EDITORIAL: Tony Vazquez, 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.

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Name: Tony VazquezCurrent job title: Member California State Board of Equalization (Chairman for two years)Date of birth: Nov. 19, 1955

Political party affiliation: DemocratOther political positions held: Santa Monica City Council Member, Santa Monica Mayor, Member California Board of Equalization, Chairman of the BOE (Two years)City where you reside: Santa Monica

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

1. Affordable housing: I'll sit on the California Public Employees' Retirement System and California State Teachers' Retirement System pension funds, which currently invest less than 2% in California (of nearly $1 trillion). I'd work to raise that to 4%, with an eye on affordable housing projects with comparable investment yields.

2. More investment in education: I see a need to work with unions on specialty apprenticeship and trade work programs, especially those helping to build California's infrastructure.

3. Health care: With higher pension fund investments in California, we'd be able to work with health organizations to help bring down costs.

Why are you uniquely qualified to solve these problems?

My political experience from Santa Monica to the Board of Equalization has given me the opportunity to understand the strategic need to involve all stakeholders in helping to impact these challenges. We need to involve developers, educators, unions, nonprofit organizations and other elected officials to help solve these problems.

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

As a former City Council member and mayor of Santa Monica, I have actually had a major role in running a city. I also have the ability to bring together all of the interests - labor unions, business and development, educational, environmental and cultural - to the table to not only voice their interests, but to also empower them to bring those elements to fruition. Currently, as a member of the California BOE, I have sought to level the playing field to make sure everyone is paying their fair share of property taxes.

What did Fiona Ma do successfully as treasurer?

She was able to interface with many constituent groups in California. She made it a point to get out and interact with these groups and organizations.

What did Fiona Ma fail to do as treasurer?

I feel the treasurer failed to increase more of the pension funds investments in California. Both the CalPERS and CalSTRS pension funds, which control almost $1 trillion in funds, invest less than 2% in California.

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?

I would make sure to have a strong financial team advising me on borrowing and the impact of state debt. By increasing pension fund investments in California, some of the borrowing can be offset. I believe we need to find the best opportunities to increase investment in California without impacting California taxpayers.

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?

In all of my political experience I have always sought public-private partnerships to confront infrastructure challenges. For example, I was very successful in creating and working with the Joint Powers Authority (JPA), bringing together more than one financial resource. We used school district budgets, city budgets and community college budgets for development projects that benefitted these entities. We can use this same model to include statewide financial institutions and banking.

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?

Throughout my political career, building affordable housing has been one of my top priorities. When I was first elected to the Santa Monica City Council, we had access to the State Redevelopment Agency, which helped cities leverage local housing funds with state funds. We need to reestablish this agency so cities can help leverage their housing funds with state redevelopment funds.

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?

If we were able to increase the investments of these large public funds in California, we could help balance and support our state priorities. We need to strengthen the infrastructure that allows us to invest more in non-fossil fuel energy sources, and to help the fossil fuel industry to prepare for the environmental and employment changes. The balance of California's priorities is a fragile one that will require a multilevel approach to its challenges. As treasurer, I would seek input from top experts in these fields to help maintain a service balance with fiscal health.

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

I don't believe any cause should sacrifice employee retirement funds for ROI. As treasurer of California, workers can rest assured I would be a vocal and tireless advocate for defined benefits, lower medical costs and a dedicated workforce. I look forward to a future where we can discuss and advocate for strengthening benefits based on the success of high-performing state pension funds.

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

My priorities would be to invest more in California and I would oppose any investment in companies building U.S. Immigration and Customs Enforcement concentration camps, arms dealers and countries advocating for armed conflicts over diplomacy.

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

As an immigrant myself, I understand the importance of equality, justice for all and the pursuit of the American Dream. The Bay Area is blessed with a multicultural population supported by residents of all walks of life, religions, sexual orientation and ethnicities. As treasurer, as I have always done in my political career, I would have a direct staff as diverse as the state I represent. I would carefully monitor the issues and concerns of all of my constituents and make sure the state treasury represents key investments that help all communities.

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

For the last eight years (three of which were spent as chairman of the California BOE), I have helped Californians manage tax assessments and level the playing field for all business and property owners. I have advocated for the California BOE to strengthen consumer protections and directly communicate to all stakeholders the importance of understanding all of the services the BOE offers. In all my positions of leadership, I have been open to community interface, educational consultation and advice, and teamwork in meeting and overcoming all challenges.

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