Chapter 3 of 11 ยท Who's Watching the Money
THE WATCHDOGS

Nine people are supposed to make sure your money is well spent. One of them runs the trade association that represents the contractors getting paid. Two are real estate developers acquiring land in the project corridor. On January 21, 2026, all nine voted yes โ€” unanimously, in a closed session โ€” on the largest single payout in the project's history. Not one board member recused. This is who they are.

9 of 9
Voted Yes
Unanimous ยท zero dissent ยท closed session
$537M
Approved in Secret
No public deliberation ยท no disclosed rationale
0
Recusals
Despite direct industry conflicts on the board
Board Composition โ€” Who Appointed Them
Board Member Industry Background
โš  Structural Conflict of Interest

The board that approves CAHSR contracts includes the CEO of a major construction trade association (whose members hold CAHSR contracts), a real estate developer with Central Valley projects, and a former Newsom legislative aide now working as a lobbyist. None of these individuals are required by law to recuse themselves from votes affecting their industries.

Board Members โ€” Full Profiles
CEO History โ€” The Revolving Door
Chapter 4 โ†’
FOLLOW THE MONEY
$13.8 billion spent. Every single spending category over budget. Not one exception. $4.65 million goes out the door every day โ€” with no train running.
See the spending โ†’