I’m proud to be your 34th California State Treasurer, and even more proud of what we have accomplished together in just the first nine months on the job. If you have been following our social media or reading our monthly newsletters, you can see that my team and I have hit the ground running, laser focused on growing our economy, creating and retaining jobs, alleviating the state housing crisis, protecting our environment and increasing the financial well-being of our state and its citizens.
You can find our six-month review highlighting our major accomplishments, initiatives, legislation and other activities here, and a snapshot of exciting recent developments below.
Treasurer Ma with other National Association of State Treasurers (NAST)
California’s Fitch Credit Rating Improved: Just like a personal credit score, the state’s credit rating is a key factor in determining the interest rates lenders offer California. In August of this year, Fitch — one of the “Big Three” credit rating agencies — raised the state’s general obligation rating from ‘AA-.’ to ‘AA’, a positive sign that represents growing confidence in the state’s financial outlook, including improved fiscal management that better prepares California to weather economic ups and downs. “California’s economy is unmatched among U.S. states in its size and diversity and is generally stable despite a considerable presence in industries prone to cyclicality,” Fitch stated in its announcement.
National Appointment Grows California Influence on Federal Banking Laws: As a member of the National Association of State Treasurers (NAST), I have been working with state treasurers across the country to advocate for better alignment between federal and state laws involving banking for the cannabis industry and key state programs including CalABLE, CalSavers, ScholarShare529 and others. I was recently appointed to represent NAST on the prestigious Governmental Accounting Standards Advisory Council, where I will be a leading voice on federal and state tax compliance, reporting and regulatory matters.
Still Going Strong: Thanks to your continued support, San Francisco-based political analyst and commentator Alex Clemens’ recent comprehensive analysis of San Francisco-based elected officials found that I was among those with the “most electoral wins without a defeat” and “most different offices held.”
Serving as your State Treasurer has given me the opportunity to draw on the full breadth of my experiences, from my educational background and work as a Certified Public Accountant to my public service achievements, and allows me to focus on fiscal and policy issues that impact all Californians. I am excited and fully committed to serving as your state banker for the next seven years, and my re-election account is up and running. I hope that I can count on your endorsement and support!