CHIANG
John

• 1. California State Treasurer (2015–2019)
• 1.1. Wells Fargo

John Chiang is an American politician who served as the 33rd Treasurer of California from 2015 to 2019. A member of the Democratic Party, he previously served as the 31st Controller of California from 2007 to 2015 and on the California State Board of Equalization from 1997 to 2007.

On May 17, 2016, Chiang announced his campaign for Governor of California in the 2018 election. He did not qualify for the general election, placing fifth in the non-partisan primary.

California State Treasurer (2015–2019)

Chiang was elected California State Treasurer in 2014, defeating Republican businessman Greg Conlon by more than 1.2 million votes, 58.8% to 41.2%. He was sworn into office on January 4, 2015, succeeding term-limited Democratic incumbent Bill Lockyer. Chiang did not run for reelection in 2018.

Wells Fargo

Chiang imposed a 12-month ban from investment work on Wells Fargo in September 2016, barring the bank from underwriting California's state debt for a year. This was in response to the federal report announcing that Wells Fargo employees had opened up to 2 million unauthorized accounts in an attempt to raise Wells Fargo profits. However, just 8 months later, Wells Fargo won a competitive bid to sell $636 million of general obligations in California. This is due to a state law that requires Chiang to accept only the lowest bid at an auction. A spokesman for Chiang said they "were pleased with the price," and "it does not reflect our feelings about their behavior toward their customers."