News
September 18, 2026
The Accountant Who Would Balance California: Fiona Ma's Case for Lieutenant Governor
Pakistan Link and Urdu Link, together with The Mansuri Show on ARY Digital TV, are proud to endorse Fiona Ma for Lieutenant Governor of California.
California does not lack politicians who can talk about affordability. It has far fewer leaders who have spent a career auditing where the money actually goes. Fiona Ma is one of them. Over two decades, she has moved from the San Francisco Board of Supervisors to the State Assembly, from the Board of Equalization to the State Treasurer's office — each step adding a new set of books to balance and a new constituency to answer to.
Today, as the chief banker of the world's fourth-largest economy, she oversees an investment portfolio averaging more than $200 billion and a banking operation that processes over $3 trillion a year. Now she is asking Californians to trust her with the state's second-highest office.
Treasurer Ma sat down with Arif Zafar Mansuri on The Mansuri Show on ARY Digital TV for a wide-ranging conversation on her record, her plans for higher education and housing, and what she believes California's immigrant and working families need most right now. In the interest of full disclosure: our newspapers, Pakistan Link and Urdu Link, and The Mansuri Show have endorsed Fiona Ma for Lieutenant Governor. Arif Mansuri and his colleague Jamal Khawaja are also co-hosting a fundraiser for her campaign on October 21, and Mansuri notes that he serves as a delegate of the California Democratic Party.
Arif Mansuri: Over two decades in public service and four elected offices, you have built deep experience across California government. What is the one lesson from all that experience, and from being California's treasurer, that you would bring to lieutenant governor?
Fiona Ma: I think it's important that an elected official listens to people, actively listens, asks for their input, and then comes together to work on issues that need to be addressed in a more inclusive, collaborative way. That's something I learned when I was president of the Asian Business Association — people face similar challenges. Sometimes there are individual challenges, but collectively, if we could get together, listen, and learn, we can better solve problems.
Arif Mansuri: As lieutenant governor, you would sit on the Board of Regents of the University of California and preside over the California State Senate. How would you use those roles to shape higher education in California?
Fiona Ma: The lieutenant governor serves on the UC Board of Regents, the California State University Board of Trustees, and the Community College Board of Governors. I am myself the oldest child of immigrant parents. My parents came to this country for that dream, started with nothing, and accessible, quality public education has always been very important to me. Here in California, it is getting less affordable for some of our young people to attend a UC or even a CSU. So many of them are looking to do their first two years at a community college, because it's free for first-time college-goers, and then transfer to a CSU or a UC. We really need those grants to help students who cannot afford full tuition, and we need real pathways to jobs. I am a product of paid internships myself — at the Rochester Institute of Technology, we had mandatory paid internships, and everybody had a job offer by the time they left college. With technology changing so quickly, we need to figure out what companies really need and train our students accordingly, so they have quality paid internships and real job opportunities waiting for them.
And then there is housing. Many of our higher education institutions don't provide housing for all four years, which makes things harder for students. Some drive long hours; some are sleeping in their cars when housing isn't available. I built student housing at the Santa Rosa Community College site myself — on budget and on time — and it has been a game changer for Marin County, letting far more students attend. We need to build more student housing, faculty housing, and workforce housing. We have a lot of acreage at our K-through-12 schools that could be used for workforce housing, and I'm working with Richard Barrera, a candidate for Superintendent of Public Instruction, and his housing coalition to explore bringing some of those properties online for housing as well.
Arif Mansuri: As a CPA who manages the finances of the fourth-largest economy in the world, you understand the numbers better than most politicians. How would that experience help everyday families struggling with the cost of living and inflation?
Fiona Ma: I am an accountant by training, and I follow the numbers. We need to revisit many of the laws that have been passed in the past and see what unintended consequences have arisen — why it is costing so much for the average family to afford to stay here in California. Then, again, we listen to our constituents about what changes we need to make it more affordable. I believe in more auditing, more accountability, and more transparency. That's how I bring my background to this job: making sure we are auditing where the money is going, making sure it reaches the people it's intended for, and holding people accountable — because that's what people want for their hard-earned tax dollars, for the funding to go as directly as possible to those who need it.
Arif Mansuri: What are some things you did as treasurer that many California voters may not know about, but should?
