State Controller John Chiang To Be California's Next Treasurer
SACRAMENTO (CBS/AP) -- Controller John Chiang has won his bid to move from California's chief accountant to its top banker.
The 52-year-old Democrat defeated Republican Greg Conlon on Tuesday by a large margin.
The treasurer is responsible for managing state investments and administering the sale of bonds and notes.
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As controller, the termed-out Chiang was responsible for overseeing government audits and disbursements of state funds when California and its cities were in fiscal peril.
He also managed audits and investigations in the financially troubled city of Stockton, which in 2012 became the biggest U.S. city at the time ever to declare bankruptcy.
The 81-year-old Conlon is a CPA from Menlo Park.
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