Krouse seeks Carlsbad treasurer post in Nov. 3 race

Thomas E. Krouse Jr. is running for Carlsbad City Treasurer in the Nov. 3 general election. The nonpartisan race also includes Christian Peacox.

Asked in our candidate questionnaire why he is seeking the office, Krouse said: "City Treasurer is the least understood elected position in Carlsbad - and individually it's the most impactful since the Treasurer personally manages the City's $1 billion reserve fund. I'm running for this position because I believe I am by far the most qualified candidate since I am the ONLY candidate to have any prior professional experience as an investment manager."

He added: "I saw Orange County go bankrupt due to its Treasurer's terrible investment decisions. I don't ever want to see that happen to Carlsbad."

Candidate information

Party affiliation: Krouse described the office as nonpartisan and said in our questionnaire: "The office of Carlsbad City Treasurer is non-partisan, and it should be non-political."

Family: Krouse said in our questionnaire: "I grew up in a large family with 5 siblings in Half Moon Bay, California. I moved to Carlsbad in 1997."

Education: Krouse said in our questionnaire he holds a "B.A. in Economics from Stanford University," an "M.B.A. from the University of Southern California (Marshall School of Business)," and is a "CFA Charterholder."

Previous elected or appointed office: Krouse said in our questionnaire: "I have not held elected elected or appointed office." He ran in the Nov. 5, 2024, special general election for Carlsbad City Treasurer, according to The Coast News, competing against three other candidates for the partial term vacated by retiring Treasurer Craig Lindholm.

Experience and public service

Asked about his work history, Krouse said in our questionnaire: "I have a 30 year career in Investment & Risk Management, Organizational Leadership, Regulatory Compliance, Financial Technology, and Education. I've been registered with the Securities and Exchange Commission and with FINRA including as an S.E.C. Registered Investment Adviser."

He said he is "currently the interim CEO at Marketocracy Capital Management where I've been a Portfolio Manager for over 10 years." Prior roles include COO at Connective Capital, COO/CFO at Parallax Fund and president and CEO at Palomar Capital Management, according to the questionnaire. He also said he served as a board member of the North County Humane Society/SPCA and the Mayfield Community Clinic.

On the issues

Critical differences from other candidates: Krouse said in our questionnaire: "I believe the recent investment performance of the City reserve fund has been terrible, while the current Treasurer says it's fine or even 'great'. … The previous Treasurer lost $43 million over two recent fiscal years (2022 & 2023), and the fund suffered a loss of approximately $1.6 million during just one week in September 2026."

Accomplishments as evidence: Krouse said in our questionnaire: "I have served as a C-level (e.g. CEO, COO, CFO...) executive at five different investment management firms with invested portfolios as large as $1.2 billion in assets."

Best advice received: Krouse said in our questionnaire: "In the context of investment management, the best advice I received is to 'seek out and welcome challenging feedback from others.'" He said as treasurer he would "commit myself to serving as a source of expertise to improve the City Council's and Staff's understanding of the strategic implications of various investment strategies available to the City."