One Ledger, Thirty-One Years: Congratulations to Fiona Ma on Her Election as Lieutenant Governor of California

Congratulations to Fiona Ma on her election as lieutenant governor of California.

According to the Associated Press, Ma, a Democrat, received 4,905,037 votes, or 63.8 percent, to Republican Gloria Romero's 2,783,155 votes, or 36.2 percent — a margin of about 2.12 million votes. Ma will take office in January 2027 as the state's second-highest statewide officer, the first Asian American elected lieutenant governor in California history and the second woman elected to the office.

As an economist living in the United States, I believe this victory is not a slogan. It is the result of keeping one ledger for 31 years.

1. An accountant by training — the strongest credential in this race

To California voters, Ma is, first of all, a certified public accountant. As state treasurer since 2019, she has served as the state's chief banker and financing officer, handling more than $3.9 trillion in annual transactions and overseeing $124 billion in outstanding bonds.

From an economist's point of view, governing California comes down to keeping three ledgers straight.

The first is the household ledger. Ma's platform is built around affordability: continuing affordable-housing financing, expanding down-payment assistance, generating revenue through university partnerships and calling for a tuition freeze.

The second is the fiscal ledger. A state's credit rests on clear books, transparent procedures and sustainable debt. Ma is one of only two CPAs ever elected to the California Board of Equalization. As the board's chair, she ordered three external audits of the agency.

The third is the ledger of the future. As lieutenant governor, Ma will sit on the governing boards of the University of California, the California State University and the California Community Colleges, chair the California Commission for Economic Development and cast tie-breaking votes in the state Senate.

2. Thirty-one years, from the eldest daughter of an immigrant family to the state's second-highest office

Ma was born in New York City on March 4, 1966, the eldest of three children of Chinese immigrant parents whose family roots are in Dali, Yunnan. She holds accounting, taxation, and MBA degrees from the Rochester Institute of Technology, Golden Gate University and Pepperdine University, and has been a California CPA since 1992.

Counting from her first public appointment in San Francisco in 1995 to her election as lieutenant governor in 2026, the journey took 31 years: San Francisco supervisor; state assemblymember, where she became speaker pro tempore in 2010 — the first Asian American woman to hold the Assembly's second-highest post; member of the Board of Equalization; and the state's 34th treasurer — the first woman, and the first woman of color, to hold that office.

Three things from that record deserve particular note.

In San Francisco, she authored a local business enterprise ordinance for women- and minority-owned businesses and pushed for legislation requiring new massage establishments to obtain conditional-use permits to fight human trafficking. In the Assembly, she authored the nation's first law banning phthalates in baby products. As chair of the Assembly Select Committee on Domestic Violence, she advanced stronger protections for survivors, including AB 593 (2012).

Her deepest tie to the Chinese American community is in public health: she has long served as honorary chair and spokesperson for San Francisco's Hepatitis B Free campaign, promoting hepatitis B screening and prevention in Asian American communities.

During the campaign, she visited all 58 California counties.

3. Through a Christian lens: authority is a trust, not a reward

As a Christian, I have always believed that authority is a trust, not a reward. The higher the office, the more carefully the books must be kept — and the lower a person must bow.

Scripture teaches us to pray for those in authority. That prayer is not an endorsement of a party or a position. It is a prayer for a specific person in a specific office.

Ma's background as a CPA fits naturally with the idea of stewardship. A steward does not own the estate; a steward manages it — and in the end must give an account to the owner. They are people, each with a name.

For Chinese Americans in the United States, the meaning of political participation is not to prove that one ethnic group has “won.” It is to prove that we are willing to take public responsibility for the land we live on. A true bridge is someone who can explain clearly where she comes from — and clearly what she intends to do for the place she serves.

4. Between China and the United States: congratulations, with boundaries made clear

First, let me state my own position clearly: I am an independent economist living in the United States. I am not a U.S. citizen, and I did not vote in this election. This commentary is a gesture of respect and congratulations to a newly elected official — and to the choice California voters have made.

Between China and the United States, what is needed is not shouting across the divide, but more concrete and practical connections: mutually beneficial trade, educational exchange, cooperation in public health and mutual understanding between civil societies. A Chinese American official who grew up in American public life reminds both sides: Chinese people can be deeply rooted in Chinese culture and, at the same time, serve openly and honorably in American society.

Elections have winners and losers; democracy has procedures. The winner's first job is not to celebrate, but to heal, to listen and to keep the ledger straight.

Conclusion

Congratulations, Ms. Ma.

After you take office in January 2027, may you remain a public servant who keeps the books clear, stands firm and bends low: making housing more affordable, keeping tuition from burdening young people, keeping California's fiscal ledger open to daylight.

For a younger generation of Chinese Americans, your story offers a quiet but powerful example: you do not need noise to win, and you do not need to trade on identity. Do one thing for 31 years. Keep one ledger straight. (By Lingyun Xiang)

Photo: Lingyun Xiang with California Lieutenant Governor-elect Fiona Ma.

About the author: Lingyun Xiang is an economist and writer based in the United States.

Editor's note: The Associated Press has called the race for Ma. The California Secretary of State is scheduled to certify the results on Dec. 11, 2026.