Democratic24 sources, dated 2022-10-04 – 2026-10-03· last searched 2026-10-28
California State Treasurer
Overview
Synthesized 2026-10-28 in an operator-run Claude session from 21 sources dated 2022-10-04 to 2026-10-03. Machine-written; numbers link to the sources below.
Fiona Ma, a Democrat and California's State Treasurer since 2019, faces Republican Gloria Romero for lieutenant governor on November 3, 2026 2,1. She finished first in the June 2 top-two primary with 19.1% of the vote, narrowly ahead of Romero 5,4,2. Before becoming Treasurer she served on the San Francisco Board of Supervisors (2002-2006), in the Assembly (2006-2012, including as Speaker pro Tempore) and on the Board of Equalization 22,13,1. Her campaign centers on affordability, housing finance and higher-education costs; in her 2026 questionnaire she proposes a zero-interest loan fund for workforce housing on school and college land, an offshore wind hub, abolishing the Board of Equalization and a joint ticket for governor and lieutenant governor 20,15. She is backed by the California Labor Federation, the building trades, the California Democratic Party (per her own lists and the Los Angeles Times as of fall 2026) and several newspapers, and GrowSF recommends her for the general election 20,24,3,2,1. News coverage throughout 2026 notes that a former employee's 2021 sexual harassment lawsuit against her was settled by the state for $350,000 in 2024; Ma denies the allegations and has called the suit frivolous 16,14,9,5. NBC San Diego also reports scrutiny of her ties to Pegasus California School, adding that an audit did not accuse her of wrongdoing 5. As of the October 2026 Los Angeles Times guide, she opposes Propositions 40 and 39 2.
Record
Elected State Treasurer on November 6, 2018 and re-elected in 2022; her campaign says she is the first woman of color and first woman CPA in the post.22,6,5
Served in the Assembly 2006-2012, including as Speaker pro Tempore 2010-2012; her campaign says she authored 60 bills signed into law, including a ban on phthalates in baby products.22,15,6
As Board of Equalization chair in 2016, ordered three external audits of the agency.22,11,6
As Treasurer, oversaw the first bonds for community-college student housing and launched the Dream for All down-payment program, per CalMatters (2022) and GrowSF.17,3
In March 2020 the state narrowly avoided wiring $457 million to a fraudulent mask vendor after banks flagged the transfer to Ma's office; she later called it 'a lesson learned' (CalMatters, 2022).17
In 2021 she supported a pension bill that her office helped draft for Santa Ana police union president Gerry Serrano; it was signed in September 2021 (CalMatters, 2022).17
A 2021 sexual harassment lawsuit by former employee Judith Blackwell was settled by the state for $350,000 in August 2024, after a judge had dismissed the discrimination and wrongful-termination claims; Ma denied the allegations and called the settlement a vindication.16,14,9
Finished first in the June 2, 2026 primary with 1,616,298 votes (19.1%), per her campaign's reading of Secretary of State results.5,4,2
Stated positions
Housing is 'the defining issue'; proposes a zero-interest revolving loan fund from 5% of Building Homes and Jobs Trust Fund revenue for school and college workforce housing (April 2026 questionnaire).15
Would make higher education more affordable, audit the full cost of attendance, track graduation rates by income, strengthen transfer pathways and expand paid internships.20,15
Wants Cal State campuses to raise revenue outside the general fund through private partnerships, such as leasing unused facilities.14,9
Proposes abolishing the Board of Equalization and a constitutional amendment requiring governor and lieutenant governor to run on a joint ticket, targeted for the 2027-28 session.15,3
Would champion a commercial-scale offshore wind hub off Morro Bay and Humboldt, aiming for active construction and 10,000+ union jobs.15
Calls for reforming the ballot-initiative process with a post-election review mechanism.15
Opposes Proposition 40 (one-time 5% tax on billionaires' assets) and Proposition 39 (voter ID), as of October 2026.2
In 2022, as Treasurer, she opposed a wealth tax, higher top-earner rates and further minimum-wage increases, and supported universal basic income; these statements predate her lieutenant governor campaign.17
Praise & support
GrowSF says Ma is 'the clear choice', citing her record across offices, her housing-finance work as Treasurer, and specific plans for the office's tools, including BOE abolition. — GrowSF3
Ma argues her CPA training and record as Treasurer make her ready to serve on day one, and that 'California does not need someone learning on the job right now.' — Fiona Ma20,21,15
Her campaign points to broad backing: the California Labor Federation, building trades, nurses, firefighters, about three-quarters of the Legislature, hundreds of local officials and newspapers including the Mercury News, Bakersfield Californian and San Francisco Chronicle. — Fiona Ma campaign20,24,10,4
Criticism & concerns
A former employee alleged in a 2021 lawsuit that Ma sexually harassed her; the state paid $350,000 to settle in 2024. Ma denies the allegations and calls the suit frivolous. — Judith Blackwell (plaintiff), as reported by CBS Sacramento and CalMatters16,14
CalMatters reports that Tubbs supporters made the harassment allegations an issue during the primary. — Supporters of Michael Tubbs, per CalMatters9,8
NBC San Diego reports her ties to Pegasus California School drew scrutiny after an audit of the school, and that she received campaign donations from its founder; the audit did not accuse Ma of wrongdoing. — NBC 7 San Diego5
CalMatters' 2022 reporting raised questions about a near-miss $457 million mask payment in 2020 and a 2021 pension bill drafted with her office's involvement for a police union president. — CalMatters17
Where sources disagree
Ma's own materials give different dates for her Board of Equalization service: 2015 to 2019 in her questionnaire versus 2014-2018 on her campaign site and in CalMatters-produced guides.22,15,13,1
Her campaign pages give different Treasurer's-office figures: more than $3 trillion in payments and a portfolio over $124 billion (About page), $3.7 trillion and $150-$250 billion (Why I Am Running), and about $3 trillion and $155-$175 billion (June 2026 press releases).21,22,10,4
Who paid the harassment settlement: CBS Sacramento and CalMatters say the state paid $350,000, while Inside California Politics items say Ma 'ultimately settled' the lawsuit.16,14,11,6
Democratic Party endorsement: an April 2026 CalMatters correction says the party had not endorsed in the race, while her later SoS statement, endorsement page and the October Los Angeles Times guide list the California Democratic Party as backing her, which suggests the endorsement came after April.20,24,14,2
Count of local officials endorsing her: 500+ (SoS statement, questionnaire) versus over 600 (June 1 press release).20,15,10
What we could not find
No debate or forum transcripts or recordings for the general election were found.
