California State Treasurer

Last updated
State Treasurer of California
CaliforniaTreasurerSeal.png
Flag of California.svg
Fiona Ma official1.jpg
Incumbent
Fiona Ma
since January 7, 2019
Government of California
Style The Honorable
Term length Four years, two term limit
Inaugural holder Richard Roman
1849
Formation California Constitution
Salary$146,896 (2019)
Website www.treasurer.ca.gov

The state treasurer of California is a constitutional officer in the executive branch of the government of the U.S. state of California. Thirty-five individuals have held the office of state treasurer since statehood. The incumbent is Fiona Ma, a Democrat. [1] The state treasurer's main office is located in the Jesse M. Unruh State Office Building in Sacramento.

Contents

Election and term of office

The state treasurer assumes office by way of election. The term of office is four years, renewable once. Elections for state treasurer are held on a four-year basis concurrently with elections for the offices of governor, lieutenant governor, attorney general, secretary of state, state controller, insurance commissioner, and superintendent of public instruction.

Powers and duties

In California, the state treasurer serves as the chief banker of state government. [2] [3] As such, the state treasurer:

History

The Office was retained as an elective office in the New Constitution of 1879, in recognition by the Workingman's Party (which factored heavily in the State's constitutional convention) that The Treasurer had a significant impact on local credit guidance under the National Bank system established by the Lincoln Administration. Transcontinental cash settlements were still restricted, so California's local development was driven by a relatively high proportion of local gold reserve deposits. In 1907, the State Treasurer was instrumental in a massive expansion of credit to rebuild San Francisco after the 1906 Earthquake, [22] however, at that time the Treasurer was essentially an office controlled by the railroads. In 1907, the expansion of California money supply led by the Treasurer selling bonds to build the Port of San Francisco seawall exposed liquidity problems due to corruption in the New York Clearinghouse, causing the Panic of 1907. [23]

Progressive governor Hiram Johnson left the office essentially untouched. Of the office, he had this to say in his first inaugural:

The most advanced thought in our nation has reached the conclusion that we can best avoid blind voting and best obtain the discrimination of the electorate by a short ballot. A very well known editor in our State, during a recent lecture at Stanford University, challenged the faculty of that great institution to produce a single man who had cast an intelligent vote for the office of State Treasurer, and none was produced. Fortunately our State Treasurer is the highest type of citizen and official. The reason the challenge could not be met was that, in the hurry of our existence and in the engrossing importance of the contests for one or two offices, we can not or do not inform ourselves sufficiently regarding the candidates for minor offices... If we can remedy this condition it is our duty to do so, and it is plain that the remedy is by limiting the elective list of offices to those that are naturally conspicuous. [24]

The creation of the Federal Reserve in 1913 significantly restricted the power of the State Treasurer to influence local economic development, essentially centralizing National Monetary policy. During the First World War, this was deployed toward War Mobilization. Still, State Bond issuance for major infrastructure projects characterized the office into the 1960s, including bonds for the State Parks System in the 20's, to build facilities for the 1932 Olympic Games, for the Postwar expansion of the University of California and State University Systems, for the State Water Project of 1960, and for the massive expansion of the State Prison System in the 1980s. As California's population and economy expanded, the Local Agency Investment Fund became a significant market player, and the Office developed the capacity to bail out troubled corporations by buying up their bond issuances.

Ivy Baker Priest stands out as the first woman to be elected to any California statewide office (from 1967 to 1975), having already served as Eisenhower's Treasurer of the United States in the 1950s. She was famous for aphorisms, including "We women don't care too much about getting our pictures on money as long as we can get our hands on it." With the election of Kathleen Brown in 1990 as a Democrat, the Democratic-lead legislature significantly expanded the scope and duties of the office; however, the Orange County Bankruptcy also lead the legislature to significantly curtail the permissible investment policies of Treasurer-administered pooled local investments. Although the Treasurer has nominal advisory authority over local debt issuance, the Treasurer was powerless to prevent local government entities such as Stockton or San Bernardino from falling into insolvency.

