Photo Courtesy of Fiona Ma
California Treasurer Fiona Ma, who is serving her second term as the state’s top banker, is running for lieutenant governor of California, the second-highest elected position in the state.
Ma was the first woman of color elected as California state treasurer in 2018, when she won with more votes than any other candidate for treasurer in state history. She was reelected in 2022.
To date, Ma hasn’t lost a major election – she has been elected to local, regional and state-level positions in California throughout her political career. She will be up against a crowded slate of candidates in the June 2 state primary election – Ma is one of nine individuals currently running for lieutenant governor of California. Other candidates include: David Fennell, Josh Fryday, Brian Jones, Janelle Kellman, Oliver Ma, Tim Myers, Mike Schaefer and Michael Tubbs.
“If I get elected lieutenant governor, it will be my fifth elected position,” Fiona Ma told the San Fernando Valley Sun/el Sol. “Public service is my passion and my calling.”
The current state lieutenant governor – Eleni Kounalakis – will also be on the primary ballot on June 2. Kounalakis is running to fill Fiona Ma’s current position as California state treasurer.
A ‘Qualified & Experienced’ Leader
As treasurer of California – which has the fourth-largest economy in the world, with a GDP over $4 trillion – Fiona Ma has been managing statewide financing for schools, housing, hospitals, roads, recycling and waste management, public facilities and other infrastructure projects. She believes her financial expertise makes her the ideal person to take the reins as lieutenant governor.
“I have been in two financial positions where I take in money and give away money,” she described. As state treasurer, she has “been proactively helping many different institutions and [in different scenarios] – whether they’re hospitals or schools or fire victims,” said Fiona Ma.
“I think now, more than ever, we need qualified and experienced leaders who understand how to navigate a deficit, especially a structural deficit, [and] three out of my four elected positions have been in deficit situations,” she added.
While the projected $13 billion deficit for California is down to approximately $3 billion, Fiona Ma said her experience remains vital given “the pending and proposed cuts from Washington, D.C.”
In addition to acting as governor when the governor is out of state, and assuming the office in the event of a vacancy, the lieutenant governor can cast tie-breaking votes as president of the State Senate. The office also manages millions of acres of state-owned land; chairs the California Commission for Economic Development; and serves on higher education boards, including for California Community Colleges, California State University and the University of California.
“I am the oldest child of immigrant parents. My parents came to this country for the American dream, and education has always been that great equalizer,” said Fiona Ma, noting she’s eager to serve on the education boards if elected as lieutenant governor. “Education is definitely a priority.”
From CPA to Public Service
Fiona Ma began her pre-political professional career as a CPA [certified public accountant] in 1992.
“I never thought I was going to be a politician. I started out with one of the Big Eight accounting firms in San Francisco … and I stayed for five years,” she said. “I quit because there were no women or people of color in leadership positions at that time, and I started my own practice.”
Fiona Ma became involved in public service in 1994, when she was elected president of the Asian Business Association and started advocating on behalf of minority business owners at San Francisco City Hall and the state capitol. The experience opened her eyes to the world of politics.
“My job was to try to get more contracting opportunities for women and minority business owners at the federal, state and local [levels], and even in the private sector,” Fiona Ma recounted. “That was the first time, at age 28, that I had to go down to City Hall to lobby, went to Sacramento to testify on bills, [and] became a delegate to the White House Conference on Small Business under [then-President] Bill Clinton. And [that’s how] I got the bug.
“I started to ask myself, ‘Who are these people who get to make decisions on where our money goes, and [create] policies and make appointments and rules and regulations?’” she continued.
The following year, Fiona Ma became district representative for then-State Sen. John Burton. In 2002, she was elected to the San Francisco Board of Supervisors. During her four years as a supervisor, Fiona Ma helped support small businesses and sponsored legislation to tighten regulations for spas and massage parlors operating as fronts for prostitution rings and human trafficking.
In 2006, Fiona Ma was elected to serve on the California State Assembly to represent the 12th Assembly District, which includes San Francisco and part of San Mateo County. During her tenure, Fiona Ma was speaker pro tempore for two years and also served as assembly majority whip.
After her six years as an assemblymember, she went on to serve on the California Board of Equalization from 2015 until 2019, the year she was sworn in as the 34th state treasurer.
Fiona Ma said she hopes “to be a voice for and help those who are underserved” as lieutenant governor.
“There’s nothing else I want to do,” said Fiona Ma about serving in public office. “I love California and I want to continue to represent this state for as long as the people continue to vote for me.”
To learn more about Treasurer Fiona Ma’s campaign, go to: www.fionama.com.