Election 2026 · State of California
California Treasurer
Jennifer Hawks and Eleni Kounalakis are the candidates for California Treasurer on the November 3, 2026 ballot.
The Treasurer is the state's banker. The office manages the state's investments, sells state bonds and notes, and pays out state money when the Controller and other agencies spend it. The Treasurer serves on several commissions, most of them related to bonds.
Summary by CityHallPass, not the official text or legal advice. The official text controls: LA County's official election information.
| Who votes | Every California voter |
|---|---|
| Term and pay | Four-year term, elected at the same time as the Governor; no more than two terms in the same office (California Constitution, article V, section 11). Salary: $196,743 a year, effective December 1, 2025. |
| How it works | Top two from the June 2 primary, regardless of party. Most votes wins. Treasurer Fiona Ma is termed out, so the seat is open. |
| Party labels | Party preference printed on the ballot |
What it means for the City of LA
The Treasurer chairs the California Tax Credit Allocation Committee, the state body for the low-income housing credit; two nonvoting members represent local governments, one of them appointed to represent cities (Health and Safety Code section 50199.8). Local agencies that want to issue certain tax-exempt private activity bonds go through the California Debt Limit Allocation Committee (Government Code section 8869.82 and following).
At a glance
| Eleni Kounalakis | Jennifer Hawks | |
|---|---|---|
| June 2 primary, statewide (6 candidates) | 36.7%, first | 24.0%, second |
| Latest public poll | None found | None found |
| Money raised, through Sept. 19, 2026 | $9.08 million, of which $8.63 million moved from her governor and lieutenant governor committees | $74,063, plus $40,500 in loans from herself |
| Cash on hand, Sept. 19, 2026 | $2.05 million | $22,920 |
| Outside groups spending for / against | $81,910 / none reported | $30,286 / none reported |
Primary results, June 2, 2026
| Eleni Kounalakis (Democratic) | 3,154,323 | 36.7% |
|---|---|---|
| Jennifer Hawks (Republican) | 2,063,253 | 24.0% |
| Anna M. Caballero (Democratic) | 1,410,005 | 16.4% |
| David Serpa (Republican) | 1,106,595 | 12.9% |
| Tony Vazquez (Democratic) | 609,482 | 7.1% |
| Glenn Turner (Green) | 254,085 | 3.0% |
The candidates
Jennifer Hawks
Hawks lives in Los Altos and has not held elected office (Orange County Register questionnaire). LAist reported that she most recently served on the executive team at Sacred Heart Schools, a Catholic school in Atherton, and is a local Republican Party activist (LAist). She is president of Palo Alto Republican Women Federated (LA Times).
Eleni Kounalakis
Kounalakis is the daughter of Sacramento developer Angelo Tsakopoulos and worked for nearly two decades at his company, AKT Development, where she became president (CalMatters; LA Times). She holds an MBA. President Obama appointed her U.S. ambassador to Hungary in 2010 (LA Times). She has been lieutenant governor since 2019 and lives in San Francisco (LAist/CalMatters; questionnaire). She ran for governor starting in 2023 and switched to the treasurer's race in August 2025 (LA Times).
The job
Powers. The Treasurer is the state’s banker. The office holds all state money and securities, invests idle cash, sells state bonds and pays their interest, and pays the checks the Controller writes (2026-27 state budget, State Treasurer). It manages the Pooled Money Investment Account, which invests money for state government and for local governments (LA Times). The Mercury News editorial board put the portfolio at $162 billion (Mercury News).
Boards. The Treasurer sits on the CalPERS and CalSTRS pension boards (LA Times) and chairs the Tax Credit Allocation Committee, which awards state and federal low-income housing tax credits (Health and Safety Code 50199.8). The Treasurer also chairs the Debt Limit Allocation Committee, and the office staffs it (Gov. Code 8869.83). That committee hands out the state’s limited supply of tax-exempt private activity bonds, such as exempt facility bonds and qualified mortgage bonds (Gov. Code 8869.82). It runs savings programs including CalSavers, CalKIDS, ScholarShare 529 and CalABLE (Kounalakis questionnaire).
Budget and staff. The office has a 2026-27 budget of $50.4 million and 243 positions, with 60 in public finance and 19 in investment services (state budget).
Why it matters in Los Angeles. Cities, Los Angeles among them, have one seat on the tax credit committee: one of its two nonvoting local members is appointed by the Assembly Speaker to represent cities (Health and Safety Code 50199.8).
