State Treasurer

Term-limited musical chairs continues. The current state treasurer, Phil Angelides, is running for governor. The current attorney general, Bill Lockyer, is running for treasurer. State Treasurer is a potentially powerful statewide office, with elected official sitting on both the CalPERS (state pensions) and CalSTRS (teacher pensions) board. Those both rank as two of the largest investment funds in the country and wield substantial political clout (currently pushing for divestment from the Sudan). Angelides, with his long-time open aspirations to be governor, has done much to consolidate power for the office and keep it (at least relatively) in the limelight. Whoever becomes the next treasurer will benefit from Angelides’ efforts. The Democrats Meet Bill Lockyer, the Democratic nominee for treasurer. Lockyer, the current attorney general, had been expected to make a run for governor next year, but in April he abruptly pulled out of that race and announced his candidacy for treasurer. He brings with him a $10 million campaign kitty. Lockyer’s arrival in the primary sent fellow Democrats scurrying. Sen. Joe Dunn of Garden Grove, Assemblyman Dario Frommer of Los Feliz and John Chiang, a member of the Board of Equalization, all packed their bags and moved to the race for controller—where no candidate had already won a statewide race and had a bulging $10 million budget. According to the secretary of state, there is still one other declared Democratic candidate running for treasurer: Los Angeles County Treasurer Mark Saladino. But he has only raised $66,000—and none since March. Lockyer will make for formidable general election opponent. Eight years as attorney general helps his name recognition, and the experience of winning two successful down-ticket statewide races can’t possibly hurt. And, of course, neither will $10 million. The Republicans In late October, columnist Dan Weintrab broke the story on his blog that 2002 GOP gubernatorial nominee Bill Simon was dropping out of the race for treasurer. His departure leaves the race for the Republican nomination for treasurer without a frontrunner—and gives Lockyer a big advantage in the general election. In a letter to supporters, Simon said that the decision to bow out of the race was “not a political decision, but a personal one.” Perhaps. But the decision certainly has political ramifications. In a letter from treasurer candidate Assemblyman Keith Richman of the San Fernando Valley, posted on the FlashReport, Richman openly writes that, "This news benefits my campaign.” Richman is termed out of the Assembly and was the author of what Gov. Schwarzenegger had hoped would be his pension reform proposal earlier this year. That measure was scrapped, but the governor has vowed to address pension reform next year. That added publicity can only help Richman, who is likely to lobby hard for a Schwarzenegger endorsement with Simon out of the race. Richman is known around Sacramento as a moderate Republican who does not necessarily toe the party line—which may make him a more popular general election candidate, but serve as a hindrance in the primary. With the departure of Simon and his $1 million campaign account, Richman has the biggest bank among Republicans, with more than $407,000 as of June 30. The other declared candidate is Claude Parrish, who is a member of the Board of Equalization. Parrish has raised more than $223,000 and, like Richman, immeasurably benefits from Simon’s departure. Some Republican activists are hoping for another candidate to jump into the race—one with a higher name ID and a big campaign chest (or a self-funder). There are a couple of Republican races for statewide office where two better-known candidates will face off in the primary. It is entirely possible that one will jump into the treasurer’s race. Candidate:Bill Lockyer Party: Democrat Current Job: Attorney General Cash on Hand: $10,850,986.88, as of June 30. Consultant: Bill Carrick Campaign website Candidate: Keith Richman Party: Republican Current Job: Assemblyman Cash on Hand: $407,605.07, as of June 30. Campaign website Candidate: Claude Parrish Party: Republican Current Job: Board of Equalization Member Cash on Hand: $223,650.75, as of June 30. Campaign website Candidate: Mark Saladino Party:Democrat Current Job: Treasurer, Los Angeles Cash on Hand: $66,434.08, as of June 30. Campaign website Withdrawn Candidate: Bill Simon Party: Republican Current Job: 2002 GOP Nominee for Governor Cash on Hand: $1,066,182.45, as of June 30.