List of treasurers

ImageNameTermParty
Richard Roman 1849–1854 Democratic
Selden A. McMeans 1854–1856Democratic
Henry Bates 1856–1857 American
James L. English 1857–1858American
Thomas Findley.png Thomas Findley 1858–1862Democratic
Delos R. Ashley (Nevada Congressman).jpg Delos R. Ashley 1862–1863 Republican
Romualdo Pacheco - Brady-Handy (cropped).jpg Romualdo Pacheco 1863–1867Republican
Portret Antonio Coronela.jpg Antonio F. Coronel 1867–1871Democratic
Ferdinand Baehr 1871–1875Republican
Jose Guadalupe Estudillo (cropped).jpg José G. Estudillo 1875–1880Democratic
John Weil.jpg John Weil 1880–1883Republican
William A. January 1883–1884Democratic
Denis J. Oullahan 1884–1887Democratic
Adam Herold 1887–1891Democratic
J. R. McDonald 1891–1895Republican
Levi Rackliffe 1895–1898Republican
Will S. Green.png Will S. Green 1898–1899Democratic
Truman Reeves, 1897.jpg Truman Reeves 1899–1907Republican
William R. Williams 1907–1911Republican
Edward D. Roberts 1911–1915Republican
Friend Richardson (cropped).jpg Friend William Richardson 1915–1923 Progressive; Republican
Charles Gus Johnson.png Charles G. Johnson 1923–1956Republican
A. Ronald Button, 1958.jpg A. Ronald Button 1956–1959Republican
Bert A. Betts, 1963.jpg Bert A. Betts 1959–1967Democratic
Ivy Baker Priest, 1971.jpg Ivy Baker Priest 1967–1975Republican
Jesse M. Unruh, 1975.jpg Jesse M. Unruh 1975–1987Democratic
Elizabeth Whitney 1987–1989
Thomas W. Hayes 1989–1991Republican
KathleenBrown.png Kathleen Brown 1991–1995Democratic
Mattfong.jpg Matt Fong 1995–1999Republican
Phil Angelides FCIC (3x4a).jpg Phil Angelides 1999–2007Democratic
Bill-Lockyer.jpg Bill Lockyer 2007–2015Democratic
California State Treasurer John Chiang (cropped).jpg John Chiang 2015–2019Democratic
Fiona Ma official1 (cropped).jpg Fiona Ma 2019–presentDemocratic

See also

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References

  1. "Fiona Ma -- A Biography". California Office of the State Treasuer. Retrieved August 13, 2021.
  2. "Responsibilities and Functions". California Office of the State Treasurer. Retrieved August 13, 2021.
  3. "Treasurer's Office Programs". California Office of the State Treasurer. Retrieved August 13, 2021.
  4. "Centralized Treasury and Securities Management Division". California Office of the State Treasurer. Retrieved August 13, 2021.
  5. "Time Deposit Program". California Office of the State Treasurer. Retrieved August 13, 2021.
  6. "Financial Services Section". California Office of the State Treasurer. Retrieved August 13, 2021.
  7. "Securities Clearance Section". California Office of the State Treasurer. Retrieved August 13, 2021.
  8. 1 2 "Collateral Management Section". California Office of the State Treasurer. Retrieved August 13, 2021.
  9. "Item Processing Section". California Office of the State Treasurer. Retrieved August 13, 2021.
  10. "Public Finance Division". California Office of the State Treasurer. Retrieved August 13, 2021.
  11. "California Debt and Investment Advisory Commission". California Office of the State Treasurer. Retrieved September 5, 2022.
  12. "CalABLE". California Office of the State Treasurer. Retrieved August 13, 2021.
  13. "CalSavers Retirement Savings Program". California Office of the State Treasurer. Retrieved August 13, 2021.
  14. "ScholarShare Investment Board". California Office of the State Treasurer. Retrieved August 13, 2021.
  15. "Local Agency Investment Fund". California Office of the State Treasurer. Retrieved August 13, 2021.
  16. "Pooled Money Investment Account". California Office of the State Treasurer. Retrieved August 13, 2021.
  17. "CalABLE Board". California Office of the State Treasurer. Retrieved February 8, 2022.
  18. "ScholarShare Investment Board". California Office of the State Treasurer. Retrieved February 8, 2022.
  19. "CalSavers Retirement Savings Board". California Office of the State Treasurer. Retrieved February 8, 2022.
  20. "California Tax Credit Allocation Committee". California Office of the State Treasurer. Retrieved August 13, 2021.
  21. "List of Boards, Commissions, and Authorities". California Office of the State Treasurer. Retrieved August 13, 2021.
  22. "Rebuilding San Francisco Following the 1906 Earthquake".
  23. "The Financial Panic of 1907: Running from History".
  24. "Governors of California - Hiram Johnson. Inaugural Address".