Fiona Ma
2019 - Present
2027
4
Fiona Ma (Democratic Party) is the California Treasurer. She assumed office on January 7, 2019. Her current term ends on January 4, 2027.
Ma (Democratic Party) ran for re-election for California Treasurer. She won in the general election on November 8, 2022.
Ma was a member of the California State Board of Equalization, representing District 2, from 2014 to 2019.[1]
Ma is a former Democratic member of the California State Assembly, representing District 12 from 2006 to 2012. She served as State Assembly speaker pro tempore from 2010 to 2012. Prior to her election to the Assembly, she served on the San Francisco Board of Supervisors from 2002 to 2006.
Biography
Ma earned a bachelor's in accounting from the Rochester Institute of Technology, a master’s degree in taxation from Golden Gate University, and an MBA from Pepperdine University.[2] Ma's career experience includes working for the accounting firm Ernst & Whinney (now Ernst & Young), running her own accounting firm, and acting as the president of California’s Asian Business Association. Ma has held memberships with the Vatican’s Council for Inclusive Capitalism, the California Society of Certified Public Accountants, the board of California Women Lead, the CalCPA society, and the Screen Actors Guild.[3]
Political career
California Treasurer (2019-present)
Ma was elected California treasurer on November 6, 2018. She assumed office on January 7, 2019.
California State Board of Equalization (2014-2019)
Ma was a member of the California State Board of Equalization, representing District 2, from 2014 to 2019.[1]
California State Assembly (2006-2012)
Ma represented District 12 in the California State Assembly from 2006 to 2012. She served as State Assembly speaker pro tempore from 2010 to 2012. She also served as the majority whip from 2006 to 2010.[4]
Committee assignments
2011-2012
In the 2011-2012 legislative session, Ma served on these committees:
- Agriculture Committee, California General Assembly
- Business, Professions and Consumer Protection Committee, California General Assembly
- Fairs, Allocation, and Classification Committee, California Legislature
- Governmental Organization Committee, California General Assembly
- Protection of Lake Tahoe
- Public Employees, Retirement and Social Security Committee, California General Assembly
- Utilities and Commerce Committee, California General Assembly
2009-2010
In the 2009-2010 legislative session, Ma served on these committees:
- Agriculture Committee, California General Assembly
- Select Committee on Alcohol and Drug Abuse
- Higher Education Committee, California General Assembly
- Housing and Community Development Committee, California General Assembly
- Labor and Employment Committee, California General Assembly
- Select Committee on the Preservation of California's Entertainment Industry
- Public Safety Committee, California General Assembly
- Select Committee on Rail Transportation
- Revenue and Taxation Committee, California General Assembly
San Francisco Board of Supervisors (2002-2006)
Ma served on the San Francisco Board of Supervisors from 2002 to 2006.
Elections
2022
See also: California Treasurer election, 2022
General election
General election for California Treasurer
Incumbent Fiona Ma defeated Jack Guerrero in the general election for California Treasurer on November 8, 2022.
Candidate | % | Votes | ||
| ✔ |  | Fiona Ma (D) | 58.8 | 6,287,076 |
 | Jack Guerrero (R) | 41.2 | 4,405,781 | |
| Total votes: 10,692,857 | |||
 = candidate completed the Ballotpedia Candidate Connection survey. | ||||
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Nonpartisan primary election
Nonpartisan primary for California Treasurer
Incumbent Fiona Ma and Jack Guerrero defeated Andrew Do and Meghann Adams in the primary for California Treasurer on June 7, 2022.
Candidate | % | Votes | ||
| ✔ | | Fiona Ma (D) | 57.4 | 3,903,967 |
| ✔ | | Jack Guerrero (R) | 21.9 | 1,489,533 |
 | Andrew Do (R) | 17.0 | 1,157,620 | |
| Meghann Adams (Peace and Freedom Party) | 3.6 | 245,369 | |
| Total votes: 6,796,489 | |||
| = candidate completed the Ballotpedia Candidate Connection survey. | ||||
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Campaign finance
2018
- See also: California Treasurer election, 2018
General election
General election for California Treasurer
Fiona Ma defeated Greg Conlon in the general election for California Treasurer on November 6, 2018.
Candidate | % | Votes | ||
| ✔ | | Fiona Ma (D) | 64.1 | 7,825,587 |
 | Greg Conlon (R) | 35.9 | 4,376,816 | |
| Total votes: 12,202,403 (100.00% precincts reporting) | |||
| = candidate completed the Ballotpedia Candidate Connection survey. | ||||
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Nonpartisan primary election
Nonpartisan primary for California Treasurer
Fiona Ma and Greg Conlon defeated Jack Guerrero, Vivek Viswanathan, and Kevin Akin in the primary for California Treasurer on June 5, 2018.
