Kounalakis seeks California treasurer seat Nov. 3

California Lt. Gov. Eleni Kounalakis is running for state treasurer on the Nov. 3 general election ballot.

Kounalakis, a Democrat, faces Republican Jennifer Hawks for the statewide office. She initially announced a run for governor on April 24, 2023, then withdrew on Aug. 8, 2025, and entered the treasurer contest, according to CalMatters.

Candidate information

Party: Democratic
Born: March 3, 1966
Background: California native
Education: Dartmouth College (1989); MBA, UC Berkeley (1992); honorary doctorate of law, American College of Greece and University of Piraeus

Kounalakis said on her campaign website that her father immigrated to the United States as a refugee from Greece and worked in the fields at age 15, paying his way through college by waiting tables at California's Governor's Mansion.

Experience and public service

Kounalakis became the first woman elected lieutenant governor of California, sworn in Jan. 7, 2019, according to the lieutenant governor's office. She serves as chair of the California State Lands Commission, according to the lieutenant governor's office. She is also a voting member of the University of California Board of Regents and the California State University Board of Trustees, according to her campaign.

She served as U.S. ambassador to Hungary from 2010 to 2013 under President Barack Obama, according to the lieutenant governor's office. She served as chief deputy director for budget at the California Department of Finance, according to BallotReady profile data, and as a senior advisor at Albright Stonebridge Group, according to CalMatters. Gov. Gavin Newsom appointed her California's representative for international affairs and trade by executive order in 2019, according to the lieutenant governor's office.

Before entering public service, Kounalakis said she led AKT Development as president through its largest period of growth, overseeing communities that she said house over 200,000 families in the Sacramento region.

On the issues

Kounalakis outlined her priorities in a Bay Area News Group questionnaire. All positions below are the candidate's own statements.

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

State debt and credit: She 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 borrowing costs for taxpayers.

Housing: Kounalakis said she would modernize the Low-Income Housing Tax Credit program, streamline bond financing and prioritize projects near jobs and transit. She said strengthening the state's credit profile could reduce borrowing costs across all housing projects.

Retirement security: She said protecting CalPERS and CalSTRS is critical and that integrating climate risk, labor practices and corporate governance into investment decisions manages risk rather than sacrificing returns.