Facts that shape the job now. The Mercury News editorial board listed long-running structural state shortfalls, rising federal deficits that may push up borrowing costs, and hundreds of billions in unfunded pension obligations (Mercury News). Hawks says the state carries $99 billion in bond debt and is rated AA- by Fitch and S&P (questionnaire); these are her figures.
Records
Eleni Kounalakis
Offices. U.S. ambassador to Hungary, appointed 2010; lieutenant governor since 2019, two terms (LA Times; LAist/CalMatters).
As lieutenant governor. She sits on the UC Regents and CSU Trustees, where LAist reported she has regularly voted against tuition increases (LAist). The Mercury News editorial board credited her with work on state lands boards to ban offshore oil drilling and with representing the state on trade abroad (Mercury News).
Governor’s race. She entered the 2026 governor’s race in 2023. In August 2025 she dropped out to run for treasurer. At the time an Emerson poll had her sixth at 3%, and she had reported raising about $100,000 in the first half of 2025 (LAist/CalMatters).
Business holdings. Her 2024 statement of economic interests lists stakes in office buildings, farmland, solar fields and undeveloped land. They include Meridian Plaza, across from the Capitol, where she received at least $10,000 in rent from each of 34 tenants, mostly lobbying firms and groups. Tenants include trade groups for insurers, automakers and oil companies, and two state agencies. In 2025 her campaign said she would put assets that may present a conflict into a blind trust if elected governor (CalMatters).
Ethics and enforcement records. No FPPC enforcement actions name her. No Los Angeles City Ethics Commission or FEC enforcement records name her, and she is not a lawyer on the State Bar’s rolls (searched Sept. 30, 2026; FPPC case search).
Jennifer Hawks
Career. Retired. She describes herself as a business executive who has spent “her working life managing budgets” (Mercury News editorial). LAist reported she most recently served on the executive team at Sacred Heart Schools in Atherton (LAist).
Party roles. President of Palo Alto Republican Women Federated (LA Times). The California Republican Party convention endorsed her in April 2026, an Orange County Register column reported (Orange County Register column).
Public office. None (questionnaire).
Ethics and enforcement records. No public enforcement actions found in FPPC (cases, complaints or documents), Los Angeles City Ethics Commission or FEC records (searched Sept. 30, 2026; FPPC case search). She is not a lawyer on the State Bar’s rolls.
Where they stand
Issues come from the Southern California News Group questionnaire, which both candidates answered in May 2026 (Kounalakis, Hawks), and the LA Times race guide.
| Issue | Eleni Kounalakis | Jennifer Hawks |
|---|---|---|
| Investing state cash | Prioritize “high-quality, low-risk securities, strict maturity limits and diversification”; cut fees (questionnaire, May 4, 2026). No specific target. | Move 20% of the pool into higher-yield allowed assets such as Federal Home Loan Bank debt, top-rated corporate bonds and prime commercial paper, keeping 80% in cash and Treasuries. She projects $155.5 million a year in added income (questionnaire, May 4, 2026). |
| State debt and credit rating | Maintain strong reserves and stable debt-service ratios to protect the credit rating (questionnaire). No specific target. | Target an AA rating or higher; an annual debt affordability study with a borrowing limit; keep General Fund debt service below 5% of revenue; a yearly fiscal stress test (questionnaire). |
| Affordable housing finance | Expand and modernize the low-income housing tax credit, align it with tax-exempt bonds, and prioritize projects near jobs and transit (questionnaire). | Require measurable results before awarding tax credits; rewrite the allocation plan to reward projects that can start building fastest (questionnaire). Searchable disclosure of project costs, developers and credits (campaign “Day One” priorities). |
| Transparency | Public dashboards and standard metrics for bond-financed projects, tied to outcomes such as housing units built (questionnaire). | A real-time public dashboard of where bond dollars go; audits of the Housing Finance Agency, the Alternative Energy and Advanced Transportation Financing Authority and the Transportation Commission (questionnaire). |
| Pension divestment (Israel) | Opposes “blanket divestment mandates” (questionnaire). | Keep the holdings: “whatever is going to maximize our investment returns is what matters most” (questionnaire). |
| Pension divestment (fossil fuels) | “Lean in” to clean investments, balanced against returns (LA Times). Divest only when “grounded in rigorous financial analysis” (Mercury News editorial). | No stated position beyond maximizing returns (questionnaire). |
| New borrowing | Borrow for long-term investments such as infrastructure, schools, housing and climate resiliency (questionnaire). | Issue bonds only for “true infrastructure, like roads, water and public safety”; oppose bills that add long-term debt without a repayment plan (questionnaire). |
On the other ballot measures
City of Los Angeles and County measures on the same ballot are left out; neither candidate took a position on them.
