SACRAMENTO, Calif. (AP) — Assembly Speaker John Perez says he is running for state controller next year.

The Los Angeles Democrat, who will be termed out of office in 2014, announced his campaign plans this week. He says he wants to help ensure continued improvement with the state's finances.

Democrat John Chiang, the current state controller, also is termed out next year. The office is in charge of dispersing state money and helping administer two of the largest pension funds in the country.

Perez was elected to the Assembly in 2008 and has served as speaker since 2010. In a statement announcing his bid, Perez touted his work on state budgets, health care coverage and a college scholarship for middle-class students.

Board of Equalization member Betty Yee also has announced her candidacy for controller.