No full interview transcripts; candidate quotes come from reporters' excerpts (CalMatters 2022, Los Angeles Times 2026).
No official Treasurer's-office records (audits, bond ratings, program data) were collected to check the record she describes.
No campaign-finance filings for the general election; the Los Angeles Times fundraising section did not render.
The Sacramento Bee stories on the harassment allegations failed to load (timeouts), and no document on the Pegasus audit was collected.
No editorial-board endorsements or critiques were collected directly; newspaper endorsements are known only from Ma's own lists.
Web search was unavailable for most of this session, so sources were found mainly by following links from stored pages.
Questions to consider
How would Ma's proposed loan fund for school and college workforce housing be authorized and funded, and what has the Treasurer's office already financed in this area?
Which of her proposals (BOE abolition, same-ticket reform, initiative reform) are within the lieutenant governor's power, and which require constitutional amendments or legislative action?
What do independent records show about the Treasurer's office's performance, including bond ratings and the 2020 mask-payment incident?
What do the court filings in the 2021 harassment lawsuit and the settlement agreement say?
What did the audit of Pegasus California School find, and what was the nature of her ties to it?
How have her positions on taxes and wages changed, if at all, since her 2022 statements?
Analysis of their own words
Written 2026-10-28 in an operator-run Claude session from 6 primary texts4,10,15,22,21,20. An evaluative machine reading: check each point against its quoted evidence.
Coverage: Six samples, all position_statement: the GrowSF candidate questionnaire (S3, written answers due 2026-04-07, the longest and most substantive), two campaign press releases (S2, 2026-06-01, with one direct quote from Ma; S1, 2026-06-15, written in the campaign's third-person voice), two undated campaign web pages (S4 'About Fiona', third-person biography; S5 'Why I Am Running', first person), and her undated paid statement in the Secretary of State's official voter guide (S6). All are prepared, campaign-period texts from 2026. Missing: any unscripted speech (interview transcripts, debate or forum transcripts), any official statements or writing from her time as Treasurer, and anything dated after mid-June 2026. Reported interview quotes in news coverage were not used as samples.
Ma's expressed views place her within the mainstream of the Democratic Party on most issues the samples address, with a fiscal-management emphasis. She favors government-financed affordable and workforce housing, debt-free paths to higher education, need-based aid, labor-aligned job creation ('over 10,000 union jobs'), clean energy including offshore wind, and socially responsible, climate-smart pension investing (S3, S5). She frames her candidacy against federal funding cuts and, per her campaign, 'opposition to the Trump agenda' (S1). She also proposes structural government reforms - abolishing the Board of Equalization, same-ticket election of governor and lieutenant governor, and post-election review of ballot measures (S3) - described in terms of accountability and cutting waste rather than ideology. The samples do not address many contested social issues directly, beyond endorsements she lists from Planned Parenthood and Equality California (S6).
In their words: Ma presents herself as an experienced, credentialed fiscal manager and problem solver: 'I'm Fiona Ma, CPA.' (S5); 'I have spent nearly three decades as a proven problem solver delivering results for California' (S3); 'I have the financial knowledge and experience to keep California an economic powerhouse' (S6). She emphasizes her immigrant-family background ('I am the eldest daughter of immigrant parents', S3) and readiness: 'California does not need someone learning on the job right now. It needs someone who is already ready.' (S3). She describes her intended role as a 'Strategic Bridge-Builder' (S3).
