Fiona Ma, California's state treasurer and a Democrat, is running for lieutenant governor in the Nov. 3, 2026, general election.
She faces Republican Gloria Romero.
Ma said on her campaign website that her accounting and public finance background drives her bid, and she wants to grow the economy, attract investment and make college more affordable.
Candidate information
- Party: Democratic
- Office sought: California lieutenant governor
- Education: Bachelor's degree in accounting, Rochester Institute of Technology (1988); master's degree in taxation, Golden Gate University (1992); MBA, Pepperdine University (2000)
- Background: Ma said she has been a licensed CPA since 1992. She worked at Ernst & Young from 1988 to 1994 and ran her own tax practice from 1994 to 2002, according to BallotReady. Ma has said she is the oldest child of immigrant parents and the spouse of a firefighter.
Experience and public service
Ma has held elected and appointed positions in California government, according to BallotReady and her campaign:
- San Francisco Board of Supervisors, District 4 (2002–2006)
- California State Assembly, District 12 (2006–2012), serving as majority whip and later speaker pro tempore
- California State Board of Equalization, District 2 (2014–2019)
- California state treasurer (2019–present)
Ma said she was the first woman of color and the first woman CPA elected state treasurer and that she serves on the CalPERS and CalSTRS boards, the nation's largest pension funds.
On the issues
The following positions are from Ma's campaign website and BallotReady questionnaire responses.
Economy and budget: Ma said she oversees $3.7 trillion in annual disbursements and manages an investment portfolio of $150-$250 billion per year as treasurer, generating $18 million per day from state investments.
Housing: Ma said her background as a real estate tax accountant makes her committed to building more housing so residents can afford to live in California.
Health care: Ma said that having lived with a pre-existing condition and having seen her mother struggle with depression, she would fight for health care access.
Public safety: Ma said she would champion first responders and cited legislation she authored targeting human trafficking in massage parlors and expanding rights for domestic abuse survivors.
Environment: Ma said she has advocated for socially responsible and climate-smart investing through her CalPERS and CalSTRS board roles.
Endorsements
The following endorsements are listed on Ma's campaign website, her account on X and BallotReady:
- Eleni Kounalakis, California lieutenant governor
- Dr. Shirley N. Weber, California secretary of state
- Assemblymember Buffy Wicks, California State Assembly
- Senator John Laird, California State Senate
- California Labor Federation, AFL-CIO
- AFL-CIO
- California Teachers' Association
- California Professional Firefighters
- International Brotherhood of Teamsters
- Laborers' International Union of North America
- United Nurses Associations of California/Union of Health Care Professionals
- Communication Workers of America
- AFSCME Local 3299
- State Building and Construction Trades Council of California
- North State Labor Federation, AFL-CIO
- South Bay Labor Council
- San Diego Building & Construction Trades Council
- Peace Officers Research Association of California
- California Association of Highway Patrolmen
- California - Orange County Democrats
- Los Angeles County Democrats
- San Diego County Democratic Party
- Santa Clara County Democrats
- Alameda County Democrats
- Riverside County Democrats
- Fresno County Democrats
- Los Angeles Stonewall Democrats
- Fresno Stonewall Democrats
- San Diego Democrats for Equality
- Alice B Toklas Democratic Club
- Heart of LA Democratic Club
- Pacific Palisades Democratic Club
- The United Democratic Club
- San Francisco Women's Political Committee
- National Women's Political Caucus of California
- Planned Parenthood of San Diego, Riverside, Imperial
- Planned Parenthood of Orange, San Bernadino
- Community Action Fund of Planned Parenthood Orange San Bernardino Counties
- Monterey County Farm Bureau
- San Francisco Bay Times Editorial Board
- Bay Area Reporter Editorial Board
Candidate positions and claims are based on Ma's campaign website and BallotReady questionnaire responses. The Newport Signal did not interview the candidate for this profile.
