However, just 8 months later, Wells Fargo won a competitive bid to sell $636 million of general obligations in California. This is due to a state law that requires Chiang to accept only the lowest bid at an auction.
Wells Fargo secured a competitive bid to sell $636 million of general obligations in California within 8 months, which aligns with a state law that obligates Chiang to choose only the lowest bidder at auctions.