Candidates for California State Treasurer
2026 Primary Election — June 2, 2026
Office: State Treasurer — California's chief banker and financier, overseeing the issuance of bonds for infrastructure (schools, roads, housing, hospitals), managing $23B+ in daily cash transactions, and serving on the boards of CalPERS ($500B+) and CalSTRS ($250B+). Incumbent Fiona Ma (D) is term-limited and running for Lt. Governor. California uses a top-two primary: the top two vote-getters advance to November 3. Six candidates are running — 3 Democrats, 2 Republicans, 1 Green. The next treasurer must navigate a state budget deficit projected at $2.9B–$18B.[1]
Eleni Kounalakis Dem Age 60 Heavy Favorite
Lieutenant Governor of California • Sacramento/SF
Born in Sacramento (1966). Daughter of Angelo Tsakopoulos, a major Democratic donor and Sacramento real estate developer. BA from Dartmouth; MA in International Relations from UC Berkeley. Served as U.S. Ambassador to Hungary under President Barack Obama (2010-2013), then elected Lt. Governor in 2018 and re-elected in 2022. On the UC Board of Regents and CSU Board of Trustees — consistently voted against tuition hikes. Originally announced a run for Governor in 2023, but switched to Treasurer in mid-2025 after poor fundraising and a crowded field. Has the largest campaign war chest of any candidate for any 2026 statewide office below Governor: $8.4M cash on hand.[2]
Top Issues / Platform
- Fiscal responsibility: Navigate CA's budget deficit with disciplined bond management
- Affordable housing: Leverage bond financing for affordable housing and infrastructure
- Pension protection: Maintain CalPERS/CalSTRS solvency for public employees
- Climate resilience: Green bond financing for climate adaptation and fire prevention
- Tuition affordability: Continue opposing UC/CSU tuition increases on board votes
- Technical competence: Emphasizes her developer/business background for the operational role[3]
Key Endorsements
- Gov. Gavin Newsom
- Treasurer Fiona Ma
- Controller Malia Cohen
- Former Secretary of State Hillary Clinton
- Former Sen. Barbara Boxer
- Speaker Emerita Nancy Pelosi
- Former Mayor Libby Schaaf (Oakland)
- Emily's List
- California Legislative Women's Caucus
- Numerous Democratic legislators and mayors[3]
Strengths ▲
- $8.4M cash on hand — more than all other candidates combined; unmatched fundraising capacity
- Highest name ID of any candidate (two statewide elections as Lt. Gov)
- Stunning endorsement list: Newsom, Clinton, Pelosi, Boxer — signals party establishment lock
- Diplomatic and executive experience (Ambassador, Lt. Gov, board service)
- Family wealth provides additional financial backing if needed
Weaknesses ▼
- Wealth and family connections (developer father, ambassador appointment) make her an easy target as an insider/elite
- No direct financial management experience — the job requires bond market expertise
- Switched races after poor governor run — can be framed as settling for a lesser office
- Has not detailed specific policy proposals for the Treasurer's operational role
- In a downballot race, her fundraising machine may be overkill; turnout-driven race instead
Anna M. Caballero Dem Age 71 Main Challenger
State Senator, SD-14 • Merced/Fresno
Born April 18, 1955 in Arizona to a copper mining family. BA from UC San Diego; JD from UCLA Law. Worked for California Rural Legal Assistance before entering politics. Served on Salinas City Council (15 years) and as Mayor of Salinas. Elected to State Assembly in 2006. In 2011, Gov. Jerry Brown appointed her Secretary of the Business, Consumer Services and Housing Agency — overseeing massive bureaucracy. Re-elected to State Assembly in 2016, then State Senate in 2018 (District 14, covering Merced, Madera, Fresno). Served as Chair of the powerful Senate Appropriations Committee. Known as a relative moderate who occasionally bucks the progressive wing on environmental and criminal justice issues. Has vowed to simplify affordable housing subsidy applications and steer state resources away from federal immigration enforcement. Term-limited out of the Legislature. $900K on hand. Married, three children, six grandchildren.[4]
Top Issues / Platform
