EDITORIAL: Anna Caballero, California treasurer candidate, answers Bay Area News Group's primary questionnaire

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Ahead of the June primary election, the Bay Area News Group compiled a list of questions to pose to the California insurance commissioner candidates. You can find the full questionnaire below. Questionnaires may have been edited for spelling, grammar and length.

You can read our endorsement in this race here.

To read our endorsements for other important Bay Area races click here.

Name: Anna CaballeroCurrent job title: State SenatorDate of birth: April 21,1954

Political party affiliation: DemocratOther political positions held: Salinas City Council, Salinas Mayor, Assemblymember, and State Senator. Cabinet Secretary of the Business, Consumer Services and Housing Agency in the Brown Administration.City where you reside: Merced

What are the top three problems you're seeking to solve if elected?

Four issues define my campaign: affordable housing, access to health care, supporting clean energy projects and retirement security.

On affordable housing: I'll use bonding authority and tax credits to put union members to work building housing.

On health care: I will work to make health care more accessible and affordable through wise investments and supporting the creation of more health care facilities built by and operated by union labor.

On clean energy: I'll finance hydrogen, renewable fuels and transmission projects.

On retirement security: I'll protect and strengthen (the CalSavers) program so every worker has the dignity of a secure retirement.

Why are you uniquely qualified to solve these problems?

As the first female mayor of Salinas, I balanced the budget, expanded homeownership opportunities and reduced violent crime.

At the state level, I have a proven record of leadership and execution. As a cabinet secretary overseeing housing, financial regulation and consumer protection, I managed departments responsible for billions of dollars in state investments and the licensing of millions of professionals - experience directly aligned with the responsibilities of the state treasurer.

In the Legislature, I have consistently turned priorities into action securing major investments in infrastructure, housing and economic development, and authoring and passing legislation like the Distressed Hospital Loan Program.

What differentiates you from your most serious competitors for this seat?

I was raised in a working-class family of copper miners, and I understand firsthand the financial pressures Californians are facing today. I've spent my career fighting for those communities first as an attorney for farmworkers, then as a mayor, legislator and cabinet secretary, bringing real resources back to underserved regions like the Central Valley and Central Coast.

I've managed budgets, implemented policy and delivered measurable results, securing investments in infrastructure and housing as well as authoring and passing legislation to keep hospitals open in vulnerable communities.

What did Fiona Ma do successfully as treasurer?

She helped strengthen the state's financial standing by improving our credit ratings and refinancing debt to save taxpayers money, while also expanding programs that open doors for working families - like CalSavers for retirement security, ScholarShare 529 for college savings, and CalABLE for individuals with disabilities. She's also used the office to invest in affordable housing, small businesses and green infrastructure, demonstrating that the treasurer can both safeguard our finances and actively expand economic opportunity across California.

What did Fiona Ma fail to do as treasurer?

Fiona Ma has had opportunities as state treasurer to more aggressively address California's affordability crisis and expand economic opportunity, especially in rural communities, but the office has too often taken a cautious, status quo approach rather than driving bold, targeted solutions. As a result, critical financing tools and investment programs haven't fully reached rural regions, where communities continue to face barriers to infrastructure funding, small business capital and economic development.

The treasurer oversees the issuance of billions of dollars in bonds for infrastructure, housing and public projects. What principles would guide your decisions about when California should borrow, how much debt the state can responsibly carry and how to keep borrowing costs low for taxpayers?

First, borrow strategically, not routinely. Debt should be used for investments that create lasting public benefit.

Second, maintain responsible debt levels.

Third, keep borrowing costs low through sound financial management. We do that by maintaining fiscal stability, strong reserves and investor confidence in California's financial stewardship.

Finally, I believe we must be intentional about where those investments go. Borrowing decisions should help close regional and economic gaps - directing capital to underserved communities where strategic investments can drive long-term growth and opportunity.

California faces massive infrastructure demands - from water systems and transportation to wildfire mitigation and climate resilience. What financing strategies or public-private partnerships would you pursue to fund these projects without placing excessive burdens on taxpayers?

