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John Chiang for state treasurer
John Chiang for state treasurer

The California state treasurer is charged with investing the state's money and selling its bonds. That's not quite as sweeping as it sounds. The Legislature and voters actually decide what projects to sell bonds for, and there are numerous constraints on the multibillion-dollar Pooled Money Investment Account that the treasurer manages. That said, it is the treasurer's job to sell the state's creditworthiness, such as it is, to Wall Street investors and money managers, to help oversee investments made by California's two colossal public pension funds, and to hector the Legislature occasionally about spending too much. The next treasurer will have big boots to fill....

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