- Affordable housing: Simplify application process for housing subsidies; streamline bond financing
- Budget accountability: Use legislative experience to scrutinize state spending
- Pension security: Protect CalPERS/CalSTRS for public employees and retirees
- Infrastructure investment: Prioritize Central Valley and underserved communities in bond allocation
- State disengagement: Steer state resources away from federal immigration enforcement activities
- Agriculture/water: Treasurer seat on water-related boards to advocate for Central Valley[5]
Key Endorsements
- Congresswoman Zoe Lofgren
- Congressman Mark DeSaulnier
- Congressman Jim Costa
- Speaker Robert Rivas
- Senate Pro Tem Monique Limon
- Pro Tem Emeritus Mike McGuire
- California Latino Legislative Caucus
- CA Conference of Carpenters
- Plumbers & Pipefitters Union (Fresno)
- International Union of Painters and Allied Trades
- Numerous county supervisors and mayors[6]
Strengths ▲
- Most relevant executive experience: ran the Business, Consumer Services and Housing Agency (1,200+ employees, $2B+ budget)
- Deep legislative experience (18+ years) including chairing Senate Appropriations — knows state budget inside out
- Raised more than Kounalakis in the most recent fundraising period ($900K vs. drawdown on stockpiled cash)
- Strong labor support distinguishes her from Kounalakis' elite/donor backing
- Central Valley roots provide geographic balance; would be first Central Valley statewide official in decades
Weaknesses ▼
- $900K vs. Kounalakis' $8.4M is a 9:1 cash disadvantage — massive gap for a downballot race
- Much lower name ID outside Central Valley compared to two-term Lt. Governor
- Moderate record may struggle to excite progressive base in a primary
- Age (71) could be a factor in a job requiring 4-8 years of service
- Third Democrat in the race splits what might otherwise be a consolidated anti-Kounalakis vote
Tony Vazquez Dem Age ~70 Challenger
Member, State Board of Equalization • Santa Monica
Served on Santa Monica City Council starting in 1990 — decades of local government experience. Served as Santa Monica's first Latino Mayor Pro Tempore (2015-2016). Elected to State Board of Equalization in 2018 (District 3), re-elected. The BOE is the nation's only publicly elected tax assessment agency — a frequent stepping stone to Treasurer (Fiona Ma followed the same path). Also worked as district director for former LA City Councilman Richard Alarcon and as Southern California Regional Director for California Futures Network. Stresses his Latino heritage and connection to labor icon Dolores Huerta. Has $43K on hand — minimal campaign infrastructure. Is framing the campaign around smart investment in affordable housing, education, and infrastructure for all Californians.[7]
Top Issues / Platform
- Affordable housing: Champion bond financing for housing that serves working families
- Infrastructure investment: Prioritize underserved communities in state bond allocation
- Tax fairness: Leverage BOE experience to ensure equitable tax administration
- Latino representation: Bring community perspective to the treasurer's historically insular role
Strengths ▲
- Follows same BOE-to-Treasurer path as Fiona Ma (who has been successful in the role)
- 35+ years of elected and appointed experience at local and state level
- Santa Monica name ID in LA media market; ties to Dolores Huerta/labor movement
Weaknesses ▼
- Only $43K raised — negligible campaign; almost certainly cannot compete with Kounalakis or Caballero
- BOE is a low-profile, low-responsibility office; attacks about being a "career politician" stick
- Third Democrat splitting the vote in a primary where every percentage point matters
- Low name ID outside Santa Monica / political insiders
No photo available
Jennifer Hawks Rep Age ~60s Top Republican
Retired Businesswoman / Activist • Palo Alto
