When he campaigned for state treasurer during 1974, the post was considered insignificant. Unruh's radio advertisements assured voters, "Make no mistake about it, I really want this job." Once elected, Unruh politicized the office. "The Wall Street Journal" noted he became "the most politically powerful public finance officer outside the U.S. Treasury". California pension funds were a major source of revenue for Wall Street underwriting companies, and Unruh secured campaign contributions in exchange for doing business with them. "The New York Times" said he had gained control of "an obscure post whose duties had long emphasized bookkeeping. In characteristic fashion, he soon transformed the job into a source of financial and political power that reached from California to Wall Street." Because as Treasurer he was "ex officio" member of many California boards and commissions, Unruh supervised "the raising and expenditure of virtually all the state's money and consolidated his influence over billions of dollars in public investments and pension funds".