Responsible stewardship of New Mexico's finances — protecting taxpayer dollars and investing them wisely for all New Mexicans.
James will advocate for putting unclaimed property administration with the State Treasury Office, where it belongs. The Taxation & Revenue Department is the wrong office, and it shows: we're holding $390 million that belong to New Mexican families and businesses, and returning less than 5 cents on every dollar. As your Treasurer, he'll fix that.
James will use his seat on the board of the State Investment Council (which manages the permanent trust funds), as well as on other boards, to advocate for the responsible stewardship of state funds — not for political agendas.
New Mexicans deserve to know how their money is performing. James will publish a clear, plain-English quarterly investment performance report directly on the Treasurer's website.
Transparency shouldn't be optional when managing $20 billion of public funds.
The State Treasurer is the state government's chief banker and the investment officer for the state treasury. It's one of the most consequential financial roles in state government, and it demands real investment expertise.
Managing $20 billion and overseeing $160 billion more isn't a job for a career politician — it's a job for someone with proven investment credentials. James Ellison holds the Chartered Financial Analyst designation, the gold standard of investment credentials.
The State Treasury Office is the banker for state government agencies.
It manages cash flow to ensure all immediate state obligations are met. It invests funds that are not needed in the short term.
Roughly $20 billion in assets were under management as of the end of FY 2025.
The Treasurer is a member of 13 boards, councils, and commissions that together manage about $160 billion in assets.
This includes the State Investment Council, which manages New Mexico's permanent trust funds.
This also includes the Educational Retirement Board (ERB), the pension system serving New Mexico's teachers.
The Treasurer is a permanent member of the State Board of Finance, which has broad overview of state and local government financial matters.
The Board issues General Obligation and Severance Tax Bonds and Notes.
The Chartered Financial Analyst® (CFA®) designation is the gold standard of investment credentials. It is one of the most widely recognized investment credentials in the world. Awarded by CFA Institute, it signifies a strong foundation in securities analysis and portfolio management, and a commitment to ethics and professionalism in the investment industry — the exact skills and mindset required to directly manage New Mexico's $20 billion state treasury, and to advise on the management of an additional $160 billion in state funds.
Think of it this way: you wouldn't hire an unlicensed contractor to build your house. New Mexico shouldn't hand $20 billion to someone without proven investment credentials. James Ellison is the only candidate who holds the CFA charter — the gold standard for the professionals who manage money for a living.
Candidates must pass three progressively difficult exams, accumulate at least 4,000 hours of relevant professional experience, and commit to CFA Institute's Code of Ethics and Standards of Professional Conduct. Most candidates spend four or more years completing the program. It is widely considered the most demanding credential in the investment profession.
Tests knowledge of investment tools and foundational concepts: ethics, quantitative methods, economics, financial reporting and analysis, corporate finance, equity and fixed-income investments, derivatives, and portfolio management.
Tests the application of investment tools and concepts to asset valuation. Emphasizes complex analysis of equities, fixed income, derivatives, and alternative investments, with a focus on real-world case scenarios.
Tests portfolio management and wealth planning. Candidates must demonstrate the ability to construct and manage complete investment portfolios, integrating all concepts from Levels I and II into professional practice.
New Mexico's State Treasurer directly manages approximately $20 billion in state operating funds and the Local Government Investment Pool, and serves on 13 boards and commissions with fiduciary oversight of more than $160 billion. The CFA Program curriculum maps directly to the core duties of the office:
The CFA Program's capstone focus — constructing and managing diversified portfolios that balance safety, liquidity, and yield — is exactly what the Treasurer does with the state's operating funds every day.
The Treasurer acts as paying agent on state bonds and sits on the State Board of Finance, which authorizes bond issuances. The CFA Program curriculum provides deep training in bond valuation, interest rate risk, and credit analysis.
Protecting public funds from loss is the Treasurer's first mandate. CFA training covers quantitative risk measurement, scenario analysis, and the construction of portfolios designed to preserve capital under stress.
CFA Institute's Code of Ethics is the profession's gold standard for fiduciary conduct — placing client interests first, avoiding conflicts of interest, and maintaining transparency. These principles are the foundation of responsible public fund management.
