The first woman of color to lead California's state treasury
In short: Fiona Ma navigated a path from local supervisor to the highest financial office in California. Her tenure has been defined by massive bond management, green energy financing, and a high-profile legal settlement that sparked intense scrutiny over her leadership style.
Fiona Ma's political trajectory is marked by several 'firsts.' In 2019, she became the first woman of color to serve as California State Treasurer. Before reaching this office, she broke barriers in the state assembly as the first Asian American woman to serve as Assembly Speaker pro Tempore, the second-highest ranking position in that body.
As Treasurer, Ma has overseen significant fiscal operations, including $85 billion in bonds and between $85 billion and $100 billion in short-term investments in 2019. Her early tenure saw Wall Street's Fitch Ratings and Moody's upgrade California's general obligation bonds due to improved fiscal management. She also spearheaded the state's first Green Bond Market Development Committee in 2019 and launched various financing programs for energy efficiency and affordable housing.
However, her career has faced significant controversy. In 2021, a former employee filed a lawsuit alleging sexual harassment and racial discrimination, claiming Ma created a hostile work environment through unwanted advances and the sharing of hotel rooms—which Ma defended as a cost-saving measure. The state settled the suit in 2024 for $350,000.
Ma's legislative legacy also includes aggressive tax reform. While on the Board of Equalization, she pushed for the 'Taxpayer Transparency and Fairness Act of 2017,' the largest restructuring of that agency in its 138-year history. She targeted the 'underground economy,' seeking to capture billions in unpaid taxes from industries like cannabis and third-party e-commerce sellers.
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Sources
- Summary by Intellect · source: Fiona Ma
- Also: Wikidata — Fiona Ma · CC0
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