Fiona Ma: We built our first student housing at Santa Rosa Community College — the first time the treasurer's office had ever done that. We also run four savings programs: ScholarShare 529, to keep kids out of student loan debt; CalSavers, for retirement; CalABLE, for people with disabilities; and now our newest, HOPE accounts, for long-term foster youth and any child who lost a parent to COVID. We've significantly increased the number of people accessing these programs, because it's never too early or too late to start saving for college, retirement, or emergencies. I also helped distribute 17 distressed hospital loans. Post-COVID, many community and rural hospitals were struggling to stay open, and we've helped keep their doors open because they're vital to our communities. On affordable housing, I oversee the tax credits and bonds that subsidize genuinely affordable housing in California, and we've approved more applications than ever before. I do a lot of funding and financing behind the scenes that people don't see, but essentially, anyone in California who needs money and is using money, some of it is probably coming out of my office.
Arif Mansuri: I have served as a planning commissioner for the city of Fullerton, where I live, and currently as transportation commissioner. Affordable housing is close to my heart. What would you do as lieutenant governor on that front?
Fiona Ma: We have to keep working with the treasurer's office and the governor's office to secure more state low-income housing tax credits. Governor Newsom and the legislature have done that for the last eight years, which has really jumpstarted the amount of housing we've been able to build. And as a real estate tax accountant, I want to work with our transportation agencies to build more housing around transit corridors — like BART and Caltrain in the Bay Area, or Metro here — so people don't have to own a car. Gas, insurance, and the cost of a car keep climbing, but if people can access public transportation instead, that changes everything about how affordable it is to get to work.
Arif Mansuri: You have led at the city, state, legislative, and statewide executive level. What accomplishment are you proudest of, and why does it make you the strongest choice for lieutenant governor?
Fiona Ma: Every job is a little different, and I have accomplishments I'm proud of in each one. On the San Francisco Board of Supervisors, there were human trafficking incidents in my district, and I passed legislation requiring conditional use permits for new massage establishments, because that's how women were being trafficked in through massage parlors — and it stopped the trafficking in San Francisco. In the State Assembly, I passed the first-in-the-nation law banning a toxic chemical called phthalates from baby products — the rubber duckies, the teething books. These are products babies are chewing on for twelve, sixteen hours a day, and it was affecting their endocrine and hormonal systems. That was a tough bill to pass as a freshman legislator, and Senator Feinstein later put my language into a federal bill, so no baby products anywhere should contain that chemical.
At the Board of Equalization, when I became chair, I called in three audits because the board wasn't running effectively, and Governor Brown ultimately took away much of its tax and appeals authority. And now, as state treasurer of the fourth-largest economy in the world, I am funding and financing nearly everything in this state, so making sure those programs are efficient and transparent matters enormously. I prepare a report on all seventeen boards I chair for the legislature every year, so the public knows where the dollars go, who they're going to, what we're building, and how many jobs are being created. Those metrics matter to me as I move into my next office.
Arif Mansuri: What's a moment in your career when you took a hard vote or stand that cost you politically, but you would take again?
Fiona Ma: I've had many difficult positions to take over the past twenty-five years, but I do my homework, and I don't sit in my office — I go out and meet with people, I listen, I do my own research and due diligence. So, when I vote against the majority, it's based on real conversations and real research. My first boss and mentor, John Burton, always told me three things: remember who brought you to the dance — be loyal to the people who have been there for you; be a voice for those who don't have a voice, who don't have the money or the lobbyists to roam the halls; and stand up for what's right, even if you're the only one standing up. There have been plenty of times I've been the only yes or the only no on an issue. But that's what my boss taught me, and that's what I've done for twenty-five years. People may not agree with me every time, but they know I do my homework before I take a tough vote.
Arif Mansuri: As a fighter for immigrant rights, raised in an immigrant family yourself, how would you use this office to support California's immigrant communities?
Fiona Ma: I'm something of a poster child for coming to this country, seeking that dream, not having a lot of money, but working hard. My parents bought a house, bought rental property, started a business — that is the experience for so many people who come to California, and I want to keep that dream alive. I want to keep prioritizing our small businesses, because so many people who come here were doctors or teachers in their home countries, and when they arrive, starting a small business is what's accessible to them. I've always been a small-business advocate, and I put together resource guides — they're on my website at treasurer.ca.gov — for small businesses, technology companies, startups, and manufacturers. I now have one for seniors, so they can save money, and ones for veterans and for higher education, so our next generation doesn't have to take on heavy student loan debt.
