Fiona Ma: Treasurer of the World's 4th Largest Economy

As California's State Treasurer, Fiona Ma is the banker for the world's fourth largest economy, taking in roughly $3 trillion a year, managing a short-term portfolio of about $185 billion for the state and some 2,200 local governments, and issuing all bonds for California and the UC and CSU systems. She walks Melanie Uno through what the office actually does, the legislation she is proudest of — a San Francisco law that ended human trafficking through massage parlors, a ban on phthalates in baby products, and bills signed by Jerry Brown that gave over a hundred incarcerated women a second chance — and how a CPA who never set out to enter politics has now won four straight elections.

The conversation turns practical and personal: Ma explains why politics pays little (she earns about $185,000 as treasurer), how campaigning differs at every level from door-knocking to statewide races costing up to $100 million, and why women face a fundraising double standard where donors hand men a $9,800 check unasked but make her call three times for less. She shares a bullish, hands-on view of AI — using it daily and even building a digital twin — argues against over-regulating and over-taxing industries the way California did with cannabis, and reflects on the frivolous lawsuit, the sacrifices, and the moments she wanted to quit before laying out her 2026 run for lieutenant governor and her drive to break glass ceilings for the next generation.