Candidate | % | Votes | ||
| ✔ | | Fiona Ma (D) | 44.5 | 2,900,606 |
| ✔ | | Greg Conlon (R) | 20.8 | 1,357,635 |
| Jack Guerrero (R) | 19.3 | 1,257,315 | |
 | Vivek Viswanathan (D) | 13.0 | 848,026 | |
 | Kevin Akin (Peace and Freedom Party) | 2.3 | 148,282 | |
| Total votes: 6,511,864 | |||
| = candidate completed the Ballotpedia Candidate Connection survey. | ||||
| If you are a candidate and would like to tell readers and voters more about why they should vote for you, complete the Ballotpedia Candidate Connection Survey. | ||||
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2014
| Party | Candidate | Vote % | Votes | |
|---|---|---|---|---|
| Democratic |  Fiona Ma |
68.7% | 1,448,657 | |
| Republican | James E. Theis | 31.3% | 660,973 | |
| Total Votes | 2,109,630 | |||
2012
Ma was ineligible to run for re-election due to term limits.
2010
Ma won re-election to the 12th District seat in 2010. She had no opposition in the June 8 primary. She defeated Republican Alfonso Faustino, Jr. in the November 2 general election.[5]
| California State Assembly, District 12 General Election (2010) | ||||
|---|---|---|---|---|
| Candidates | Votes | |||
| Fiona Ma (D)
|
90,388 | |||
| Alfonso Faustino, Jr. (R) | 21,540 | |||
2008
In 2008, Ma was re-elected to the California State Assembly District 12. Ma (D) finished with 131,231 votes while her opponent Conchita Applegate (R) finished with 26,380 votes. Ma raised $1,313,892 for her campaign fund.[6]
| California State Assembly District 12 | ||||
|---|---|---|---|---|
| Candidates | Votes | |||
| Fiona Ma (D)
|
131,231 | |||
| Conchita Applegate (R) | 26,380 | |||
Campaign themes
2022
Ballotpedia survey responses
See also: Ballotpedia's Candidate Connection
Fiona Ma did not complete Ballotpedia's 2022 Candidate Connection survey.
Issues
ESG
| Environmental, social, and corporate governance |
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| Select a topic from the dropdown below to learn more. |
As treasurer, Ma took stances supportive of environmental, social, and corporate governance (ESG), an approach to investing and corporate decision-making.
State financial officers, including treasurers, auditors, and controllers, are responsible for auditing other government offices, managing payroll, and overseeing pensions. In some states, certain SFOs are also responsible for investing state retirement and trust funds.
Pro-ESG financial officers’ letter opposing anti-ESG state officers (September 2022)
In September 2022, Ma and 13 other state and local financial officers signed a letter opposing laws and policies in West Virginia, Idaho, Oklahoma, Texas, and Florida "aiming to curb consideration of environmental, social and governance (ESG) factors in investing."[7]
The letter said those states were "blacklisting financial firms that don’t agree with their political views." The letter also said, “the blacklisting states apparently believe, despite ample evidence and scientific consensus to the contrary, that poor working conditions, unfair compensation, discrimination and harassment, and even poor governance practices do not represent material threats to the companies in which they invest. They refuse to acknowledge, in the face of sweltering heat, floods, tornadoes, snowstorms and other extreme weather, that climate change is real and is a true business threat to all of us.”[7]
Support for Stanford University ESG bonds (May 2021)
In May 2021, Ma praised Stanford University's ESG-focused bonds. The private California university claimed it was “first U.S. college or university to issue bonds carrying dual climate and sustainability designations for financing campus construction and renovation projects.”[8]
Ma said, “ESG financing provides the multi-pronged benefits of greenhouse emission reductions, health equity research, affordable housing, and systemic and academic equity. I hope more California colleges will follow Stanford’s lead.”[9] Ma also said, "Consumers are willing to pay more for organic products. Similarly, we believe that certain investors are willing to pay more for green investments.[10]
Membership in Vatican Council for Inclusive Capitalism (December 2020)
In December 2020, Ma became a member of the Vatican Council for Inclusive Capitalism, a partnership between Pope Francis, major corporations, investment officers, public officials, labor unions and other ESG advocates. In January 2021, the group announced its support for clearer standards of ESG reporting, a goal Ma supported.[11]
Ma said, “We need more and better information and we need it now. During the pandemic income and wealth disparities have increased economic injustices to near crisis levels around the world. New standards will help us judge how companies are progressing in their efforts to reduce poverty, combat climate change, and bring about fair and inclusive governance. They also put companies on notice that symbolic actions aren’t enough. They need to make real change.”[12]
Support for ESG nonprofit’s roadmap for California (September 2020)
In September 2020, Ma endorsed the Principles for Responsible Investment's (PRI) proposal titled “The California Responsible Investment Roadmap." In a news release, PRI promoted the proposal as a “set of guidelines outlining how California investors and policymakers can advance the incorporation of Environmental, Social and Governance (ESG) considerations into investment decisions that impact the state’s economy, especially with regard to climate change.”[13]
