Kounalakis seeks California treasurer seat against Hawks

Lt. Gov. Eleni Kounalakis, a Democrat, is running for California treasurer in the Nov. 3, 2026, general election against Republican Jennifer Hawks, according to BallotReady election data. Hawks is a Republican.

Kounalakis initially announced a run for governor on April 24, 2023. She withdrew on Aug. 8, 2025, and entered the treasurer contest, CalMatters reported.

She has said she would use the office to expand savings programs and reduce borrowing costs for taxpayers, according to a Bay Area News Group questionnaire.

Candidate information

Party: Democratic
Current office: Lieutenant governor of California, sworn in Jan. 7, 2019. She was the first woman elected to the post, according to the lieutenant governor's office.
Education: Dartmouth College (1989); MBA, UC Berkeley (1992); honorary doctorate of law, American College of Greece and University of Piraeus
Background: Kounalakis said on her campaign website she is a native Californian whose father immigrated to the United States as a refugee from Greece. As president of AKT Development, she said she led the company through its largest period of growth, spearheading development of affordable, middle-class communities that house over 200,000 families in the Sacramento region.

Experience and public service

Kounalakis served as U.S. ambassador to Hungary from 2010 to 2013. She also served as chief deputy director for budget at the California Department of Finance, according to BallotReady profile data.

As lieutenant governor, Kounalakis said she chairs the California State Lands Commission and serves as a voting member on the University of California Board of Regents and the California State University Board of Trustees. Gov. Gavin Newsom appointed her as California's representative for international affairs and trade in 2019, according to the lieutenant governor's office.

On the issues

The following positions are drawn from Kounalakis' responses to a Bay Area News Group questionnaire and her campaign materials.

Savings programs: Kounalakis said she would strengthen and expand CalSavers, CalKIDS, ScholarShare 529 and CalABLE so families can save for educational expenses, retirement and long-term financial security.

State debt: Kounalakis said her goal is to keep the state's debt-service-to-General Fund revenue ratio below 6%. She said she would time bond issuances strategically and refinance when advantageous to reduce long-term costs.

Housing: Kounalakis said she would modernize the Low-Income Housing Tax Credit program, streamline bond financing and accelerate construction of affordable housing statewide.

Retirement security: Kounalakis said protecting CalPERS and CalSTRS is critical to the retirement security of millions of public employees.

Endorsements

The following endorsements were reported by CalMatters, BallotReady profile data and the candidate's social media accounts. Endorsements attributed to BallotReady and social media reflect claims by the endorsers.