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

He faces Democratic incumbent Malia Cohen, according to the California Secretary of State’s certified candidate list.

Morgan responded to the San Rafael Record’s candidate questionnaire on Oct. 8. Unless otherwise noted, the information and responses below come from that questionnaire.

Asked why he is running, Morgan said he wants more timely, independent scrutiny of state finances.

“Voters deserve to know where every dollar goes before it is spent, not years later in a report few read,” he said.

He said his goals include publishing state payments, auditing high-risk programs continuously and explaining financial problems in plain language.

Candidate information

Party: Republican.

Education: Morgan reported a bachelor’s degree in economics with honors from the University of California, Santa Cruz.

Family: In his Oct. 8 response, Morgan said he had been married for 35 years and has two adult children.

Family in politics or government: Morgan said no family member works in politics or government.

Experience and public service

Morgan described roughly 40 years of experience in capital markets, including work with Dean Witter, J.&W. Seligman, Dreyfus and LPL Financial.

He founded Efficient Market Advisors in 2004. Cantor Fitzgerald Investment Advisors acquired its asset-management businesses in 2017, according to Cantor’s acquisition announcement.

Morgan said he remained senior managing director and chief investment officer of the division until retiring to run for controller.

He also reported serving on the San Diego City Employees’ Retirement System board following appointments in 2009 and 2013, including terms as vice president and president.

Asked what accomplishments prepared him for the controller’s office, Morgan cited building an investment firm and overseeing investment processes, risk controls and client reporting. He also pointed to board and audit-committee responsibilities involving scrutiny of management and financial controls.

“Those roles are evidence I can read a balance sheet, enforce controls, and state plainly when the numbers do not add up,” he said.

On the issues

Public access to spending records: Morgan proposes publishing state payments on a public ledger and using continuous auditing tools to examine high-risk programs.

“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,” he said.

He argued that existing reporting arrives too late to provide the oversight he wants.

Accountability: Morgan said the controller should report financial problems clearly, regardless of whether the officeholder supports the underlying spending.

“I will report waste, fraud, and control failures in plain language,” he said. “The test of the office is whether the books are open, not whether the Controller agrees with the spending.”

What sets him apart: Morgan emphasized his investment-management and pension-board experience. He contrasted his finance background with Cohen’s career in elected office and criticized what he sees as insufficient continuous scrutiny of state spending.

That criticism reflects Morgan’s assessment of the incumbent’s record.

Endorsements

Morgan’s campaign website lists endorsements from the California Republican Party, California Republican Assembly, California Congress of Republicans, Unity Party of California, Howard Jarvis Taxpayers Association PAC and California Rifle & Pistol Association.

It also lists county Republican parties, including those in San Mateo, Santa Clara, San Diego and Monterey counties.

Separately, McClatchy Media’s California editorial board endorsed Morgan in the controller primary. That editorial should not be read as a confirmed endorsement for the November general election.

Advice that guides him

Asked for the best advice he had received, Morgan wrote:

“Work Hard - Be so good, they can't say ‘NO’”

This profile is based on Herb W. Morgan’s responses to the San Rafael Record candidate questionnaire, public records, campaign materials and published reporting. Responses have been shortened and paraphrased; direct quotations retain his wording.