Fiona Ma, CPA (born 1966, New York City) is a Chinese American accountant, Democratic politician, and California’s 34th State Treasurer — the first woman of color and the first woman Certified Public Accountant ever elected to that office. 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 and reelected on November 8, 2022. She is running for Lieutenant Governor of California in the June 2, 2026 primary, widely described as the field’s frontrunner based on polls, fundraising, and endorsements.
Ma was born in New York City and grew up in the San Francisco Bay Area. She earned a bachelor’s degree in accounting from the Rochester Institute of Technology, a master’s degree in taxation from Golden Gate University, and an MBA from Pepperdine University. She worked as a CPA in public accounting before entering politics, bringing a financial background to public office that has defined her career. She served on the San Francisco Board of Supervisors from 2002 to 2006. She was then elected to the California State Assembly representing the 12th District, serving four terms from 2006 to 2012. She was the first and only Asian American woman ever elected California Assembly Speaker pro Tempore, the second-highest ranking office in the Assembly. During her Assembly tenure she passed landmark legislation banning toxic chemicals in children’s toys and expanding protections for small business owners and homeowners.
Ma served on the California State Board of Equalization from 2014 to 2019, including as Chair and Vice Chair, where she led reforms to increase efficiency and transparency at the agency. As State Treasurer, her office processes more than $3 trillion in payments within a typical year and provides transparency and oversight for an investment portfolio of more than $124 billion, approximately $34.8 billion of which are local government funds. She is also responsible for $93 billion in outstanding general obligation and lease revenue bonds of the state. She announced her candidacy for Lieutenant Governor in December 2025.
Endorsements
California Labor Federation, State Building and Construction Trades Council of California, AFSCME, majority of California Assembly Democrats, Equality California, Mercury News editorial board, and a broad coalition of labor unions, Democratic elected officials, and civic organizations. A full list is available on her endorsements page.
Reputation/Scandals/Successes
Core Strengths and Positive Reputation
- Deepest Government Résumé in the Field: Ma is the only candidate in the Lieutenant Governor race who has served at every level of California’s elected government — city (San Francisco Board of Supervisors), state legislature (Assembly), statewide agency (Board of Equalization), and statewide constitutional office (State Treasurer). With over two decades of uninterrupted elected public service, she has the broadest institutional experience of any candidate — a direct argument for readiness to step in as Acting Governor if needed.
- Historic Financial Stewardship as Treasurer: Ma argues that “the most important qualification for serving as Lieutenant Governor is to be ready to step in, if necessary, to serve as Governor,” and her record as the state’s primary banker overseeing a $124 billion investment portfolio and $93 billion in outstanding bonds supports that claim. She has consistently highlighted record participation in state financial programs and strong returns on public investments under her management as evidence of competent, data-driven governance.
- Strongest Labor Endorsement Coalition: Ma secured the endorsement of the California Labor Federation — the umbrella body representing the state’s major unions — as well as the State Building and Construction Trades Council and AFSCME, giving her the deepest organized labor backing in the race. Combined with the majority of Assembly Democrats endorsing her, these endorsements signal broad establishment confidence and provide the fundraising infrastructure and voter contact capacity needed to compete in a statewide primary.
- Higher Education Platform Directly Suited to the Office: Ma’s platform — freezing tuition increases, reducing student debt burdens, creating education-to-industry coalitions by bringing biotech and tech executives to UC and CSU board meetings, and linking CalHFA housing finance with State Lands Commission property to create workforce housing — reflects a sophisticated understanding of the actual levers the Lieutenant Governor controls. Her years overseeing the state’s financing for affordable housing and public works as Treasurer give her direct policy credibility on these issues.
- Frontrunner in Polls and Fundraising: State Treasurer Fiona Ma is widely described as the front-runner, with several outlets stating she leads the field in polls and fundraising. Her combination of name recognition from two statewide elections, an extensive donor network, and institutional endorsements gives her structural advantages that have not been matched by any other candidate in the race.
Criticisms and Controversies
- Sexual Harassment Lawsuit and $350,000 State Settlement: In July 2021, Judith Blackwell — a former high-ranking employee of Ma’s office and the head of the California Tax Credit Allocation Committee — filed a lawsuit alleging that Ma sexually harassed her on multiple occasions while they shared hotel rooms and accommodations, including exposing herself and climbing into Blackwell’s bed. Blackwell dropped the lawsuit just a month before a September 2024 trial was scheduled to begin, but separately, the state of California reached a settlement deal with Blackwell — paying $350,000 in taxpayer funds — releasing Ma’s office from any wrongdoing and including no admission of liability by Ma or the state. Ma has called the lawsuit “frivolous” and filed by a “disgruntled employee,” and has said she wanted to clear her name at trial rather than settle. An opposition PAC called “No on Fiona Ma for Lieutenant Governor 2026 — Taxpayers Against Sexual Harassment by Government Officials” has launched negative campaign activity focused on the lawsuit; the group is reportedly represented by someone who leads another group that supports a rival in the lieutenant governor’s race, signaling an organized political strategy rather than a spontaneous grassroots backlash.
- Chinese Boarding School Controversy: Politico reported that Ma was an invited guest at a Chinese boarding school — Pegasus California School in Qingdao — that is the subject of a Riverside County audit, after a Riverside County school district improperly issued California diplomas to students at the school. An archived web page from the school showed Ma being shown around the campus and suggested she told students she could set them up with internships and jobs in California. The audit found evidence of potential fraud and misappropriation of funds. The California Department of Education subsequently issued a cease-and-desist order to the school. Reporting noted that the school’s founder had made significant campaign contributions to Ma’s political bids. Ma has denied any improper connection to the school.
- Disputed Statements About the Settlement: Ma has continued to make public statements that critics say mischaracterize the settlement, insisting that no money changed hands and that all civil claims against her were dismissed — characterizations that opponents and some reporters have disputed as inaccurate. The discrepancy between her public statements and the documented settlement terms has drawn separate criticism beyond the underlying allegations themselves.
Campaign Contributors
Ma leads the field in reported fundraising, drawing on a deep donor network built across more than two decades of statewide campaigns. Major contributors include labor unions, business associations, and individual donors. Full contributor details are available at Transparency USA.
Media Coverage
CalMatters Voter Guide – Lieutenant Governor
LAist: Lieutenant Governor — Who’s Running and Why It Matters
SFist: Fiona Ma’s Sex Scandal Has Come Up in the Race for Lieutenant Governor
KPBS: 2026 Primary Election — Lieutenant Governor Race Explainer
GrowSF: Fiona Ma Lieutenant Governor Candidate Questionnaire
