California Lt. Gov. Eleni Kounalakis is running for state treasurer in the Nov. 3 general election. The Democrat faces Republican Jennifer Hawks.

Kounalakis, the first woman elected lieutenant governor of California, was sworn into that office Jan. 7, 2019. She initially announced a run for governor on April 24, 2023, then withdrew from that race on Aug. 8, 2025, and announced her treasurer candidacy, according to CalMatters.

Candidate information

  • Party: Democratic
  • Born: March 3, 1966
  • Education: Dartmouth College (1989); MBA, UC Berkeley (1992); honorary doctorate of law, American College of Greece and University of Piraeus
  • Residence: Native Californian, according to her campaign website

Experience and public service

Kounalakis served as chief deputy director for budget at the California Department of Finance, according to BallotReady. She was U.S. ambassador to Hungary from 2010 to 2013 under the Obama administration, also according to BallotReady, and served as a senior advisor at Albright Stonebridge Group, according to CalMatters.

As lieutenant governor, Kounalakis said she has served as chair of the California State Lands Commission, a voting member of the University of California Board of Regents and a voting member of the California State University Board of Trustees. 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.

Kounalakis said she served as president of AKT Development, where she led development of affordable, middle-class communities that now house over 200,000 families in the Sacramento region.

On the issues

The following positions are from Kounalakis' responses to a Bay Area News Group questionnaire.

State debt and credit ratings: Kounalakis wrote that she would time bond issuances strategically, standardize bond structures and refinance when advantageous. "My measurable goal is to keep the state's debt-service-to-General Fund revenue ratio below 6%," she wrote.

Housing: Kounalakis said she would modernize the Low-Income Housing Tax Credit program, streamline bond financing and prioritize projects near jobs and transit to accelerate affordable housing construction.

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.

Retirement security: Kounalakis said protecting CalPERS and CalSTRS is critical. She said integrating considerations such as climate risk, labor practices and corporate governance into investment decisions is about managing risk, not sacrificing returns.

Endorsements

The following endorsements were claimed by the endorsers, according to CalMatters, BallotReady profile data and Kounalakis' campaign account on X:

  • Gavin Newsom, governor of California
  • Nancy Pelosi
  • Hillary Clinton
  • Dolores Huerta
  • AFL-CIO
  • California Labor Federation, AFL-CIO
  • North State Labor Federation, AFL-CIO
  • California Teachers' Association
  • California School Employees Association
  • Communication Workers of America
  • South Bay Labor Council
  • San Diego Building & Construction Trades Council
  • Emerge
  • California Women's List
  • National Women's Political Caucus of California
  • San Francisco Women's Political Committee
  • Planned Parenthood of San Diego, Riverside, Imperial
  • Planned Parenthood of Orange, San Bernadino
  • Community Action Fund of Planned Parenthood Orange San Bernardino Counties
  • Los Angeles County Democrats
  • Alameda County Democrats
  • Fresno County Democrats
  • Riverside County Democrats
  • San Diego County Democratic Party
  • Santa Clara County Democrats
  • California - Orange County Democrats
  • Pacific Palisades Democratic Club
  • Heart of LA Democratic Club
  • Alice B Toklas Democratic Club
  • The United Democratic Club
  • Stonewall Young Democrats
  • Los Angeles Stonewall Democrats
  • East Bay Stonewall Democrats
  • Fresno Stonewall Democrats
  • San Diego Democrats for Equality
  • Santa Barbara Independent Editorial Board
  • San Francisco Bay Times Editorial Board
  • Bay Area Reporter Editorial Board

Candidate responses referenced in this profile were drawn from a Bay Area News Group questionnaire, BallotReady and the candidate's campaign website.