Articulation: AdequateConsistency: Adequate
Articulation. Judged on prepared texts only; no unscripted speech was available. The questionnaire (S3) is clearly organized and often specific: it names funding sources and percentages for its loan fund, cites a bill number (SB 769), sets numeric goals (two ports, 10,000 union jobs) and lays out three measurable outcomes for her first two years. It shows command of the office's formal powers (board seats, Senate tie-breaking vote, acting-governor authority). Against that, many answers lean on résumé and endorsement counts rather than on how a stated goal would be achieved, several key claims are asserted without support (for example that she 'helped grow California from the seventh to the fourth-largest economy in the world'), and some answers are repetitive across questions. Shorter pieces (S5, S6) are clear but general. The press releases (S1, S2) are mostly campaign framing.
Consistency. Her stated priorities - affordability and housing, higher-education cost and career pathways, fiscal stewardship, and her immigrant-family story - are the same across S3, S5 and S6, and the endorsement claims broadly line up. All samples fall within the 2026 campaign, so they say little about consistency over time. Self-reported facts and figures vary between her own materials: Board of Equalization service is given as 2014-2018 (S4) and 2015 to 2019 (S3); annual payments processed as 'more than $3 trillion' (S4), 'approximately $3 trillion' (S1, S2) and '$3.7 trillion' (S5); the investment portfolio as 'more than $124 billion' (S4), '$150-$250 billion' (S5) and '$155 billion to $175 billion' (S1, S2); local-official endorsements as 500+ (S3, S6) and over 600 (S2). These differences may reflect different dates or definitions, but the samples do not explain them. No change of policy position appears in the samples.
Positions
Housing affordability: Calls housing the defining affordability issue and proposes state financing tools, including a zero-interest revolving loan fund from Building Homes and Jobs Trust Fund revenue, for workforce housing on school and college land.
“Affordability sits at the top of that list, and housing is the defining issue.”152026-04-07
“I will also advocate for the creation of a zero-interest revolving loan fund, which would be funded by setting aside 5 percent of the annual revenue generated by the Building Homes and Jobs Trust Fund.”152026-04-07
“And as a real estate tax accountant, I am committed to build more housing so everyone can afford to live in our great state.”21
Higher education costs and governance: Would use UC/CSU/community college board votes to audit the full cost of attendance, push graduation-rate metrics by income and first-generation status, strengthen transfer pathways and oppose fee increases not matched by need-based aid.
“I will push for measurable reductions in non-tuition costs and oppose fee increases that are not accompanied by commensurate expansions in need-based aid.”152026-04-07
“Access without completion is not equity, and I will fight to deliver both.”152026-04-07
“As Lieutenant Governor, I will make higher education more affordable, expand paid internships, and strengthen career pathways.”20
Structural government reform: Proposes abolishing the Board of Equalization and a constitutional amendment requiring governor and lieutenant governor to run on a joint ticket.
“First, I have announced a plan to abolish the California State Board of Equalization (BOE).”152026-04-07
“Second, I have proposed "Same-Ticket Reform," a constitutional amendment that would require the Governor and Lieutenant Governor to run together on a joint ticket”152026-04-07
Clean energy and State Lands Commission: Would champion a commercial-scale offshore wind hub off Morro Bay and Humboldt, with port upgrades and union jobs.
“As a member of the California State Lands Commission, I will champion the buildout of California's first commercial-scale offshore wind hub.”152026-04-07
“My short term goal is to have offshore wind under active construction, at least two fully upgraded ports, and over 10,000 union jobs created”152026-04-07
Ballot initiative process: Calls for reforming the initiative process, including a post-election review and adjustment mechanism, while preserving direct democracy.
“One of the most important long-term challenges California must solve is the urgent need for structural reform to our initiative process.”152026-04-07
“By introducing a mechanism for post-election review and adjustment, we can minimize negative fiscal surprises”152026-04-07
Economic development and trade: Would use the trade role to deepen investment ties (UK, Japan) and track foreign-direct-investment-supported job creation in green energy, aerospace and technology; describes tariffs as a tax on residents.
“It is my goal to improve FDI-supported job creation, with a focus on growing employment in green energy, aerospace, and technology.”152026-04-07
“making clear that trade barriers function as a direct tax on our residents and a threat to our agricultural exports”152026-04-07
Transparency: Pledges plain-language, multilingual public information and real-time disclosure of her board votes.
“When I take action on a board or cast a vote, people should know in real time.”152026-04-07
“Access must be substantive, not merely symbolic.”152026-04-07
Stated principles (4)
Fiscal accountability and experience as qualifications
“Across all of these roles, accountability is paramount.”152026-04-07
“"Californians understand that experience matters," said Fiona Ma.”102026-06-01
Coalition-building and relationships
“Every community is unique so I’m honored to have the endorsement of 500+ local elected officials from 58 counties because relationships matter.”20
“I have been doing this throughout my career in all my elected offices bringing diverse people together and using all my relationships and skills to solve big problems.”152026-04-07
Opportunity rooted in an immigrant-family story and education
“Education was the pathway that allowed my immigrant family to build a life in America”152026-04-07
“I am running to be your next Lieutenant Governor because I believe in the California dream.”21
Statewide presence, including non-coastal communities
“People in the Central Valley and the Inland Empire and rural counties deserve the same level of investment and engagement as anyone else.”152026-04-07
Unsupported superlatives and exclusivity claims: 'I have never lost a race for office' and claims to be 'the only candidate' with certain qualifications recur in S3 without supporting detail.