Arif Mansuri: You have earned a record number of endorsements, from labor unions to legislators. What does that broad coalition say about the kind of leader you are?
Fiona Ma: I've received the endorsement of the Democratic Party, all of the Democratic clubs, and a whole range of unions across California, and I'm very honored and proud of that. I think they know my track record and my work ethic — that I want to bring people together, figure out how to compromise, and pass legislation and policies that actually help the real stakeholders, the people doing the job in that industry every single day, to make it easier for them to stay here, create jobs, and attract investment. I think the Democratic Party, the labor unions, and all of my supporters, including your organizations, know that is my priority, and I'll keep working with everyone to listen, learn, and move this state forward so everybody can prosper.
Arif Mansuri: If you win, what is the first thing Californians will notice that you've changed?
Fiona Ma: In every job I've held, I've always brought transparency and accountability. I'm going to keep working on the tough issues, bringing people together, and making sure taxpayers know what we're working on, how they can get involved, and how to track the money to be sure it's being used as intended. You'll see that difference in the boards I sit on, the issues I take up, and the stakeholders I convene — a lot more of that transparency and accountability.
Arif Mansuri: Would you like to share a message with your constituents through our platform?
Fiona Ma: I'm very honored to be supported by such diverse stakeholders across the state. I travel to all 58 counties, because every county is special, with its own strengths, and California cannot be governed with a one-size-fits-all agenda. My commitment is to keep traveling to all 58 counties, listening, learning, working with our elected officials, and building consensus from the bottom up rather than the top down — the grassroots. People are hungry right now to tell their story, to share their successes, but also the real challenges they're facing: affordability, the lack of insurance, rising housing costs. They worry about the next generation — whether their kids will be able to stay here, afford a house, and grow up in this great state that we all love. Nobody wants to leave California. Everybody wants to stay. But it is getting harder, and we need to adjust, adapt, reboot, and pivot to protect the vision and the dreams of everyone who wants to keep building a life here.
Arif Mansuri: Thank you so much, Treasurer Ma, for joining us today, and for your years of service to California. We wish you the best of luck on November 3rd. You are definitely the best candidate for this job.
Fiona Ma: Thank you. And can I just add — ballots will be dropping in the mail in about two weeks. Look for it and hold on to it; we won't send you another one. Once you vote, make sure you sign the back of your ballot— otherwise it won't be counted. Please deposit it in an official ballot drop box, usually near your city hall, library, or schools, rather than in the regular US mail, given current mail-delivery delays. The right to vote is our right, and we cannot complain if we don't take action. Making sure you vote is your voice in government, and we really want to see a strong turnout on November 3rd.
EDITORIAL NOTE
Fiona Ma's story is, at its core, a story about ledgers — the kind that measure a state's finances, and the kind that measure a public servant's integrity. From the daughter of immigrant parents who arrived with little, to San Francisco supervisor, to the first Asian American woman elected Speaker pro Tempore of the California Assembly, to the first woman of color and first CPA ever elected State Treasurer, her career has followed an unusually consistent thread: wherever she has held power, she has used it to demand accountability, then delivered receipts.
What comes through most clearly in this conversation is not the list of historic firsts, striking as they are. It is the instinct of an accountant applied to public life — the conviction that good government is, in the end, a matter of following the money honestly. Whether she is discussing the phthalates ban she pushed through as a freshman assemblymember, the seventeen distressed hospital loans she helped keep community hospitals afloat with, or the student housing she built on time and on budget in Santa Rosa, Treasurer Ma returns again and again to the same standard: transparency first, results second, credit last.
Her message to California's immigrant and working-class families — voiced by a woman who has lived it — is a reminder that affordability is not an abstraction but a daily arithmetic problem facing millions of households, and that the office of lieutenant governor, with its seats on the UC Board of Regents and the CSU Board of Trustees, is not a ceremonial perch but a genuine lever for change.
Pakistan Link and Urdu Link are proud to lend our endorsement, and our pages, to Fiona Ma's campaign for Lieutenant Governor of California. We are grateful to Treasurer Ma for her candor and her years of service, and to our readers, we echo her closing appeal: mark your ballots, sign the back, deposit them in an official drop box, and make your voice heard on November 3rd.
This interview was conducted for The Mansuri Show on ARY Digital TV, hosted by Arif Zaffar Mansuri, and is published jointly by Pakistan Link and Urdu Link. Watch the full interview at youtu.be/di2NaUOS5FU.
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