California State Treasurer Fiona Ma, CPA Sworn In for Second Term

Elected to Serve Four More Years as Banker of World’s Fourth-Largest Economy

SAN FRANCISCO, Calif. (January 2, 2023) – California State Treasurer Fiona Ma, CPA was today sworn in to her second term leading the world’s fourth-largest economy as the state’s primary banker. She was officially sworn in at a family ceremony with her father, Dr. William Ma, by her side in San Francisco’s Chinatown. Judge Lillian Sing, the first Asian-American female judge to serve in Northern California, administered the oath of office.

“I am deeply grateful for the trust and confidence California’s voters have placed in me to serve an additional four years as your State Treasurer,” Treasurer Ma said after the ceremony. “During my first term in office, we built more affordable housing than ever before, helped thousands of Californians achieve financial freedom, and oversaw trillions of dollars in transactions to invest in small businesses, infrastructure, and schools while helping millions of Californians get back on their feet after COVID-19.”

In this four-year term, Treasurer Ma says that she will continue to prioritize funding projects to address the state’s housing crisis, expanding tools to help Californians improve their financial independence, and re-investing in the cleaning and greening of California’s economy.

“The COVID-19 pandemic brought into stark contrast the realities that many California families still struggle with today – from finding affordable housing, to saving for their children’s education, to job security,” said Treasurer Ma. “As your state banker, my goal has always been to leverage our state’s enormous assets to level the playing field so all Califorians can get ahead. That has been my guiding principle over the last four years, and will continue to be across my public service career.”

Treasurer Ma has already secured major expansions to her office’s families and quality of life initiatives beginning in 2023. Notably, Treasurer Ma was a leading advocate to raise the federal minimum age eligibility for the Achieving a Better Life Experience (ABLE) account, granting greater access to financial tools to millions of Americans living with disabilities both in California and across the nation. She recently implemented the Hope, Opportunity, Perseverance and Empowerment (HOPE Act) program in her office, to provide direct financial aid to children whose parents passed from COVID-19. Also in 2023, her office will play an integral role in the California Dream for All account, providing down-payment assistance to qualifying individuals and families towards the purchase of their first home.

Fiona Ma is California’s 34th State Treasurer. She was first elected on November 6, 2018 with more votes than any other candidate for Treasurer in the state's history. She is the first woman of color and the first woman Certified Public Accountant elected to the position. The State Treasurer’s Office provides financing for schools, roads, housing, recycling and waste management, hospitals, public facilities, and other crucial infrastructure projects that Californians rely on every day.

Last year, her office processed more than $3.2 trillion in payments and provides transparency and oversight for an investment portfolio of more than $200 billion. She also is responsible for $93 billion in outstanding general obligation and lease revenue bonds of the state.

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More About State Treasurer Fiona Ma, CPA:

Most recently before being elected Treasurer, Fiona Ma was an elected member of the California Board of Equalization from 2015 until January 2019 and worked to protect the rights of taxpayers while ensuring California collected its fair share of tax revenues. Upon being selected Chairperson of the Board of Equalization in 2016, she ordered three external audits of the agency and helped lead the biggest reforms for accountability and efficiency in that agency’s history.

Treasurer Ma was a member of the State Assembly from 2006-2012, serving as Speaker pro Tempore from 2010 to 2012. From 2002-2006, she served on the San Francisco Board of Supervisors.

Treasurer Ma has been a licensed CPA in California since 1992 and holds a Bachelor’s Degree in Accounting from the Rochester Institute of Technology (NY), a Master’s Degree in Taxation from Golden Gate University (SF), and an MBA from Pepperdine University. She is married to Jason Hodge, a full-time firefighter and Oxnard Harbor Commissioner.

Fiona’s father, Dr. William Ma holds a Ph.D. in Mechanical Engineering, an MBA and is a Licensed Professional Engineer. He founded or co-founded six companies and holds six patents. He was President and Chairman of the Board of a public company and later specialized in construction claims and litigation before his recent retirement. 

More About Judge Lillian Sing:

Judge Lillian Sing is the first Asian-American female to serve as Judge in Northern California. She was a founding member of the California Asian Judges Association, California Asian Bar Association, Chinese for Affirmative Action, Rape of Nanking Redress Coalition, and Pivot to Peace. Judge Sing retired from the San Francisco Superior Court to serve as the co-chair of the “Comfort Women” Justice Coalition.