Ma said, “The Roadmap shows all of us the pathway to an envisioned future that seizes the initiative on climate-related finance. A thoughtful review of the Roadmap will reinforce prudent stewardship in investment decision-making and policy implementation. It is an important statement of why California’s climate strategies are so important to all of us.”[14]
Opposition to U.S. Labor Department anti-ESG rule proposal (July 2020)
In July 2020, Ma opposed a U.S. Department of Labor rule proposal to require retirement fund managers to “select investments and investment courses of action based solely on financial considerations relevant to the risk-adjusted economic value of a particular investment or investment course of action.” The proposal, titled “Financial Factors in Selecting Plan Investments,” specifically singled out and discussed the use of ESG factors as potential violations of the requirement.[15][16]
Ceres, an ESG advocacy nonprofit, opposed the proposed rule change and issued a news release on June 30, 2022, titled “Major investors oppose proposed rule that would impede ESG investing.”[17]
| “ | The proposed rule would place a significant burden on fiduciaries who offer ESG funds as options in their retirement fund and could also affect the broader pension fund market by setting an unwelcome precedent that runs counter to the mainstream U.S. and global practice of integrating ESG factors into investment decisions. The DOL proposes these restrictions at a time when ESG investing is rapidly growing and more fully embraced by mainstream global finance and investment organizations[18] | ” |
| —Ceres[19] | ||
Ma said, “The evidence is clear—and building daily—that the effects of a changing climate may pose financial risks to our infrastructure, both public and private. What is missing is the full-throated acknowledgment that such risks must be institutionalized in our investment policies and decisions. The proposed rulemaking leads backward on this front, not forward.”[20]
The Labor Department's final rule, issued in October 2020, excluded specific references to ESG factors.[21]
In November 2022, the Department of Labor, under the administration of President Joe Biden (D), released a final rule in a proposal titled “Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights.” The new rule specifically permitted employee retirement plan managers to use ESG factors when judging the value of investments, replacing rulemaking crafted under the administration of President Donald Trump (R).[22]
Support for divesting teacher retirement fund from fossil fuel investments (September 2019)
In September 2019, as state treasurer and a board member of the California State Teachers' Retirement System (CalSTRS), Ma supported a proposal to divest CalSTRS from investments in fossil fuel energy firms. The proposal was made to a CalSTRS board meeting during the late summer of 2019 by a group of teachers and schoolchildren.[23]
Ma said, "Where we invest our money reflects our values, and we should be valuing a clean energy future for California. These brave and passionate students are reminding us of that.”[24]
Creation of state-run ESG-focused retirement savings plan (January 2019)
As state treasurer in January 2019, Ma announced the creation of an ESG-focused retirement savings vehicle for CalSavers, a state government-run retirement fund for private employers. According to a news release from Ma: “Under California state law, any employer with at least five employees that doesn’t already offer a workplace retirement savings vehicle is required to offer one either through the private market or by providing employees with access to CalSavers.” The release from the state treasurer also claimed the ESG investment option for private workers was the first ever offered by a state government.[25]
Ma said, “California workers now have even more reason to open a CalSavers account and feel good about investing in their futures. They can now choose to put their retirement savings into investments that protect the environment and champion a more fair and just world.”[26]
Campaign donors
2010
In 2010, Ma raised $1,133,879 in contributions.[27]
Her four largest contributors were:
| Donor | Amount |
|---|---|
| California Teachers Association | $15,600 |
| State Building & Construction Trades Council Of California | $15,600 |
| California State Pipe Trades Council | $12,600 |
| AT&T | $10,800 |
2008
Below are Ma's top five campaign contributors in the 2008 election:[28]
| Contributor | 2008 total |
|---|---|
| CA Medical Assoc | $14,400 |
| CA Assoc of Realtors | $14,400 |
| California Teachers Association | $14,400 |
| SEIU California State Council | $14,400 |
| Operating Engineers Local 3 | $14,400 |
Legislative scorecard
Capitol Weekly, California's major weekly periodical covering the state legislature, publishes an annual legislative scorecard to pin down the political or ideological leanings of every member of the legislature based on how they voted on an assortment of bills in the most recent legislative session. The 2009 scores were based on votes on 19 bills, but did not include how legislators voted on the Proposition 1A (2009). On the scorecard, "100" is a perfect liberal score and "0" is a perfect conservative score.[29][30]
On the 2009 Capitol Weekly legislative scorecard, Ma ranked as an 89.[31]
Notable endorsements
This section displays endorsements this individual made in elections within Ballotpedia's coverage and endorsements scopes.
