Kounalakis runs for California treasurer on Nov. 3 ballot

Eleni Kounalakis, California's lieutenant governor, is running for state treasurer as a Democrat in the Nov. 3 general election. Newport Beach voters will see the race on their ballots. Republican Jennifer Hawks is also certified for the contest, according to BallotReady election data.

Kounalakis was the first woman elected lieutenant governor of California, according to the state's lieutenant governor website. She was sworn in Jan. 7, 2019. She initially announced a run for governor on April 24, 2023, then withdrew and entered the treasurer contest on Aug. 8, 2025, CalMatters reported.

She switched races in 2025.

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

Experience and public service

Kounalakis served as U.S. ambassador to Hungary from 2010 to 2013 under the Obama administration, according to BallotReady. She also served as chief deputy director for budget at the California Department of Finance.

As lieutenant governor, Kounalakis said she chairs the California State Lands Commission and sits as a voting member on the University of California Board of Regents and 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.

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

On the issues

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

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: Kounalakis 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, standardize bond structures 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 to accelerate affordable housing construction.

Pensions: Kounalakis said protecting CalPERS and CalSTRS is critical. She said integrating climate risk, labor practices and corporate governance into investment decisions manages risk and strengthens portfolios.