| Measure | Eleni Kounalakis | Jennifer Hawks |
|---|---|---|
| Prop 1 (housing bond) | No stated position | No stated position. She says bonds should fund only “true infrastructure, like roads, water and public safety” (questionnaire) |
| Prop 38 (immunology research bond) | No stated position | No stated position. Same bond statement as above (questionnaire) |
| Props 2, 3, 4, 5, 37, 39, 40, 41, 42, 43, 44 and 45 | No stated position | No stated position |
Source: ballot arguments in the Official Voter Information Guide (neither candidate signed one) and both SCNG questionnaires (Kounalakis, Hawks).
Endorsements
Eleni Kounalakis
- Party and labor: California Democratic Party (party’s Aug 2, 2026 list; Mercury News); California Labor Federation and National Union of Healthcare Workers (LAist).
- Newspapers: the Mercury News and East Bay Times editorial boards, before the primary on May 21, 2026 (Mercury News, May 21) and again on Sept 29, 2026 (Mercury News, Sept 29); the San Francisco Examiner before the primary, on May 21, 2026 (SF Examiner, archived). McClatchy Media’s California editorial board, which writes for the Sacramento Bee, endorsed her before the primary on April 28, 2026: “We strongly endorse Eleni Kounalakis for state treasurer” (Sacramento Bee editorial via Yahoo).
Jennifer Hawks
- Party: California Republican Party (LAist; party’s endorsement page, checked Sept 30, 2026) and California Republican Assembly (LAist); the American Independent Party and the College Republicans, as of April 2026 (Orange County Register column).
- Other: Reform California (LAist).
- Newspapers: None found.
Polls
No public poll of this race was found.
Money
| Eleni Kounalakis | Jennifer Hawks | |
|---|---|---|
| Money received | $9,084,911 (Jan 1, 2025 to Sep 19, 2026) | $74,063 (Jan 1 to Sep 19, 2026) |
| Of which: moved from her other committees | $8,628,544 | none |
| Of which: new direct contributions | $500,200 | $61,298 |
| In-kind gifts | $18,953 | $12,765 |
| Loans from the candidate | none | $40,500, all still owed |
| Spent | $7,111,602 | $91,643 |
| Cash on hand, Sep 19, 2026 | $2,049,283 | $22,920 |
| Late contributions reported Sep 20-28 | $11,800 | $5,300 |
| Independent spending supporting | $81,910 | $30,286 |
| Independent spending opposing | none reported | none reported |
Source: Form 460 reports for Eleni Kounalakis for Treasurer 2026 and Jennifer Hawks for CA State Treasurer 2026, from the Cal-Access data export downloaded Sep 29, 2026.
Where Kounalakis’s money came from. Most of it was raised earlier for other races (Cal-Access). Her governor committee moved $4,019,845 in September 2025, and her lieutenant governor reelection committee moved $4,360,089 on April 10, 2026. Another $248,610 came through ActBlue. State law attributes each transferred dollar to its original donor, so these gifts appear under donors’ names. Only $500,200 came as new direct contributions. Of the transferred money, $572,142 is attributed to Kounalakis herself. Her governor committee also sent $365,261 to a committee named “Eleni Kounalakis for Treasurer 2030” on Sept 8, 2026 (Cal-Access).
The itemized schedules add up to $62,786 more than the summary total, which the reports do not explain (Cal-Access).
Hawks’s loans. Hawks lent her campaign $500 on Feb 27, $30,000 on Mar 2 and $10,000 on Sep 8, 2026 (Cal-Access).
The contribution limit for Treasurer is $9,800 per election from a person and $19,600 from a small contributor committee (FPPC).
