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Treasurer Fiona Ma calls massive expansion of College Savings Accounts a "game-changer"


State Treasurer Fiona Ma called Assembly Bill 132, signed by Governor Gavin Newsom, a “visionary plan and game-changer.” The bill implements the 2021-22 State Budget plan, which allocates $1.9 billion to fund college savings accounts of $500 each for 3.7 million low-income California public school students from first to 12th grade, starting in 2022. Students who are in foster care or are homeless will get an additional $500.
“This inspiring and ambitious program takes aim at a persistent and pernicious social inequity – unequal access to higher education,” said Treasurer Ma. “Providing college savings accounts to all low-income students sends a message that college is a possibility, and that if students pursue their higher education dreams, they will have help from California. In addition, increasing the number of residents who have a degree or some form of higher education will help California’s economy continue to prosper and thrive.” ....

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State Treasurer Fiona Ma praises Governor Newsom's budget, calling it "far-sighted and far-reaching"


Five stars for Governor Newsom’s budget!
His proposals are far-sighted, far-reaching and take full advantage of a once-in-a-generation opportunity. These unprecedented investments will house tens of thousands of homeless people, build housing for low-income residents and students, supply stimulus checks to two-thirds of Californians, support small businesses, retain and add jobs, and further protect the environment. They will help us come back from the pandemic and demonstrate again, the resilience of California and its people.
His plan to start college savings for 3.7 million students is simply astonishing, taking aim at a huge social equity issue by assisting low-income students in pursuing their higher education dreams. I chair the ScholarShare Investment Board, which is responsible for California’s 529 College Savings plan, and look forward to working out the details with the Governor and the Legislature. ....

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California State Treasurer Fiona Ma announces $533.8 million Revenue Bond Sale for Department of Water Resources


California State Treasurer Fiona Ma announced the sale of $533.8 million in California Department of Water Resources (DWR) Water System Revenue Bonds to finance certain State Water Project capital improvements and refund previously issued debt. The refunding bonds are expected to save $20.3 million in debt service costs over the next 14 years, or $16.4 million on a present value basis.
“Despite the improving economic picture, the future is far from certain. That future is challenged by the effects of a changing climate. Nevertheless, I am pleased that investors continue to support California’s bonds including issues such as this, which will benefit all Californians who count on DWR for reliable, clean, and safe water,” said Treasurer Ma. ....

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