Fiona Ma, a Democrat, is running for California Lieutenant Governor in the November 2026 general election against Republican Gloria Romero. Ma has served as State Treasurer since 2019 and previously served on the State Board of Equalization, in the State Assembly, and on the San Francisco Board of Supervisors; her current term as Treasurer ends in January 2027, having reached her term limit in that office. She has amassed a large base of institutional support, with more than 600 elected officials, roughly three-quarters of the state Legislature, and more than 50 labor unions behind her campaign. Romero, her opponent, is a former Democratic state senator and Senate Majority Leader who switched parties to become a Republican in 2024 and is campaigning on her experience with higher-education governing boards and a more conservative stance on school choice and gender-identity policy.
