LOS ANGELES, CA – California State Treasurer John Chiang released the following statement in reaction to the Stock Market’s sharp plummet on Monday and continued volatility on Tuesday.
“When California faces unsteady economic days like the past few days, our state will need a steady financial hand who can manage a budget,” said Chiang. “As the only person in California history to hold all three statewide financial positions, Californians can trust me to lead us back into the black. I know what it will take to achieve the progressive vision we all want for our state, and my financial experience will help make that vision a reality.”
In his role as state controller and treasurer, John Chiang has a track record of delivering results for California’s economy and consumers:
- When Wells Fargo began ripping off innocent Californians, John imposed sanctions on the bank and cut Wells Fargo off from their most profitable lines of business in California.
- John was one of the architects of Secure Choice — a state sponsored retirement plan that will help 7.5 million Californians — with almost no cost to the state.
- In 2008, when California faced the worst recession since the great depression, John’s strong leadership and money management was instrumental in keeping the state’s credit rating from plunging into junk status, saving taxpayers millions of dollars.
- As the most vigilant watchdog in California history to occupy the role of state controller, John identified over $9.5 billion in waste, fraud, and abuse of taxpayer dollars over the course of his service.
- By restructuring California’s state debt to generate more than $6 billion for schools, infrastructure, and public safety, John brought back our failing state economy.
- John’s efforts over the last twenty years have helped make California the 6th largest economy in the world.