A broad causal claim about her own role in the state economy is stated without evidence: 'I helped grow California from the seventh to the fourth-largest economy in the world.' (S3).
Her campaign's primary-results release (S1) describes her opponent in pejorative terms without citing specific positions: 'attached to the hip of the Trump supported GOP gubernatorial candidate Steve Hilton' and 'She has limited crossover appeal because of her extreme positions.' This is written in the campaign's voice, not quoted from Ma.
Unusual numerical precision in policy proposals (5 percent of trust-fund revenue, 75,000 acres, 17.4 percent teacher affordability in 2016), though the statistics are not sourced.
The samples do not mention the harassment lawsuit or its settlement, which news sources in the record cover.
Limits: All samples are prepared campaign materials from 2026, some written in the campaign's third-person voice (S1, S4); none show Ma speaking unscripted or answering follow-up questions. The analysis cannot assess her record as Treasurer, only how she describes it, and cannot verify her statistics. Undated web pages may have been edited at any time.
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LAist's general-election guide (with CalMatters, published October 3 and updated October 19, 2026) explains the lieutenant governor's duties and profiles Ma and Romero.
Explains the office: acting governor, Senate president (no tie vote since 1996), higher-education boards and the State Lands Commission.
Ma: Treasurer since 2019 with a long record in state and local office.
Key endorsements for Ma: California Labor Federation, State Building and Construction Trades Council, AFSCME.
Facts, claims & caveats
Office budget
nearly $3 million
Limits: Short profiles; no discussion of controversies or detailed positions.
The Los Angeles Times' October 1, 2026 guide to the Ma-Romero race reports primary results, biographies, how each would approach the job, their positions on Propositions 40 and 39, and how they would work with opponents, with quotes from interviews with the Times.
Ma finished first in the primary with 19.1% of about 8.5 million ballots; Romero had 17.8%.
The California Democratic Party backs Ma.
Ma pledges to use the 'bully pulpit' and cites her accounting and finance background.
Ma opposes Prop. 40 (one-time 5% tax on billionaires' assets), saying the state needs its billionaires and that most do not have liquid money.
Ma opposes Prop. 39 (voter ID), saying 'We are trying to make voting accessible and easier.'
Ma says she has 'a reputation of working across the aisle'.
Facts, claims & caveats
Primary
Ma 19.1%, Romero 17.8%
Prop. 40
Ma opposes
Prop. 39
Ma opposes
Ma told the Times, 'I am not shy to be out there, fight the good fight, take on challenges head on.'
Ma said, 'We need our billionaires, our millionaires and all our companies and people who are paying taxes, especially when the federal government is not giving us our fair share.'
Limits: Fundraising section did not render as text. Quotes are excerpts from interviews, not transcripts.
Date stated in the document. Summary written 2026-10-28 in an operator-run Claude session. Link checked 2026-10-28.
KPBS republication of CalMatters' lieutenant governor explainer (first published May 4, updated September 14, 2026), with short neutral profiles of Ma and Romero and their top endorsements.
Ma has been Treasurer since 2019; previously BOE 2014-2018, SF supervisor, and four terms in the Assembly.
Top endorsements: California Labor Federation, State Building and Construction Trades Council, AFSCME.
Facts, claims & caveats
Office budget
nearly $3 million
Ma website
https://fionama.com/
Limits: Brief profile; campaign-finance section not captured in text.
Fiona Ma for Lieutenant Governorposition statementSupports
A June 15, 2026 Ma campaign release analyzing the primary: Ma led with 1,616,298 votes (19.1%) and Romero was second with 1,511,200 (17.9%), per the Secretary of State. It credits labor endorsements and a positive campaign, compares independent-expenditure spending, and characterizes Romero as tied to Steve Hilton with 'extreme positions'.
Ma finished first in most coastal counties plus Mono and Imperial, the release says.
It says Ma won twice as many endorsement votes as her Democratic opponents combined at the state party convention.
It says Tubbs was supported by $5.7 million and Fryday by $1.35 million in independent expenditures, versus $107,222 for Ma.
It says Ma's ads featured her record, immigrant-family background and 'opposition to the Trump agenda'.
It calls Romero 'attached to the hip' of Hilton's 'Golden Ticket' and says she 'has limited crossover appeal because of her extreme positions'.
Facts, claims & caveats
Ma primary votes
1,616,298 (19.1%)
Romero primary votes
1,511,200 (17.9%)
IE support for Ma
$107,222
IE support for Tubbs
$5.7 million
IE support for Fryday
$1.35 million
The campaign says Ma 'beat back a sizable negative campaign' from Steve Phillips and independent-expenditure efforts by the California Donors Table and Silicon Valley contributors.
The campaign asserts Ma 'is the prohibitive favorite'.
Limits: Partisan campaign document written in the third person; its characterization of Romero is an opponent's claim. Vote totals are as of the release date, not certified results.
Date stated in the document. Summary written 2026-10-28 in an operator-run Claude session. Link checked 2026-10-28.
