#LoveMyJob: 3 Month STO High-Level Update

I was sworn in officially on January 7, 2019, and I am actively using both sides of my brain every day as California’s 34th State Treasurer!

Treasurer’s Duties: People often ask me “What does the Treasurer do?” Well, the State Treasurer’s Office was created in the California Constitution in 1849. Today, over $2 trillion dollars goes through the State Treasurer’s Office every year. I am your state banker, and my office manages $92 billion in state and local funds. We are responsible for $85 billion in outstanding general obligation and lease revenue bonds of the state. We also manage cash receipts for the state and manage bond issuances. In addition, we also manage three savings programs helping individuals with disabilities, college, and private-employee retirement, and another 14 other important programs. Click here for the entire list.

Housing Tour: We kicked off January with a five-city “Housing Listening Tour” to hear directly from stakeholders regarding their concerns, gaps, and needs around the state. We are in the process of trying to better align our office with Governor Gavin Newsom’s goal of creating 3.5 million new homes by 2025.

NAST: At the beginning of February, I met 13 other new state treasurers at the National Association of State Treasurers. I am a member of the Legislation and Taxation Committees. Click here for more about NAST and our Legislative Priorities for this year.

Banking Cannabis: On February 13th, I testified before the United States House Consumer Protection and Financial Institutions Subcommittee on the pressing need to bank the cannabis industry. It was a four-hour hearing, and I learned that 47 states have passed some form of medicinal and/or recreational cannabis access laws so the time is now! Click here for my written testimony that was submitted to the Subcommittee.

Spring Bond Sales: We are currently in the midst of our Spring Bond Sales. We have issued three of the nine bonds to date. Our March 6 general obligation bond refunding sale was extremely successful and will save Californians over $1 billion over the next 19 years. We hope to achieve a similar savings result the week of April 8. Click here for the entire bond sale list.

Assisting Veterans: On March 22nd, we announced the sale of $78 million in veterans housing bonds to help more veterans buy a home. Since CalVet was established in 1921, the Farm and Home Purchase Program has provided loans to 425,000 veterans in California. The program’s guiding principle is to provide the best product for the lowest possible cost, without costing California taxpayers one cent. Click here for more info.

Working with Local Elected Officials: As a former member of the SF Board of Supervisors’ budget committee, I know how daunting it was to decipher the financial statements. Hence, I’m happy that my California Debt and Investment Advisory Commission (CDIAC) is developing training materials for elected officials on the topic of debt issuance and administration and has produced a pilot video that represents the form and function of additional modules that will be introduced later. Click here for the pilot video.

Legislation: My office is once again actively engaged in the Legislative Process this year. We are sponsoring 10 bills and have sent support letters on about 35 bills to date so stay tuned on social media regarding how you can participate.

Outreach Seminars: State Government has many programs to offer. My office is going to continue the tradition of hosting FREE outreach seminars/workshops around the state. Here are my first two upcoming events:

Small Business Seminar: topics include access to capital, forms of ownership, and retirement programs

Time: 9:30 a.m. – 12:30 p.m. (check in begins 9:00 a.m.)
Location: Rowland Unified Board Room, 1830 Nogales Street Rowland Heights, CA 91748
Register online at: http://bit.ly/SGVSBS2019 or by calling (916) 653-2995

Financial Literacy Workshop: topics include Scholarshare529, CalSavers, CalABLE, CalCPA re investment basics
Co Host: San Mateo County Board of Supervisors David Canepa
Date: Tuesday, April 30, 2019
Time: 9:30 a.m. – 1 p.m. (check in begins 9:00 a.m.)
Location: Colma Community Center, 1520 Hillside Blvd., Colma, CA 94014
Register online at http://bit.ly/smfinlit2019 or by calling (916) 653-2995

Social Media: Keep up with me on social media: Facebook (I have a personal and a politician page), Twitter, and Instagram.

Monthly Newsletter: Please also sign up for my monthly State Treasurer’s newsletter. And here is my March monthly newsletter.

And lastly, I enjoyed doing my “STO Walkabouts” and meeting very dedicated, talented and hardworking team members at the State Treasurer’s Office.

Thank you again for entrusting me to be your California State Treasurer!

In peace and friendship,

Fiona