State Treasurer of New Mexico · Election November 3, 2026 · Updated
Who should I vote for in the New Mexico state treasurer race?
Laura Montoya has the strongest record in the New Mexico state treasurer race. Laura Montoya scores 64 out of 100 on the Ballot Standard, as of October 6, 2026. Laura Montoya's highest marks are relevant experience and command of the job. Jim Ellison (7 of 15 criteria) has too little public record to score. Every score comes from public records on character, qualifications and performance, the same way for every party.
Republican
Jim Ellison
On the ballot as James F Ellison
Not enough public record for a score
Public evidence on 7 of 15 criteria
- Character
- 50
- Qualifications
- 69
- Performance
- NR
Democratic · incumbent
Strongest record
Laura Montoya
On the ballot as Laura M Montoya
64 / 100
Public evidence on 9 of 15 criteria
- Character
- 44
- Qualifications
- 80
- Performance
- NR
The good, the bad and the unresolved
The record
The notable facts of each candidate's public life, each tied to a source and confirmed to be this person. Unresolved matters are labeled with where they stand and do not move a score.
Jim Ellison
- On the record2023-01 to 2024-12
Appointed to the Public Regulation Commission by Gov. Lujan Grisham as a registered independent after a prior appointee resigned; his term ended Dec. 31, 2024, and he was succeeded by Greg Nibert.
Sources: Albuquerque Journal via Yahoo News, Jan. 2025, Office of the Governor, Nibert appointment
Laura Montoya
- Mark against2023-09 to 2023-12
The State Ethics Commission found she violated the Campaign Reporting Act twice in her 2022 campaign by accepting $10,000 reported under another donor's name, and imposed a $1,000 civil penalty, affirmed Dec. 18, 2023.
Sources: State Ethics Commission, Order on Appeal, Dec. 18, 2023, New Mexico Political Report, Oct. 6, 2023
- On the record2023 to 2026
During her term the assets the treasurer's office manages grew from about $14 billion to more than $24 billion.
- On the record2012
Elected Sandoval County treasurer in 2012 before winning the state treasurer's office in 2022.
Source: Ballotpedia, Laura Montoya
Who they are
Character
Integrity
Tells the truth, keeps their word, and takes no private gain from public office.
Jim Ellison. No public record found.
Laura Montoya. The State Ethics Commission in December 2023 affirmed a hearing officer's finding that she committed two violations of the Campaign Reporting Act in her 2022 campaign, accepting $10,000 reported in another donor's name, and a $1,000 civil penalty.
Sources: State Ethics Commission, Eichenberg v. Montoya, Order on Appeal, Dec. 18, 2023, New Mexico Political Report, Oct. 6, 2023
Courage
Takes a stand that costs them something, including telling their own side no.
Jim Ellison. No public record found.
Laura Montoya. No public record found.
Accountability
Owns mistakes, answers hard questions, and works in the open.
Jim Ellison. Gave interviews to Source NM and answered the Albuquerque Journal questionnaire for the general election. No general election debate or forum report found.
Laura Montoya. Gave interviews to Source NM and answered the Albuquerque Journal questionnaire for the general election. No general election debate or forum report found.
Temperament and judgment
Steady under pressure, decides on evidence, and treats opponents and staff with respect.
Jim Ellison. Public Regulation Commission member in 2023 and 2024 and earlier a Sandia National Laboratories researcher. No formal conduct finding found.
Laura Montoya. Sandoval County treasurer from 2013 and state treasurer since 2023. No censure, reprimand or conduct finding found apart from the campaign finance finding scored under Integrity.
Source: Ballotpedia, Laura Montoya
Fidelity to the oath
Uses power inside its limits: accepts certified results, obeys court rulings, follows the rules of the office.
Jim Ellison. Served as an appointed Public Regulation Commission member until his term ended Dec. 31, 2024. No official finding of misuse of office and no action to reject certified election results found.
Laura Montoya. Took the oath as Sandoval County treasurer and state treasurer. No official finding of misuse of office and no action to reject certified election results found.
Source: Ballotpedia, Laura Montoya
What they bring
Qualifications
Relevant experience
Has done work that prepares them for this specific office.
Jim Ellison. Public Regulation Commission member from 2023 to 2024, appointed by Gov. Lujan Grisham as a registered independent; Chartered Financial Analyst since 2013; power-grid researcher at Sandia.
Sources: Albuquerque Journal via Yahoo News, Jan. 2025, Source NM via Yahoo News, Sept. 14, 2026
Laura Montoya. State treasurer since January 2023, completing a full term, and earlier Sandoval County treasurer.