Fiona Ma for Lieutenant Governorposition statementSupports
A June 1, 2026 Ma campaign press release announcing that a California Elections and Policy Poll by researchers at CSU Long Beach, USC and Cal Poly Pomona showed Ma leading the lieutenant governor field, with Gloria Romero second at 11 percent. It includes one quote from Ma and lists her endorsements.
The release says Ma held a nearly 2-to-1 lead over her Democratic rivals, who polled in single digits.
Ma is quoted: 'Californians understand that experience matters.'
It claims endorsements from more than 50 labor organizations, over 600 local elected officials and about 75 percent of the Legislature.
Facts, claims & caveats
Poll
California Elections and Policy Poll (CSU Long Beach, USC, Cal Poly Pomona)
Romero support in poll
11 percent
Sole endorsements claimed
California Labor Federation, California Professional Firefighters, California Nurses Association, Equality California, California Farm Bureau
The campaign says the results 'underscore the strength of Ma's statewide coalition and her reputation as the most experienced candidate'.
Limits: Campaign press release; the poll's full results, sample and margin of error are not given. Not independent reporting.
Date stated in the document. Summary written 2026-10-28 in an operator-run Claude session. Link checked 2026-10-28.
Fiona Ma's long-form written answers to GrowSF's candidate questionnaire for the June 2026 primary (due April 7, 2026). She sets out priorities on housing affordability, higher education costs, economic development and structural reforms, explains how she would use each of the lieutenant governor's board seats, and proposes abolishing the Board of Equalization and a same-ticket constitutional amendment for governor and lieutenant governor.
Ma names housing affordability, economic opportunity, access to education and restoring trust in government as the state's defining challenges.
She proposes a zero-interest revolving loan fund, funded by 5% of Building Homes and Jobs Trust Fund revenue, to help school districts and colleges build workforce housing.
She proposes abolishing the Board of Equalization, on which she served, and a 'Same-Ticket Reform' amendment so governor and lieutenant governor run jointly, both targeted for the 2027-28 session.
On UC/CSU boards she pledges audits of the full cost of attendance, graduation-rate metrics by income and first-generation status, stronger transfer pathways and opposition to fee increases not matched by need-based aid.
On the State Lands Commission she pledges to champion a commercial-scale offshore wind hub off Morro Bay and Humboldt, with a goal of active construction, two upgraded ports and 10,000+ union jobs.
She identifies initiative-process reform, including post-election review of measures, as the most important long-term challenge.
She tracks foreign-direct-investment-supported job creation as her economic indicator.
Facts, claims & caveats
Questionnaire due date
April 7, 2026
Loan fund source
5% of Building Homes and Jobs Trust Fund revenue (fund generates over $250 million per year from a $75 recording fee, per Ma)
BOE service (as stated here)
2015 to 2019, including as Chair and Vice Chair
Bill sponsored as Treasurer
SB 769 (infrastructure lending tools for projects like offshore wind)
Bills signed (per Ma)
60 as Assemblymember
Bond financing overseen (per Ma)
more than $65 billion
Legislative support claimed
more than 75 percent of the current Legislature; over 500 local leaders
Ma says 'I have never lost a race for office' and that she is 'the only candidate in this race who has been elected by the people to serve all of California'.
Ma states that she 'helped grow California from the seventh to the fourth-largest economy in the world'.
Ma argues the BOE is now largely ceremonial and its remaining elected positions 'consume taxpayer resources while delivering diminishing public value'.
Ma says only 17.4 percent of homes were affordable to the average teacher in 2016 and that school districts and colleges own more than 75,000 acres of land.
Ma argues that a governor and lieutenant governor from different parties creates 'a forced marriage' under the top-two primary.
Limits: These are self-reported answers written for an endorsement process; factual claims (credit ratings, economic rank, housing statistics) are not sourced in the document. It predates the primary and the general-election campaign. The BOE service years stated here (2015-2019) differ from her campaign site and news guides (2014-2018).
Date stated in the document. Summary written 2026-10-28 in an operator-run Claude session. Link checked 2026-10-28.
California Secretary of Stateposition statementSupports
The Secretary of State's official voter guide page for lieutenant governor reprints Fiona Ma's paid candidate statement. Ma frames the race around affordability, cites her accounting credentials and her record as State Treasurer, says she will make higher education more affordable and expand paid internships, and lists her endorsements. The page also briefly describes the office's duties and carries Gloria Romero's statement.
Ma says Californians are being priced out by rising costs for housing, groceries, gas, insurance and healthcare, and that 'government red tape' delays housing.
She cites being a CPA since 1992 with degrees in accounting, taxation and finance.
She says that as Treasurer she financed a record number of affordable housing units, expanded down-payment assistance, saved distressed hospitals and attracted investment.
As lieutenant governor she pledges to make higher education more affordable, expand paid internships and strengthen career pathways.
She lists endorsements including the California Labor Federation, State Building Trades Council, California Democratic Party, Planned Parenthood, CA Teachers Association, CA Farm Bureau and two newspapers.
