Republican · Challenger
Herb Morgan
Investment manager and Efficient Market Advisors founder. His campaign centers on spending transparency.
Career, qualifications & proposals →California State Controller · November 3, 2026
Who should watch California’s money?
California needs a Controller who can keep its accounts in order and follow the money when spending goes wrong. Investment manager Herb Morgan is challenging Malia Cohen, whose first term has drawn scrutiny over missing audits and failures inside her own office.
One statewide office. A four-year term.Accounting · Audits · Payroll · Unclaimed propertyWhat the job involves →
Experience, side by side
How do Morgan’s and Cohen’s qualifications compare?
Morgan founded an investment advisory business and became chief investment officer of a Cantor Fitzgerald division. Cohen served in local government and on the state tax board before becoming Controller in 2023. The comparison below sets out what each role involved.
Democrat · Incumbent
Malia Cohen
Controller since 2023. Previously a San Francisco supervisor and elected tax-board member.
Career, promises & performance →| Experience & approach | Herb Morgan Republican challenger | Malia Cohen Democratic incumbent |
|---|---|---|
| Career foundation | Founded an investment business; worked as CEO, chief investment officer and portfolio manager. [Cantor Fitzgerald][Private Shares Fund] | Elected public office, communications and public policy; local budget, tax-board and pension oversight. [State Controller’s Office] |
| Education | Economics degree with honors, University of California, Santa Cruz, according to the fund’s trustee biography. [Private Shares Fund] | Political science degree, Fisk University; master’s in public policy and management, Carnegie Mellon University. [State Controller’s Office] |
| Financial management | CIO of Cantor’s EMA division from the 2017 acquisition; later Cantor Fitzgerald Managed ETF Portfolios. The March 2025 disclosure reports $944.522 million in platform assets. [Cantor Fitzgerald][Cantor Asset Management] | Chaired San Francisco’s budget committee and served as president of its public-employee retirement board. [State Controller’s Office] |
| Government service | His campaign describes service as a San Diego pension trustee and two terms as board chair. [Herb Morgan campaign] | San Francisco supervisor, 2011–2019; elected Board of Equalization member, 2019–2023; Controller since January 2023. [State Controller’s Office] |
| 2026 transparency approach | Proposes a searchable, transaction-level spending system and near real-time public reporting. [Herb Morgan campaign] | Campaigns on financial transparency, modernization and fairness, alongside housing, equal rights and climate priorities. [Malia Cohen campaign][California Secretary of State] |
| What voters can examine | The proposed database: implementation cost, data coverage, update frequency and measurable audit targets. [Herb Morgan campaign] | The record in office: financial reporting, claims administration, audit commitments and internal controls. [State Controller’s Office][State Controller’s Office][California State Auditor][CalMatters] |
The office behind the ballot line
What does the Controller’s Office do for Californians?
Understand the Controller’s responsibilities →The Controller’s decisions can determine how long a family waits for money from an estate or how quickly a payroll error gets corrected. The office also produces the financial reports Californians rely on to understand what the state has spent and what it owes.
Running those services requires accurate records and staff who act when something goes wrong. The Controller also has audit powers to examine spending beyond the office’s own operations. [State Controller’s Office][State Controller’s Office]
Promises meet the public record
Where has Cohen’s oversight fallen short?
Reporting on homelessness audits, unclaimed property and unauthorized telework raises questions about whether Cohen’s office has delivered the oversight she promised.
- 01↗
Nearly $24 billion allocated. Where is the promised scrutiny?
Cohen identified homelessness spending for scrutiny in 2022. In October 2026, her office reported no homelessness audits. She cited denied funding, but the request had not specifically named homelessness. [CalMatters][Los Angeles Times]
- 02↗
Unclaimed property: why is getting your own money back so hard?
Owners can face months of review to reclaim their property. A separate lawsuit reported by the New York Post accuses Cohen and contractors of changing foreign addresses before taking and selling investors’ shares. [State Controller’s Office][New York Post]
- 03↗
Why did an Idaho manager’s forms keep listing California?
An investigation found that signed telework plans listed California while a manager lived and worked in Idaho. IT had flagged possible out-of-state work, but HR took limited action. [California State Auditor]
Questions about the 2026 California Controller election
California voters will choose between incumbent Malia Cohen and challenger Herb Morgan on November 3. These answers explain the election, the office and where to compare the candidates’ records.
Who is running for California State Controller in 2026?
Malia M. Cohen, the Democratic incumbent, and Herb W. Morgan, the Republican challenger, are the candidates listed in California’s general-election voter guide for State Controller. Voters will choose between them on November 3, 2026, for the next four-year term.
Cohen has held the office since January 2023. Morgan comes from investment management and is campaigning on closer scrutiny of state spending. Their backgrounds differ, and Cohen has a first-term record that can be checked against her campaign promises. [California Secretary of State][Los Angeles Times]
When is the 2026 California Controller election?
Election Day is Tuesday, November 3, 2026. California polling places are open from 7 a.m. to 8 p.m. The regular voter-registration deadline is October 19.
Registration, ballot tracking and ballot-return instructions are available through the Secretary of State and county elections offices. Your county elections office can answer questions about your ballot and local voting locations. [California Secretary of State]