We must leverage state funds strategically to unlock federal investment and attract private capital. That includes expanding the use of tools like revenue bonds, green bonds and resilience financing - so projects can be paid for based on the benefits they generate, rather than relying solely on broad tax increases.

I also support carefully structured public-private partnerships where they deliver clear value, but

only with strong transparency, labor protections and accountability to ensure the public always comes first.

My goal is simple: modernize how California finances infrastructure, deliver projects faster and more efficiently and ensure every dollar is used responsibly.

The treasurer manages several financing authorities that support affordable housing and small business lending. When and how would you expand access to capital, particularly for housing development?

I would focus on expanding access to capital by making our existing financing tools work better, faster and more equitably.

I would strengthen and better coordinate California's financing authorities to ensure we are deploying tax-exempt bonds, tax credits and loan programs as efficiently as possible. I would work to expand access to capital for affordable housing developers.

I also support using innovative financing tools, including public-private partnerships and credit enhancements, to attract more private investment into affordable housing.

I would prioritize equitable access ensuring that underserved communities, rural areas and communities of color have a fair shot at these resources.

The treasurer helps oversee investment of large public funds, including bond proceeds and programs that support retirement and college savings. How should California balance financial returns with policy priorities such as climate risk, social responsibility and economic development?

My first responsibility would be to protect the integrity, safety and long-term performance of public funds. That means making disciplined, data-driven investment decisions and maintaining a clear focus on risk adjusted returns for taxpayers, retirees, students and families who rely on these programs. At the same time, ignoring climate risk, governance failures or broader market vulnerabilities is not fiscally responsible - it is shortsighted. Climate change, supply chain disruption, stranded assets and poor corporate governance all carry real financial consequences. Incorporating those factors into investment analysis is simply prudent risk management.

Are there causes for which you're willing to sacrifice return on investment on state employee retirement funds? If so, which and why?

I would not support sacrificing returns on state employee retirement funds for any cause. Our first and most important obligation is a fiduciary one - to protect the retirement security of public workers who are counting on those investments.

Incorporating factors like climate risk, corporate governance and long-term economic stability is not about sacrificing returns-it's about protecting them. Ignoring those risks can actually undermine performance over time.

Where California can lead is in identifying investments that both deliver strong, risk-adjusted returns and align with long-term priorities like sustainability, resilience and economic growth.

Are there specific companies, industries or countries in which you oppose investing? Please explain.

I would not support broad, politically driven divestment decisions that compromise returns or increase risk. However, I do believe there are circumstances where limiting or avoiding certain investments is appropriate particularly where there are clear, material financial risks or legal and regulatory concerns.

For example, industries or companies that present significant long-term risk - such as those heavily exposed to stranded assets, chronic regulatory violations or poor governance may not be sound investments. Similarly, investments tied to countries or entities that face severe sanctions, instability or lack transparency can pose unacceptable financial and reputational risks.

In what ways would Bay Area voters particularly benefit from your leadership as treasurer?

I would prioritize expanding access to affordable housing financing using bonds, tax credits and public-private partnerships to accelerate the production of workforce and low-income housing.

I would support financing for major transit and infrastructure projects such as BART modernization, Caltrain electrification and expanded regional transit connectivity by leveraging state bonds and innovative financing tools.

I would strengthen California's small business lending programs and green financing tools to ensure startups and local businesses in the Bay Area can grow, hire and compete.

I would continue to lead on climate finance by investing in clean energy, wildfire prevention and climate-resilient infrastructure.

What more should our editorial board know about why you're the best candidate for state treasurer?

I've spent my life guided by the values I learned growing up in a family of copper miners - hard work, fairness and making the most of every opportunity. Those lessons shaped my path, from working as a legal aid attorney representing farmworkers and underserved communities to a lifetime of public service at every level of government. I have served on the Salinas Planning Commission and Salinas City Council. I will bring that same commitment to managing California's finances. I've overseen large budgets, led complex state agencies and authored policies that expand access to housing, health care and economic opportunity.

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This story was originally published May 22, 2026 at 5:43 PM.