Facts, claims & caveats
Office duties (per SoS)
Acts as governor in absence; president of the State Senate with tie-breaking vote; chairs Commission for Economic Development; sits on State Lands Commission, Ocean Protection Council and university boards
Party
Democratic
CPA since
1992 (per Ma)
Local officials endorsing (per Ma)
500+ from 58 counties
Endorsements listed
CA Labor Federation, State Building Trades Council, CA Democratic Party, Equality California, CA Farm Bureau, NWPC, Planned Parenthood, CA Professional Firefighters, CA Nurses Association, CA Teachers Association, CA Federation of Teachers, CA Hispanic Chambers of Commerce, San Jose Mercury News, Bakersfield Californian
Ma states that as State Treasurer she 'financed a record number of affordable housing units' and 'saved distressed hospitals'.
Ma says voters elected her to four public offices where she focused on accountability, transparency and cutting waste.
Ma says she built programs that help families save for college and reduce student debt.
Limits: This is a candidate-written, candidate-paid statement; the Secretary of State notes statements have not been checked for accuracy by any official agency. The page does not date the statement. Claims such as the 'record number' of housing units are not substantiated here.
Summary written 2026-10-28 in an operator-run Claude session. Link checked 2026-10-28.
Fiona Ma for Lieutenant Governorposition statementSupports
Ma's campaign page 'Why I Am Running' is a first-person statement of her background and goals. She describes her immigrant family, her offices held, her legislative record, her role as Treasurer and on the CalPERS and CalSTRS boards, and pledges to grow the economy, make college more affordable, expand healthcare access, support first responders and build housing.
Ma says she can 'make California affordable again' with more than two decades of experience.
She cites legislation on human trafficking in massage parlors, domestic-abuse survivors' courtroom rights and banning toxic chemicals in baby products, plus nearly 60 other proposals signed into law.
She says as Treasurer she oversees $3.7 trillion in disbursements per year and that California keeps top bond ratings under her leadership.
She describes herself as an activist for socially responsible and climate-smart investing on the CalPERS and CalSTRS boards.
She ties healthcare access to her own pre-existing condition and public safety to being a firefighter's spouse.
Facts, claims & caveats
Disbursements overseen (per Ma)
$3.7 trillion per year
Investment portfolio (per Ma)
$150-$250 billion per year
Investment earnings (per Ma)
$18 million per day
Prior offices
San Francisco Board of Supervisors, California Assembly, State Board of Equalization
Ma states that California 'continues to achieve top scores from bond rating agencies under my leadership'.
Ma says she has 'maintained a record of accomplishing big things for Californians while taking on special interests'.
Limits: Campaign self-presentation; undated; figures (e.g., $3.7 trillion, $18 million per day) differ from those on her other campaign pages and are not sourced.
Summary written 2026-10-28 in an operator-run Claude session. Link checked 2026-10-28.
Fiona Ma for Lieutenant Governorposition statementSupports
The 'About Fiona' campaign page is a third-person biography of Ma: State Treasurer since 2019 (re-elected 2022), Board of Equalization member 2014-2018, Assemblymember 2006-2012 including Speaker pro Tempore, and San Francisco supervisor 2002-2006, with her legislative and Treasurer-office accomplishments, education and honors.
Ma was first elected Treasurer on November 6, 2018 and re-elected in 2022; the page says she is the first woman of color and first woman CPA in the post.
As BOE chair from 2016 she ordered three external audits of the agency.
She authored 60 bills signed by two governors, including a phthalates ban that the page says became a model for federal legislation.
Her final bills let domestic-abuse survivors serving life without parole seek rehearing using Battered Women's Syndrome evidence.
Treasurer's office figures: more than $3 trillion in payments a year, a portfolio of more than $124 billion, $93 billion in outstanding bonds.
Facts, claims & caveats
Treasurer
Elected November 6, 2018; re-elected 2022
Board of Equalization
2014-2018; chair from 2016
Assembly
2006-2012; Speaker pro Tempore 2010-2012
SF Board of Supervisors
2002-2006
Outstanding state bonds (per page)
$93 billion
Education
B.S. Accounting (RIT), M.S. Taxation (Golden Gate), MBA (Pepperdine)
The campaign says Ma helped lead 'the biggest reforms for accountability and efficiency' in the BOE's history.
The campaign says most of her bills 'were first-in-the-nation and required no taxpayer money'.
Limits: Campaign biography; undated; omits controversies covered elsewhere (such as the harassment lawsuit settlement). Its financial figures differ from figures on other campaign pages.
Summary written 2026-10-28 in an operator-run Claude session. Link checked 2026-10-28.
GrowSF, a San Francisco advocacy group, recommends voting for Fiona Ma for lieutenant governor in November 2026 (page last updated July 21, 2026). It had endorsed Josh Fryday in June. It cites her record across offices, her Treasurer role in housing finance, and her plans for workforce housing, offshore wind and abolishing the Board of Equalization.
GrowSF calls Ma 'the clear choice' in a Ma-versus-Romero general election.
It cites her 60+ bills, Speaker pro Tempore role, a BOE term and two terms as Treasurer, and notes GrowSF endorsed her for Treasurer in 2022.
