Herb Morgan seeks California controller seat in 2026

Herb W. Morgan, a Republican, is running for California controller in the Nov. 3, 2026, general election. He faces Democrat Malia Cohen, according to BallotReady election data.

Asked why he is seeking the office, Morgan said in our candidate questionnaire: "California's finances lack the independent, real-time oversight the Constitution assigns to this post. The Controller is the state's chief fiscal officer and auditor, not a policy advocate. That role has not been used to its full extent."

Candidate information

Party: Republican

Family: "Married 35 years, two adult children," Morgan said in our questionnaire.

Education: "My education is a B.A. in Economics with honors from the University of California, Santa Cruz," Morgan said in our questionnaire. He holds a high school diploma from El Camino High School, according to BallotReady.

Occupation and work history: Morgan said in our questionnaire: "I am a finance executive and investment adviser with roughly forty years in capital markets. I began on Wall Street with Dean Witter, J.&W. Seligman, Dreyfus, and LPL Financial. In 2004 I founded Efficient Market Advisors, the first ETF-managed-account platform, which grew to about $1.5 billion in assets and was sold to Cantor Fitzgerald in 2017. I remained Senior Managing Director and Chief Investment Officer of that division until I retired to run for Controller."

Experience and public service

Morgan said in our questionnaire: "I also served on the San Diego City Employees' Retirement System board, appointed in 2009 and reappointed in 2013, and served as both vice president and president of the board."

He also serves as a board member at The Private Shares Fund, a position he has held since 2023, according to BallotReady.

On the issues

Fiscal transparency and accountability: Morgan said in our questionnaire: "Voters deserve to know where every dollar goes before it is spent, not years later in a report few read. I will publish state payments on a public ledger, apply continuous audit tools to high-risk programs, and report waste, fraud, and control failures in plain language."

Differences from opponent: Morgan said in our questionnaire: "My opponent has treated the post as a platform for broader political priorities and has not delivered continuous, public scrutiny of how state dollars are spent." He added: "I will publish state payments on a public ledger and apply continuous audit tools to high-risk programs so findings arrive while money is still moving. The current approach relies on periodic reports that appear long after the funds are gone."

Morgan also said: "My record is markets, portfolio construction, and pension-board oversight … The contrast is a career in finance and fiduciary control versus a career in elective politics."

Homelessness spending: Morgan said he will carefully scrutinize the state's spending on homelessness if elected, according to CalMatters.

Government reform: Morgan has proposed creating a system where every time a state-funded nonprofit pays for anything, that transaction goes into a state database, with AI monitoring those purchases and flagging anything suspicious, according to CalMatters.

Qualifications: Morgan said in our questionnaire: "I built and sold a regulated investment firm that grew to about $1.5 billion in assets, then remained as chief investment officer after the sale, responsible for process, risk controls, and client reporting. That work required the same discipline the Controller's office demands: custody of other people's money and clean, timely books."