CaliforniaPeople.org

Statewide office

Treasurer

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The job
The state's banker. Sells state bonds, invests the state's idle cash, chairs boards that award affordable-housing tax credits and bond allocations, sits on CalPERS and CalSTRS boards.
Your pick

Ballot designations below are as certified by the Secretary of State. [1]

Eleni Kounalakis (D) — "Lieutenant Governor of California"

Key findings

  • No public-finance role in her background, which is real-estate development at her father's firm (AKT), Ambassador to Hungary, then two terms as Lt. Governor. [2]
  • Conflict question: the Treasurer chairs the boards that award housing tax credits and bond authority to developers, the industry her family is in. [3]
  • Moved over from the governor's race in Aug 2025, when she was polling ~3%. [2]

Track record (sourced)

  • Regularly voted against tuition increases on the UC and CSU boards. [2]
  • Cites her housing-development experience and "technical orientation" as treasurer qualifications; CalMatters notes no formal public-finance role in her background. [3]
  • Switched from the governor's race in Aug 2025 when she was polling ~3% and had raised only ~$100k in six months. [2]
  • Has far more cash than rivals; endorsed by Gov. Newsom, Nancy Pelosi, Hillary Clinton, California Labor Federation, Teamsters, National Union of Healthcare Workers. [2]
Résumé
  • Worked at her father Angelo Tsakopoulos's Sacramento development firm, AKT Development; major Democratic fundraiser; U.S. Ambassador to Hungary under Obama; Lieutenant Governor since 2019 (two terms), with seats on the UC Regents and CSU Trustees. [2]
Concerns
  • The treasurer chairs bodies that allocate housing tax credits and bond authority to developers; her family's development business is relevant for conflict-of-interest scrutiny. CalMatters notes former Treasurer Phil Angelides was also an AKT alum whose career her father helped fund. [3]

Jennifer Hawks (R) — "Retired Business Executive"

Key findings

  • Retired private-school executive and local GOP activist. No public-finance or investment record found. [4]

Job-applicant read

Neither candidate has a deep public-finance résumé. Kounalakis has statewide governance experience and real-estate development background; Hawks has private-sector management experience but little documented relevant record.

Résumé
  • Silicon Valley retiree; most recently on the executive team at Sacred Heart Schools (Atherton private Catholic school); local GOP activist; no elected office. [4]
  • Pitch: business background and independence as a check on state government. Endorsed by CA Republican Party, California Republican Assembly, Reform California. [4]
  • No public-finance or investment record found in available reporting.

Sources 4

1 official3 reporting
  1. ^ SoS, certified candidate list (Nov 3, 2026 general) elections.cdn.sos.ca.gov Official
  2. ^ a b c d e f CalMatters (Aug 8, 2025) CalMatters Reporting
  3. ^ a b c CalMatters (May 2026) CalMatters Reporting
  4. ^ a b c CalMatters Treasurer guide CalMatters Reporting