It highlights her chairing the tax-credit committee, sitting on the CalHFA board, the first bonds for community-college student housing and the Dream for All down-payment program.
It endorses her proposals for workforce housing on school and college land, an offshore wind hub, and abolishing the BOE.
Facts, claims & caveats
Endorser
GrowSF
June 2026 endorsement
Josh Fryday
Last updated
July 21, 2026
GrowSF argues 'Ma has specific plans for its actual tools' while 'most candidates treat this office as a stepping stone'.
GrowSF says 'It says something when a politician proposes eliminating a body she herself sat on.'
Limits: An advocacy group's endorsement; it does not address the harassment lawsuit settlement or other criticisms, and says little about Romero.
Fiona Ma for Lieutenant GovernorendorsementSupports
Ma's campaign endorsements page lists hundreds of endorsers for lieutenant governor: labor unions, organizations, members of Congress, statewide officials, legislators, local officials and newspapers.
Labor endorsers include the California Federation of Labor Unions, State Building and Construction Trades Council, California Teachers Association, California Nurses Association, California Professional Firefighters, Teamsters California and AFSCME.
Organizational endorsers include the California Democratic Party, Planned Parenthood Affiliates of California and California YIMBY.
Federal endorsers include Senators Adam Schiff and Alex Padilla.
Statewide endorsers include Lt. Gov. Eleni Kounalakis, Secretary of State Shirley Weber and Controller Malia Cohen.
Newspaper endorsements listed: The Bakersfield Californian, The Mercury News, East Bay Times, The Korea Times, Sing Tao Daily, The San Francisco Chronicle.
Facts, claims & caveats
Law-enforcement endorsers
Peace Officers Research Association of California, Los Angeles Police Protective League, ALADS, California Association of Highway Patrolmen
Newspapers
Bakersfield Californian, Mercury News, East Bay Times, Korea Times, Sing Tao Daily, San Francisco Chronicle
Limits: Campaign-maintained list; undated, so it does not show when each endorsement was made (e.g., the CTA backed Fryday in the primary per other sources).
Summary written 2026-10-28 in an operator-run Claude session. Link checked 2026-10-28.
NBC 7 San Diego reports Ma and Romero advanced to the general election, with Ma at 19.1% and Romero at 18% at about 94% of the vote counted. It covers Ma's record and pledges, the harassment lawsuit and scrutiny of her ties to Pegasus California School.
Ma pledges to support small businesses, create jobs and focus on affordability.
It says her career was 'marred by controversy': the 2021 harassment suit settled for $350,000, which she says was false.
Her ties to Pegasus California School were scrutinized after an audit of the school; the audit did not accuse Ma of wrongdoing, but she received campaign donations from its founder.
Facts, claims & caveats
Primary result
Ma 19.1%, Romero 18%, about 90,000-vote gap, ~94% counted
Fryday
14.6%, conceded June 10
Limits: Brief; the Pegasus matter is mentioned without detail or a link to the audit.
Date stated in the document. Summary written 2026-10-28 in an operator-run Claude session. Link checked 2026-10-28.
Inside California Politics/FOX40 (via KGET) election-night report: Ma led the lieutenant governor primary, followed by Romero. It gives a brief Ma biography and notes the harassment lawsuit settled for $350,000.
Ma is serving her second term as Treasurer and is the first woman of color in the post.
As BOE chair in 2016 she ordered three external audits.
It says she 'has denied any wrongdoing and ultimately settled the lawsuit for $350,000'.
Facts, claims & caveats
Assembly service
six years; sixty bills authored
Settlement
$350,000
Limits: Short election-night item; describes the settlement as Ma's, whereas other sources say the state paid it.
Date stated in the document. Summary written 2026-10-28 in an operator-run Claude session. Link checked 2026-10-28.
Local News Matters teaser on primary-night returns: Ma and Romero led early results, with Ma leading the Democratic field. The rest of the article is behind a sign-in wall.
Ma and Romero were leading in early returns.
Facts, claims & caveats
Limits: Only the opening paragraphs were captured; the article body requires sign-in.
Date stated in the document. Summary written 2026-10-28 in an operator-run Claude session. Link checked 2026-10-28.
KQED's republication of CalMatters' June 2026 primary-night story on the lieutenant governor race; the text matches the CalMatters original: Ma and Romero near 20% each in early returns, Ma's labor backing and $2.8 million raised, and the $350,000 harassment settlement she calls frivolous.
Ma and Romero led early returns with nearly 20% each.
Ma's run is described as shadowed by 2021 sexual harassment allegations.
Ma wants CSU campuses to find private-partnership revenue.
Facts, claims & caveats
Origin
Originally published by CalMatters under a Creative Commons license
Ma has called the allegation 'frivolous', per the article.
Limits: Duplicate of the CalMatters article; adds no independent reporting. Only the article portion (first ~4,700 characters) was read; the rest of the stored text is page code.
CalMatters election-night coverage of the June 2, 2026 primary: Ma and Romero were virtually tied near 20% each, with Fryday at about 14%. It notes Ma's labor endorsements, $2.8 million raised and the harassment allegations, and summarizes candidates' higher-education plans.
