Democratic Lt. Gov. Eleni Kounalakis and Republican Jennifer Hawks are facing off Tuesday in California’s race for state treasurer.
The winner will replace outgoing Treasurer Fiona Ma, taking over an office responsible for managing the state’s investments, public borrowing and financing programs. Ma is termed out and is running for lieutenant governor to succeed Eleni Kounalakis, who is also termed out.
Kounalakis was first elected lieutenant governor in 2018, becoming the first woman elected to the post, and won reelection in 2022. She previously served as U.S. ambassador to Hungary under President Barack Obama and was president of AKT Development, her family’s Sacramento-area real estate development company.
She initially launched a campaign for California governor in 2023 but dropped out of that race in August 2025 to run for treasurer instead.
Kounalakis has emphasized responsible management of state finances and using public financing to build affordable housing. Her campaign also points to her oversight of public assets as chair of the State Lands Commission and as a member of the University of California Board of Regents and the California State University Board of Trustees.
Hawks, a Bay Area Republican activist running for office for the first time, has described herself as a businesswoman rather than a career politician. In her candidate statement, she says she would prioritize thorough audits, clear reporting and practical financial discipline.
In the June primary, Kounalakis received 36.7% of the vote while Hawks received 24%.