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Treasurer

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State of California

Treasurer

This person manages the state's investments and bond sales.

The Treasurer is California's banker. The Treasurer manages state investments and sells bonds. Those bonds pay for schools, housing, and infrastructure. Statewide, two candidates advance to November 3. They are Democrat Eleni Kounalakis and Republican Jennifer Hawks. Anna Caballero came in second in LA County. She finished third statewide.

It's a four-year term with seats on the boards that direct state financing — including the pension funds and the committees that decide when California borrows. Mistimed bond sales or sloppy investment calls cost real money, quietly.

The job is more technical than political: bond timing, investment discipline, and honest bookkeeping. Relevant experience matters a lot here — as does whether a candidate's private interests could ever intersect with public financing decisions.

Eleni Kounalakis

Kounalakis is a Democrat. She has served two terms as Lieutenant Governor. She was U.S. Ambassador to Hungary. She was president of a major housing development firm. She runs on affordable housing finance and transparency. Development finance is both her expertise and her baggage.

Jennifer Hawks

Hawks is a Republican and a retired businesswoman. Hawks pulled together the Republican vote statewide. That got Hawks into the runoff. News coverage turned up little about Hawks's background or platform.

Financial info

Jennifer Hawks

Primary — $77,307

$77,307raised
  • Small donors$5571%
  • Individuals$38,40055%
  • Businesses & other orgs$100<1%
  • Self-funding$30,50044%

November — $4,300

$4,300raised
  • Individuals$4,300100%

Eleni Kounalakis

Primary — $9,009,210

$9,009,210raised
  • Small donors$13,138<1%
  • Individuals$5,576,62862%
  • PACs & committees$1,731,40019%
  • Businesses & other orgs$1,678,15119%

November — $7,114

$7,114raised
  • Individuals$2,11430%
  • Businesses & other orgs$5,00070%

Figures are CA Form 460 filings through June 30, 2026 by committees controlled by each candidate, and can include transfers from a candidate's earlier committees. Semi-annual reports covering January–June 2026 were due July 31, 2026, so some totals lag a period behind. Per the California Secretary of State's Cal-Access raw data export, retrieved 2026-09-21.

Total is itemized (Schedule A) contributions and self-funding loans dated after the June 2, 2026 primary, through June 30, 2026 — small-dollar unitemized (under $100) contributions aren't independently dated in Cal-Access's raw export, so they aren't reflected here and this may undercount true small-donor activity since the primary. This also doesn't include money reported only on 24-hour late-contribution reports (Form 497) that haven't yet appeared in a periodic Form 460 filing. Per the California Secretary of State's Cal-Access raw data export, retrieved 2026-08-30.

Your pick

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