See also
2022 Elections
External links
|
Candidate California Treasurer |
Officeholder California Treasurer |
Personal |
Footnotes
- ↑ 1.0 1.1 California State Board of Equalization," accessed April 22, 2018
- ↑ ‘‘California State Treasurer’’, “Fiona Ma: Biography,” accessed December 24, 2022
- ↑ California State Treasurer, “Fiona Ma: Biography,” accessed December 24, 2022
- ↑ Project Vote Smart, "Fiona Ma's Biography," accessed January 22, 2019
- ↑ California Secretary of State, "Official 2010 General election results," accessed March 13, 2014
- ↑ Follow the Money, "Campaign funds," accessed March 13, 2014
- ↑ 7.0 7.1 New York City Comptroller, “Comptroller Lander Joins State Treasurers’ Letter Opposing Anti-ESG Legislation,” September 14, 2022
- ↑ Stanford University, “Stanford issues first bond in U.S. higher education based on rigorous environmental stewardship and social responsibility standards,” May 4, 2021
- ↑ ‘‘Stanford University’’, “Stanford issues first bond in U.S. higher education based on rigorous environmental stewardship and social responsibility standards,” May 4, 2021
- ↑ Bloomberg Law, “CA State Treasurer Says Pricier Green Bonds Could Lure Investors,” May 13, 2021
- ↑ Orange County Breeze, “Treasurer Ma joins Vatican Council’s call for standards to prod companies to do the right thing,” January 28, 2021
- ↑ Orange County Breeze, “Treasurer Ma joins Vatican Council’s call for standards to prod companies to do the right thing,” January 28, 2021
- ↑ Principles for Responsible Investment, “Principles for Responsible Investment releases new California roadmap for responsible investment,” September 29, 2020
- ↑ Principles for Responsible Investment, “Principles for Responsible Investment releases new California roadmap for responsible investment,” September 29, 2020
- ↑ Ceres, “Major investors oppose proposed rule that would impede ESG investing,” July 30, 2020
- ↑ ‘‘Federal Register’’, “Financial Factors in Selecting Plan Investments,” June 30, 2020
- ↑ Ceres, “Major investors oppose proposed rule that would impede ESG investing,” July 30, 2020
- ↑ Note: This text is quoted verbatim from the original source. Any inconsistencies are attributable to the original source.
- ↑ Ceres, “Major investors oppose proposed rule that would impede ESG investing,” July 30, 2020
- ↑ Ceres, “Major investors oppose proposed rule that would impede ESG investing,” July 30, 2020
- ↑ Thompson-Hine, “DOL FINAL RULE FOR FINANCIAL FACTORS IN SELECTING PLAN INVESTMENTS,” December 3, 2020
- ↑ Mintz, “ERISA Fiduciaries May Consider ESG Factors in Selecting Investments and Exercising Shareholder Rights,” November 29, 2022
- ↑ Pensions & Investments, “CalSTRS faces calls to divest from fossil-fuel investments,” September 16, 2019
- ↑ Pensions & Investments, “CalSTRS faces calls to divest from fossil-fuel investments,” September 16, 2019
- ↑ California State Treasurer, “CalSavers is First State-Sponsored Retirement Program in Nation to Offer an ESG Option, Selects Newton,” January 28, 2019
- ↑ California State Treasurer, “CalSavers is First State-Sponsored Retirement Program in Nation to Offer an ESG Option, Selects Newton,” January 28, 2019
- ↑ Follow the Money, "2010 contributions," accessed December 23, 2013
- ↑ Follow the Money, "2008 Campaign contributions," accessed March 13, 2014
- ↑ Capitol Weekly, "Capitol Weekly's Legislative Scorecard," December 17, 2009
- ↑ Fox and Hounds Daily, "Random Thoughts on the Political Scene," December 18, 2009
- ↑ Capitol Weekly, "2009 Capitol Weekly State Legislative Scorecard (Archived)," accessed March 13, 2014
| Political offices | ||
|---|---|---|
| Preceded by - |
California Treasurer 2019-Present |
Succeeded by - |
| Preceded by - |
California State Board of Equalization District 2 2014-2019 |
Succeeded by Malia Cohen (D) |
| Preceded by - |
San Francisco Board of Supervisors |
Succeeded by - |
| Preceded by - |
California State Assembly District 12 |
Succeeded by - |
 |
State of California Sacramento (capital) |
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