Herb Morgan challenges Cohen for California controller

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

Asked in our candidate questionnaire why he is seeking the office, Morgan said: "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."

He added: "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."

Candidate information

Party: Republican

Education: Morgan said in our questionnaire: "My education is a B.A. in Economics with honors from the University of California, Santa Cruz."

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

Experience and public service

Asked about his work history in our questionnaire, Morgan said: "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."

He also said: "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."

Efficient Market Advisors had approximately $1.1 billion in assets under advisement when Cantor Fitzgerald Investment Advisors acquired it in March 2017, according to a Cantor Fitzgerald announcement.

On the issues

Critical differences from opponent: Asked what sets him apart, Morgan said in our questionnaire: "The office is California's independent fiscal officer, not a policy seat. 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 said he would "publish state payments on a public ledger and apply continuous audit tools to high-risk programs so findings arrive while money is still moving."

Morgan also drew a contrast in background: "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."

Cohen's response to Morgan's characterization was not available for this profile.

Qualifications: Asked what accomplishments show he can handle the job, Morgan said: "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."

Government reform: Morgan told CalMatters he would create a system where every time a state-funded nonprofit pays for anything, that transaction goes into a state database, and then use AI to flag anything suspicious.

Homelessness spending: Morgan told CalMatters he would carefully scrutinize the state's spending on homelessness if elected.