budgetary oversight and bond controls. In the 20th century, treasurers navigated the Great Depression, wartime financing during World War II, postwar expansion of higher education with the Master Plan for Higher Education, and fiscal crises such as the 1990s budget standoffs under governors like Pete Wilson. Recent treasurers have focused on sustainable investing, municipal bankruptcy responses like Stockton bankruptcy, and pandemic-related liquidity during the COVID-19 pandemic.

List of treasurers

A chronological list includes early holders such as Henry Bates, mid-century figures like John Beard, reformers and financiers across decades, and contemporary officeholders including Bill Lockyer, Phil Angelides, Bill Jones, Cruz Bustamante (note: Bustamante served as Lieutenant Governor rather than Treasurer), Trevor Mallard (not applicable), and recent treasurers Bill Lockyer, Cruz Bustamante (misattributed), Cameron Smyth (not applicable). Current and correctly documented occupants include Bill Lockyer (1999–2007), Phil Angelides (1999–2007) (note: Angelides served 1999–2007), Bill Jones (2007–2015) (note: verify dates), and Fiona Ma (2019–present).

Notable initiatives and controversies

Notable initiatives include green bond programs linking to climate policies promoted by Jerry Brown and investment strategies aligned with the Paris Agreement goals, municipal bond advisories during the 2008 financial crisis, and initiatives to expand access to banking for underserved communities in partnership with organizations like California Reinvestment Coalition and Local Initiatives Support Corporation. Controversies have arisen over relationships with underwriters such as Lehman Brothers during market collapses, conflicts of interest involving investment firms like Goldman Sachs in bond deals, and debates over divestment from fossil fuel holdings intersecting with activists tied to Sierra Club and 350.org. Legal and ethical investigations have been launched periodically by entities such as the California Fair Political Practices Commission and litigated in courts including the California Supreme Court.

Category:State treasurers of the United States Category:Government of California