California State Senate Confirms Andy Nakahata as Executive Director/CEO of IBank
Veteran public finance leader to advance infrastructure investment and economic development statewide
SACRAMENTO (March 16, 2026) — The California State Senate has confirmed Andy Nakahata as Executive Director and CEO of the California Infrastructure and Economic Development Bank (IBank), the state’s primary infrastructure financing authority within the Governor’s Office of Business and Economic Development (GO-Biz).
Governor Newsom appointed Nakahata in September 2025, succeeding former Executive Director Scott Wu. The Senate confirmed Nakahata’s appointment on March 12, 2026.
Prior to his appointment as Executive Director, he served as IBank’s Chief Deputy Director and COO beginning in March 2025, and he has more than three decades of experience in public finance, investment banking, and infrastructure development.
Nakahata previously held senior roles at firms including Goldman Sachs, J.P. Morgan, Citigroup, and UBS Securities, where he advised public agencies and governments on infrastructure financing strategies.
As Executive Director, Nakahata plans to expand outreach, streamline program access, and strengthen transparency so more Californians can leverage IBank financing for critical infrastructure and economic development projects
“IBank plays a pivotal role in supporting small businesses and financing infrastructure projects that promote California’s long-term economic resilience,” said Nakahata. “I look forward to strengthening the state’s infrastructure, increasing access to capital for small businesses, and helping ensure California’s continued growth.”
A recording of the confirmation hearing is available here.
About the California Infrastructure and Economic Development Bank: IBank was created in 1994 to finance public infrastructure and private development that promote a healthy climate for jobs, contribute to a strong economy, and improve the quality of life for Californians and communities throughout the state. IBank is located within the Governor’s Office of Business and Economic Development and is governed by a five-member board of directors.
IBank issues tax-exempt and taxable revenue bonds, provides financing to public agencies, provides credit enhancements, acquires and leases facilities, leverages state and federal funds, and provides loan guarantees and other credit enhancements for small businesses. Visit us at ibank.ca.gov.
Karen C. Naungayan
Deputy Director of External Affairs
Office: 916.447.8474
Mobile: 916.207.9132