Who is giving
Method: itemized contributions (Schedules A and C), including transfers attributed to original donors, plus late-contribution reports after Sep 19. A donor is a normalized name plus ZIP code. “Maximum” means at least one gift at the $9,800 per-election limit. A ZIP counts as City of Los Angeles if at least half its area is inside the City.
| Kounalakis | Hawks | |
|---|---|---|
| Donors (itemized) | 1,916 | 123 |
| Itemized dollars | $9,083,522 | $77,752 |
| From individuals | 61.5% (including $572,142 from the candidate) | 86.3% |
| From unions and public-employee groups | 10.9% | 0% |
| From businesses and business or trade PACs | 25.4% | 0.1% |
| Donors with at least one maximum gift | 336, giving 67.9% of dollars | none |
| Donors giving under $250 in total | 250 (13.0%), giving 0.3% of dollars | 66 (53.7%), giving 10.5% of dollars |
| City of Los Angeles | 277 donors, $798,636 (8.8%) | none |
| Rest of LA County | 207 donors, $760,748 (8.4%) | 1 donor, $1,000 (1.3%) |
| Rest of California | 1,193 donors, $6,464,301 (71.2%) | 118 donors, $74,902 (96.3%) |
| Out of state | 239 donors, $1,059,837 (11.7%) | 4 donors, $1,850 (2.4%) |
Source: itemized contributions in the Form 460 and 497 reports of Eleni Kounalakis for Treasurer 2026 and Jennifer Hawks for CA State Treasurer 2026, from the Cal-Access data export downloaded Sep 29, 2026.
Eleni Kounalakis
Two thirds of Kounalakis’s itemized money (67.9%) came from 336 donors who gave at least one maximum gift. Businesses gave 16.8% directly and business and trade PACs 8.6%. Real estate and development donors gave 8.9% ($807,085 from 162 donors), including the California Association of Realtors’ committee ($31,700) and several developers at $19,600. Finance and investment donors gave 7.2% and lawyers 7.9%. Unions gave 10.9%, led by the California Teachers Association, California Professional Firefighters, United Domestic Workers and the state engineers’ union (PECG) at $39,200 each. Technology donors gave 2.2%, including Airbnb and the California Manufacturers & Technology Association PAC ($19,600 each). Insurance interests gave $77,500 (0.9%), including the Personal Insurance Federation of California’s PAC ($14,200). Eleven tribes gave $139,800 (Cal-Access).
Shared employers: six State of California employees gave $20,578 on Sept 10, 2025, and five UC San Francisco employees gave $20,350 the same day. Both are transferred gifts carrying the transfer date, so the date does not show when the donors first gave (Cal-Access).
Jennifer Hawks
Hawks’s 123 itemized donors gave $77,752, and 62.1% of that came from people listing no employer or retired. Nearly all donors (96.3% of dollars) are in California outside LA County. The largest are two committees of Assemblymember Carl DeMaio ($10,515 together). The largest individual totals are $7,500 and $5,000. No donor gave the $9,800 maximum (Cal-Access).
Outside spending
| Committee | Supports | Amount | What it bought |
|---|---|---|---|
| Advance California, sponsored by the California Apartment Association | Kounalakis | $75,000 | Voter guide (May 2026) |
| GrowSF Voter Guide | Kounalakis | $5,758 | Digital ads, staff time |
| Unions and a county party (4) | Kounalakis | $1,153 | Website, voter guide, door hanger |
| Reform Local Government PAC | Hawks | $10,000 | Slate mailer (Mar 2026) |
| Two individuals, each filing on their own | Hawks | $20,000 | Slate mailers (Apr 2026) |
| Santa Clara County Republican Party | Hawks | $286 | Member communication |
Source: independent expenditure reports (Forms 460 Schedule D, 461, 496) on Cal-Access: Advance California; GrowSF Voter Guide; United Domestic Workers IE PAC; California Teachers Association; California Federation of Teachers COPE; Democratic Party of Orange County; Reform Local Government PAC; the two individuals’ filings in the Cal-Access data export; Santa Clara County Republican Party.
Who funds them. Advance California raised $5.44 million since January 2025, of which $5.25 million came from the California Apartment Association’s IE committee (Cal-Access). GrowSF raised $1.84 million, led by Jeremy Liew (Lightspeed Venture Partners) and Christian Larsen (Ripple) at $500,000 each (Cal-Access). Reform Local Government PAC raised $558,254, including $113,793 unitemized, La Playa LLC $49,000 and one individual $40,000 (Cal-Access). The two individuals paid from their own funds (Cal-Access data export).
Key moments
Debates and forums
No debate between Kounalakis and Hawks was found.
Events
- Kounalakis leaves the governor’s race (August 2025).
- What happened: she dropped her campaign for governor and filed for treasurer (LA Times; LAist/CalMatters).
- Kounalakis: “At this moment, I believe I can make the greatest impact by focusing on California’s financial future” (LAist/CalMatters).
- Hawks: none found.