# Treasurer

URL: https://www.californiapeople.org/candidates/treasurer

- office: Treasurer
- what_the_job_is: 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.
- candidates: [Eleni Kounalakis (D), Jennifer Hawks (R)]

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

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

### Key findings
- **No public-finance job** appears in her résumé: real-estate development (her father founded AKT Development), Ambassador to Hungary, then two terms as Lt. Governor. [^2][^3]
- **Conflict question:** the Treasurer chairs the committee that awards housing tax credits [^4], and her family is in real-estate development. [^3]
- Moved over from the governor's race in Aug 2025, when she was polling ~3%. [^2]

### Résumé
- Developer; her father, Angelo Tsakopoulos, founded Sacramento's AKT Development; major Democratic fundraiser; U.S. Ambassador to Hungary under Obama; Lieutenant Governor (two terms), with seats on the UC Regents and CSU Trustees. [^2][^3]

### Track record (sourced)
- Regularly voted against tuition increases on the UC and CSU boards. [^2]
- Cites her "experience as a developer" and "self-professed technical orientation" as treasurer qualifications. [^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 nearly nine times as much campaign cash as the other five primary candidates combined; endorsed by Gov. Newsom, Nancy Pelosi, Hillary Clinton, California Labor Federation, Teamsters, National Union of Healthcare Workers. [^3][^2]

### Concerns
- The treasurer chairs the committees that allocate housing tax credits and tax-exempt bond authority [^4]; her family's development business is relevant for conflict-of-interest scrutiny. CalMatters notes former Treasurer Phil Angelides was also an "AKT alum" whose political 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. [^5]

### Résumé
- Silicon Valley retiree; most recently on the executive team at Sacred Heart Schools (Atherton private Catholic school); local GOP activist; no elected office. [^5]
- Pitch: business background and independence as a check on state government. Endorsed by CA Republican Party, California Republican Assembly, Reform California. [^5]
- No public-finance or investment record found in CalMatters' coverage.

### 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.

## Sources
[^1]: SoS, certified candidate list (Nov 3, 2026 general). https://elections.cdn.sos.ca.gov/statewide-elections/2026-general/cert-list-candidates.pdf
[^2]: CalMatters (Aug 8, 2025). https://calmatters.org/politics/2025/08/california-governors-race-kounalakis/
[^3]: CalMatters (May 2026). https://calmatters.org/politics/2026/05/california-treasurer-election-2026/
[^4]: State Treasurer's Office, responsibilities and functions. https://www.treasurer.ca.gov/inside/functions
[^5]: CalMatters Treasurer guide. https://calmatters.org/california-voter-guide-2026/treasurer/