California Voter’s Guide 2022: Yvonne Yiu


Council Member, City of Monterey Park

Professional profile

A big part of Yvonne Yiu’s speech to be elected comptroller is her experience in managing finances. She spent 25 years in asset management, securities and legal compliance for banks. She is now retired, but for the past decade has always worked part-time as an arbitrator and expert witness for the Financial Sector Regulatory Authoritya private company that aims to self-regulate the financial sector.

Yiu began his public service career on the Monterey Park City Council in 2020, serving as mayor until February of this year. As Comptroller, she seeks to combine her experiences: using the civil service to help the state manage money, as well as helping Californians achieve financial security.

She also sees a broader role in the work: to be an advocate and a voice to help address big issues such as access to health care, income inequality, quality education, homelessness and affordable housing.

Live

City Council Member, Monterey Park

April 2020-present

Part of a city effort to create a mobile app rewards program to boost the local economy.

Mayor, Monterey Park

December 2020-February 2022

Oversaw the distribution of a $110 million pension bond at an interest rate of 2.66%, saving the city $55 million while protecting public pensions.

Key West CEO

2009-2018

Founded an investment and brokerage firm that managed $500 million in assets.

The company has struck deals including a $70 million downtown Los Angeles real estate fund with a major Chinese developer.

The firm was censorship and fined by the Financial Industry Regulatory Authority for improperly depositing investor funds into a real estate trust account held by one of the fund’s managing members.

Part-time TV news anchor

June 2009-June 2011

News reported from the USA in Cantonese for the TVB network.

Financial Advisor/Wealth Manager

1998-2009

Worked as Vice President of Regional Sales for Merrill Lynch, Branch Manager for E*Trade Financial, Chief Financial Officer for Citicorp Investment Services and Investment Specialist for Charles Schwab.

“A criticism I often get is that people don’t know who I am…I am a working mother, a public servant, a proud immigrant and someone who is committed to being with you every step of the way. way.

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Here’s where Comptroller candidate Yvonne Yiu stands on big questions about California’s budget, pensions and taxes. The answers come from the written responses provided by his campaign:

Where Yvonne Yiu stands on issues

What areas of the state budget would you focus on to ensure spending is efficient?

“Although the state comptroller does not have direct control over the state budget, the comptroller can perform independent audits of agencies…I think that is the best way for the comptroller to ensure that state money is spent as efficiently as possible.”

What specific strategies would you use to prevent waste and fraud?

Transparency, accountability through improved technology and online communication. “The State Comptroller may conduct independent audits to investigate government waste or fraud.”

Would you like another general stimulus payment? What about the gas tax refund?

“I would support another stimulus payment, especially to encourage economic growth… Although the Governor’s proposal is not perfect… it is the best proposal to quickly put money in people’s pockets now when they face the rising cost of living and rising gas prices. .”

Do you support any changes to income taxes or sales taxes to accommodate the shift to a service economy?

“The way we do business has changed and our current economic drivers are very different from what we were when our tax structure was established. It’s time to consider changes to ensure we tax the right things in a service economy world.

Do you favor a “wealth tax” or increases in tax rates for high-income residents? If so, what would the revenue be used for?

“Yes. California has the largest income inequality gap in our state’s history. During the pandemic, many Californians were losing their jobs and incomes, struggling just to get by, while billionaires weren’t were just getting rich. That’s not true.”

How would you reduce the unfunded debt of CalPERS, CalSTRS and local governments?

“How to reduce unfunded local government debt is something I have dealt with before as Mayor of Monterey Park…We can find ways to ensure that our public pension obligations are met in California with smart investments that generate strong revenue and bonding opportunities that will save U.S. currency.”

Do you think the state should divest from Russian companies or funds because of the war in Ukraine?

“Not only is divesting Russian companies the right thing to do, but it’s also the smart thing to do from an investment point of view…When we saw what Russia was going to do, it would have been smart for CalPERS to divest Russian companies because their value was always going to go down.

Would you change the specific investment policies of CalPERS or CalSTRS?

“The CalPERS and CalSTRS charts have an obligation to ensure that investments in public employee pension plans are sound. There is also an obligation to make socially responsible investments.

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