Source: Ballotpedia, Laura Montoya
Command of the job
Knows the issues and knows what the office can and cannot do.
Jim Ellison. Proposes a plain-English investment performance report with benchmarks within four months of fiscal year end, moving unclaimed property to the treasurer's office and publishing the annual report by Dec. 31.
Sources: Source NM via Yahoo News, Sept. 14, 2026, Campaign site
Laura Montoya. Describes the office's investment approach across seven portfolios and her State Investment Council governance committee seat, and campaigns on baby bonds, financial literacy as a graduation requirement and NM STABLE accounts.
Communication
Explains plainly, persuades, and listens.
Jim Ellison. Answered the Albuquerque Journal questionnaire, gave an interview to Source NM and publishes priorities on his campaign site.
Laura Montoya. Answered the Albuquerque Journal questionnaire, gave an interview to Source NM, completed Ballotpedia's survey in 2020 and publishes her priorities on her campaign site.
Sources: Albuquerque Journal Candidate Q&A, Ballotpedia, Laura Montoya, Campaign site
Roots in the constituency
Lives there, knows the people, and is funded by them.
Jim Ellison. Moved to New Mexico roughly 20 years ago and lives in Cedar Crest. No in-state donor share found.
Sources: Source NM via Yahoo News, Sept. 14, 2026, Albuquerque Journal Candidate Q&A
Laura Montoya. Born, raised and educated in Las Vegas, New Mexico; lives in Rio Rancho. No in-state donor share found.
Sources: Ballotpedia, Laura Montoya, Albuquerque Journal Candidate Q&A
Management
Can build and run an organization.
Jim Ellison. No public record found.
Laura Montoya. Heads the State Treasurer's Office, with a budget of about $6.3 million and assets under management that grew from about $14 billion to more than $24 billion during her term.
What they deliver
Performance
Results
Turns ideas into outcomes.
Jim Ellison. No public record found.
Laura Montoya. No public record found.
Showing up
Does the basic work of the job.
Jim Ellison. No public record found.
Laura Montoya. No public record found.
Constituent service
Solves problems for the people they represent.
Jim Ellison. No public record found.
Laura Montoya. No public record found.
Coalition building
Wins support beyond their own faction.
Jim Ellison. No public record found.
Laura Montoya. No public record found.
Stewardship of public money
Treats tax dollars as someone else's money.
Jim Ellison. No public record found.
Laura Montoya. No public record found.
How to read this
Each criterion is scored 0 to 4 against the written rubric in the Ballot Standard. NR means no record: there is no reliable public evidence either way, so the criterion is left out and never counts against the candidate. A total is published when at least 8 of 15 criteria have evidence.
A sitting officeholder has a longer public record than a first-time candidate, so the two totals rest on different amounts of evidence. Read the count of criteria beside each score. Low marks require an official finding or a primary record. Allegations and opinion are not used.
No policy position is scored. Evidence checked October 6, 2026. Campaigns and readers can send a correction with a public source to tpg@thepoliticalgroup.com.
Questions
Who should I vote for in the New Mexico state treasurer race?
Laura Montoya has the strongest record in the New Mexico state treasurer race. Laura Montoya scores 64 out of 100 on the Ballot Standard, as of October 6, 2026. Laura Montoya's highest marks are relevant experience and command of the job. Jim Ellison (7 of 15 criteria) has too little public record to score. Every score comes from public records on character, qualifications and performance, the same way for every party.
Who is running in the New Mexico state treasurer race in 2026?
Jim Ellison (Republican), Laura Montoya (Democratic, incumbent). The general election is November 3, 2026.
Is Jim Ellison a good candidate for State Treasurer?
Jim Ellison has public evidence on 7 of the 15 Ballot Standard criteria, short of the 8 needed for a score. The evidence that exists is shown on the scorecard. No record never counts against a candidate.
Is Laura Montoya a good candidate for State Treasurer?
Laura Montoya scores 64 out of 100 on the Ballot Standard, with public evidence on 9 of 15 criteria: character 44 of 100, qualifications 80 of 100, performance no record. The standard measures character, qualifications and performance, not policy positions.
How is the strongest record decided?
The candidate with the highest Ballot Standard score has the strongest record. Each of 15 criteria on character, qualifications and performance is scored 0 to 4 from public records and established reporting, the same way for every party. No policy position is scored, and unresolved accusations never move a score.
More on this race: every New Mexico race scored, and the New Mexico 2026 election guide. Independent scorecard by The Political Group, not affiliated with any candidate or party.