As chair of the State Treasurer's Investment Committee, the Treasurer evaluates portfolio performance. CFA training in performance attribution, benchmarking, and reporting ensures rigorous accountability.
The Treasurer sits on the Educational Retirement Board and the State Investment Council. CFA training in institutional portfolio management and pension fund governance provides the expertise these roles demand.
CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.
James Ellison grew up on the Georgia coast, where a strong work ethic and a deep sense of community responsibility were instilled in him from an early age. He studied political science and physics at Clemson University, then headed north to MIT, where he earned two master's degrees — one in mechanical engineering and one in technology and policy.
After MIT, James went overseas to work with a global power company. He served as director of a 4,000-megawatt power plant, and as director of a 3,500-employee power distribution company serving an area the size of Maryland. He had overall responsibility for these two companies, including responsibility for the budget for both, and responsibility for rate case filings for the distribution company. Running large organizations in a foreign country, making financial decisions with real consequences, and navigating complex regulatory environments — that experience shaped the way James approaches leadership and public service today.
He moved to New Mexico twenty years ago with his wife to take a job at Sandia National Laboratories. They bought a plot of land in the East Mountains and built a house. Their two wonderful boys were born and raised here. New Mexico is home.
At Sandia, James was a member of a team that analyzed critical national infrastructure for the Department of Homeland Security. He worked on both rapid responses to events such as Hurricane Katrina, as well as longer-term analyses such as projecting the impacts of a Southern California earthquake on the ability to supply natural gas to the Los Angeles area. The work demanded rigorous analytical thinking under pressure, often with high stakes and incomplete information.
He took a year off from his work at Sandia National Laboratories to study at Stanford University, where he earned a Master's in Management.
James served as a Commissioner on the New Mexico Public Regulation Commission in 2023 and 2024, where he reviewed and approved utility rate cases through rigorous financial analysis — ensuring that rates were fair, just, and reasonable for New Mexico families and businesses. It was hands-on experience applying financial expertise to serve the public interest.
His experience in managing the budgets of two companies, business education, and analytical expertise — combined with the securities analysis and portfolio management training necessary to earn the Chartered Financial Analyst designation — make him well-suited to be our next State Treasurer.
James isn't a career politician. He's someone who has managed large budgets, led complex organizations, analyzed critical infrastructure under pressure, and earned one of the most rigorous credentials in investment management. He believes New Mexicans deserve a Treasurer who manages their $20 billion the way a professional investor would: with discipline, transparency, and accountability.
As a write-in candidate in the Republican primary, I face a unique challenge: voters need to know my name before they can write it in. That means raising awareness ahead of the primary is essential — and it takes resources to do it.
To win in November, I must reach voters of all party registrations — to let them know who I am, and that I'm the most qualified candidate for this office. This outreach costs money. Your donations are critical, and they will be used wisely.
Right now, every single statewide office in New Mexico is held by a Democrat. That's not good for accountability. If I see something strange in government, I will not hesitate to say it. My loyalty lies with the people of New Mexico. By helping me get elected, you are promoting good governance.
For 2026 elections, New Mexico law specifies a maximum contribution of $6,200 per election cycle to non-gubernatorial candidates.
The primary and general elections are two separate cycles, so the maximum total contribution from any individual or entity to my campaign is $12,400 ($6,200 for the primary + $6,200 for the general).
No candidate can win alone. Your support is critical. I need your help in raising voter awareness about my candidacy — both in the primary and during the general election.
Sharing about me on social media and hosting an event to raise contributions to the campaign are two ways to get involved right now.
Together, we can improve the State Treasurer's Office, and promote good governance in New Mexico.
Follow the campaign and share posts with your friends, family, and neighbors. Word of mouth is everything for a write-in candidate — every share makes a difference.
Invite friends and neighbors to a house party or meet-and-greet to help raise awareness and contributions. We'll help you plan it — just reach out using the form below.
Ellison for New Mexico
PO Box 1009
Cedar Crest, NM 87008
info@ellisonfornm.com