State Treasurer Fiona Ma Officially Announces Candidacy for Lieutenant Governor

Image of supporters of Fiona


Backed with Key Endorsements and Funding, Ma Seeks to Become State’s First Elected Asian-American and Second Elected Woman Lieutenant Governor 

SACRAMENTO, Calif. (May 31, 2023)  – State Treasurer Fiona Ma today formally announced her bid to become California’s Lieutenant Governor in 2026.

Ma, a Democrat and Certified Public Accountant, would be the state’s first elected Asian-American Lieutenant Governor and the second woman elected to the position. She would also be the first CPA to be elected Lt. Governor of the state. 

“With more than two decades of experience in public office, I am uniquely qualified to be California’s second-highest ranking elected official — where I will continue to be a powerful advocate for improving our state’s housing supply, environment, education systems and economy,” said Treasurer Ma. “California needs proven leadership to take on bold action to meet our ambitious climate change and energy goals, level the playing field and attract better quality jobs for all Californians while expanding access to healthcare, housing and education. I am committed to ensuring California remains an economic leader and powerhouse, investing in the small, family-owned businesses and the people that are the foundation of our success.”

Ma, 57, has been serving as California’s 34th State Treasurer since 2019. She was first elected on November 6, 2018 with more votes (7,825,587) than any other candidate for Treasurer in the state's history. She is the first woman of color and the first woman Certified Public Accountant (CPA) elected to the position.

As the state’s banker, Ma helped steer the state’s finances through the COVID-19 pandemic. She has grown and revamped the state’s affordable housing and homeless housing programs, funded clean energy projects to create new jobs, and dramatically increased Californians’ ability to save for college, retirement, live with a disability and achieve a better quality of life. At the same time, she has bolstered support for K-12 and higher education. She also has been a strong advocate of divestment from fossil fuels at the state’s pension funds.

Her office processes $2.5 trillion in payments within a typical year and provides transparency and oversight for the government’s investment portfolio and accounts, as well as for the state’s surplus funds. Treasurer Ma oversees an investment portfolio that currently averages over $200 billion – a significant portion of which is beneficially owned by more than 2,200 local governments in California. She serves as agent of sale for all state bonds and is trustee of billions of dollars of state indebtedness.

Ma previously served as a member of the California Board of Equalization from 2015 to 2019 and the California State Assembly from 2006 to 2012. She has built a reputation as a solution-oriented public servant and adept at building unlikely coalitions to overcome California's most complex problems. Prior to serving as Speaker pro Tempore, she was Assembly Majority Whip and built coalitions during a state budget crisis to pass groundbreaking legislation that protected public education and the environment while expanding access to health care.

As an Assembly Member, she authored 60 bills that were signed into law by two different governors. Her successful legislation to ban toxic chemicals in baby products, known as phthalates, became a model for federal legislation that was authored by U.S. Senator Dianne Feinstein in 2008. She chaired the Assembly Select Committee on Domestic Violence and spearheaded legislation that strengthened laws protecting victims of domestic violence, consumers and working families; prevented the spread of Hepatitis B; increased access to quality health care; and expanded equal rights for all Californians.

From 2002 to 2006, she served on the San Francisco Board of Supervisors and championed a human rights campaign to end human trafficking in massage parlors and close prostitution rings. She led an effort to create the city's Disadvantaged Business Enterprise program to empower small businesses to more easily participate in public works projects

Treasurer Ma first became involved in public service in 1994 when she was elected president of the Asian Business Association, where she began advocating at San Francisco City Hall and the State Capitol on behalf of minority business owners. Her work resulted in her election in 1995 as a delegate to the White House Conference on Small Business, where she advocated for socially responsible contracting for minorities and women in San Francisco, ultimately producing a report to Congress detailing 60 top policy recommendations to help small businesses grow and prosper in the 21st century.

Also in 1995, she was appointed to the Assessment Appeals Board of San Francisco by the San Francisco Board of Supervisors. That year she started her public service career as a part-time district representative for then-State Senator John Burton and served as Burton’s district representative until her election to the San Francisco Board of Supervisors. For Burton, she was responsible for helping constituents with Medi-Cal, workers’ compensation, unemployment insurance, franchise and employment development department taxes, and professional licensing.

From 1989 to 1993 she worked for Ernst & Whinney in the real estate tax group, before starting her own accounting practice in San Francisco. Today Ernst & Young is one of the largest professional services firms in the world and considered one of the "big four" accounting firms.

Treasurer Ma has been a licensed CPA in California since 1992 and holds a Bachelor’s Degree in Accounting from the Rochester Institute of Technology (RIT), a Master’s Degree in Taxation from Golden Gate University (SF), an MBA from Pepperdine University, and an Honorary Doctorate from the RIT. 

She is a Member of the Vatican’s Council for Inclusive Capitalism, Member of the California Society of Certified Public Accountants, serves on the Board of California Women Lead, asa member of the CalCPA society, is an Honorary Chair and Spokesperson for the San Francisco Hepatitis B Free Campaign, and is a member of the Screen Actors Guild. Treasurer Ma is also active with the National Association of State Treasurers (NAST) and has served as the 2020 Chair of the ABLE Committee and Member of the Legislative Committee.

She is married to Jason Hodge, a full-time firefighter and Oxnard Harbor Commissioner.

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