Ma had raised about $2.8 million; Fryday nearly $4 million.
Her run is 'shadowed by 2021 sexual harassment allegations' that Tubbs supporters used; the state paid $350,000 to settle.
Ma wants Cal State universities to find revenue through partnerships with private companies.
Ma 'has framed the job as another bulwark against the Trump administration'.
Facts, claims & caveats
Early returns
Ma and Romero near 20% each; Fryday about 14%
Ma fundraising
about $2.8 million
CalMatters reports Ma has called the allegation 'frivolous'.
Limits: Early, incomplete returns on election night; not final results.
Inside California Politics/FOX40 (via FOX 5 San Diego) overview of the primary field, published May 29, 2026, with a short Ma biography and a note on the harassment lawsuit.
Ma is in her second term as Treasurer, a CPA and daughter of Chinese immigrants.
She served six years in the Assembly and four on the BOE.
It notes the harassment lawsuit and $350,000 settlement, which she denies.
Facts, claims & caveats
Settlement
$350,000
Limits: Brief pre-primary overview; no policy detail.
CalMatters' April 30, 2026 primary preview of the lieutenant governor race describes each major candidate's plans. For Ma, it reports her idea of raising Cal State revenue through private partnerships, her record and endorsements, and the 2021 harassment allegation settled by the state for $350,000, which she denies.
Ma would look to raise CSU revenue outside the general fund, such as leasing campus theaters to private companies.
She said issuing housing bonds to universities gave her 'a different perspective' on student housing.
She was accused of sexual harassment by a former employee in 2021; the state settled for $350,000 in 2024; Ma denies the claims and called the suit 'frivolous'.
A correction says Ma had not received the Democratic Party endorsement; the party had not endorsed in the race at that time.
Facts, claims & caveats
Settlement
$350,000 in 2024, taxpayer-funded
Endorsement
California Labor Federation
Correction
Party had not endorsed in the race as of publication
Ma said 'I still got all the same endorsements that I got the first time I ran in 2018' and 'I've gotten even more support for my lieutenant governor's race.'
Limits: Primary-season preview covering five candidates; brief treatment of each.
CBS Sacramento reports that the state agreed to pay $350,000 to settle a 2021 lawsuit by former state tax official Judith Blackwell alleging that Treasurer Fiona Ma sexually harassed her. Ma denied the allegations and called the settlement a vindication.
The settlement was filed in Sacramento County Superior Court; a trial had been scheduled for September.
Blackwell alleged Ma exposed herself and climbed into her bed while they shared hotel rooms and a rental unit.
A judge had earlier dismissed racial discrimination and wrongful termination claims but let the harassment claims go to trial.
Ma called it 'a frivolous lawsuit filed by a disgruntled employee who fabricated claims'.
Facts, claims & caveats
Settlement amount
$350,000, paid by the state
Plaintiff
Judith Blackwell, former state tax official
Lawsuit filed
2021
Judge
Christopher Krueger, Sacramento County Superior Court
Blackwell alleged Ma 'exposed her nude backside and climbed into Blackwell's bed with her at least once'.
Ma said she had said from day one that this was a frivolous lawsuit and called the agreement a vindication.
Limits: Reports allegations that were settled without a trial or finding of liability; Ma denies them. Published in 2024, before the lieutenant governor campaign's main phase.
Date stated in the document. Summary written 2026-10-28 in an operator-run Claude session. Link checked 2026-10-28.
A 2022 CalMatters article based on an hour-long interview with Treasurer Ma during her re-election campaign. It covers her housing finance record, positions on taxes and wages, the then-pending harassment lawsuit, a near-miss $457 million mask wire transfer in 2020, and a 2021 pension bill tied to a police union leader.
Ma opposed a wealth tax, higher top-earner rates and Proposition 30 (2022), and opposed further minimum wage increases while supporting universal basic income.
She cited record tax-credit approvals for new housing construction, the first community-college student housing bonds and the Dream for All program.
She opposed AB 2305, which would have centralized affordable housing funding, calling it 'bureaucratic and not needed'.
She said she no longer stays overnight in Sacramento for work or shares hotel rooms with subordinates.
On the 2020 mask transaction she called it 'a lesson learned'.
On a 2021 pension bill her office helped draft for Santa Ana police union president Gerry Serrano, she said 'I like to try to fix problems'.
Facts, claims & caveats
2022 primary result
57% Ma vs 22% Guerrero
Mask transaction
$457 million nearly wired to a fraudulent vendor in March 2020
Low-income housing tax credits cited
$500 million
Bill opposed
AB 2305
Ma said 'The top 1% pay or contribute about 49% of our state's general fund.'
Ma said 'I've been on the ballot 19 times. I haven't lost yet, but I don't take anything for granted.'
Ma called the lawsuit filed by a 'disgruntled' former employee frivolous.
Limits: From 2022, during her Treasurer re-election; positions on taxes and wages may have changed. Quotes are from a reported interview, not a full transcript.
Date stated in the document. Summary written 2026-10-28 in an operator-run Claude session. Link checked 2026-10-28.