Palo Alto conservative activist. President of the Palo Alto Republican Women Federated. Involved with Intercessors For America, a Christian ministry mobilizing conservative political engagement. Retired educational executive assistant — most recently served on the executive team at Sacred Heart Schools (Atherton), a Catholic school favored by the Bay Area venture capital elite. Has never held elected office and touts that fact. The California Republican Party formally endorsed her over fellow Republican David Serpa. Reform California (Carl DeMaio's organization) also endorsed her. Seeded her campaign with $30,000 of her own money; $38K cash on hand. Received a $5,500 donation from Assemblymember Carl DeMaio. Proposes requiring every dollar in the state budget to be justified, with special scrutiny of Medi-Cal, High Speed Rail, CalFresh, and education — accusing them of rampant fraud.[8]
Top Issues / Platform
- Aggressive audits: Require justification for every dollar of state spending
- Fraud crackdown: Target Medi-Cal, High Speed Rail, CalFresh, education for waste/fraud investigation
- Fiscal discipline: Long-term budget restraint to address structural deficits
- Independent watchdog: Use treasurer's platform to provide check on Democratic supermajority
Strengths ▲
- Official CA GOP endorsement consolidates Republican base; clear lane as top Republican
- Reform California (DeMaio) endorsement brings active get-out-the-vote infrastructure
- Outsider message resonates in an anti-establishment environment
- Only Republican with a viable campaign infrastructure ($38K may be enough for a low-budget primary)
Weaknesses ▼
- No elected, financial, or government experience — steep learning curve for a complex treasury role
- $38K is minimal in a statewide race; far below Caballero's $900K and Kounalakis' $8.4M
- No Republican has won statewide in California since 2006
- Far-right Christian conservative profile may not appeal to moderate general election voters
- Sacred Heart Schools / VC elite background undercuts "outsider" branding
David Serpa Rep Age ~40s Long Shot
Marine Corps Veteran / Real Estate Agent • Riverside
Marine Corps veteran and real estate agent in Riverside County. Ran as a Republican against U.S. Rep. Mark Takano (D-Riverside) for CA-39 in 2024. Previously started a campaign for Lt. Governor before switching to the Treasurer's race. Has very limited campaign infrastructure: ~$4K cash on hand, mostly small-dollar donations. Endorsed by the Nevada County Republican Party, which praised him for "bringing the leadership and fiscal responsibility needed to protect taxpayers." Has not received the CA GOP endorsement (the party chose Hawks instead). Campaign appears to be minimal with limited visibility or media attention.[3]
Key Endorsements
- Nevada County Republican Party
Strengths ▲
- Marine Corps service provides credibility on discipline and integrity
- Ran a prior campaign (2024 Congress) — some minimal name ID in Riverside area
Weaknesses ▼
- $4K is not enough to run a competitive statewide campaign
- Lost the CA GOP endorsement to Hawks — no establishment support
- Real estate agent background doesn't directly connect to treasury management
- Virtually no media presence or campaign visibility
No photo available
Glenn Turner Green Age ~70 Long Shot
Activist / Small Business Owner (retired) • Oakland
Oakland activist. Ran a sole proprietor metaphysical and pagan retail shop for 32 years before selling to employees and retiring. Serves on the board of Berkeley's Mental Health Commission. Member of Families Advocating for the Seriously Mentally Ill (FASMI) — her daughter died in 2019 while struggling with homelessness and substance use disorder. Endorsed by the Green Party of California and the Peace and Freedom Party as part of the Left Unity Slate (alongside Meghann Adams for Controller, Eduardo Vargas for Insurance Commissioner). Has not opened a campaign account — no reported fundraising. Proposes divesting CalPERS/CalSTRS from Israel, weapons manufacturers, and fossil fuel companies. Advocate for public banking (Public Bank of the East Bay). Climate Emergency Mobilization Task Force volunteer.[9]
Top Issues / Platform
- Divestment: Pull CalPERS/CalSTRS from Israel, weapons, and fossil fuel investments
- Public banking: Support creation of public banks as alternatives to for-profit banking
- Mental health: Direct state investment into long-term mental health services
- Anti-war: No state investments in companies arming foreign militaries
- Climate action: Divest from fossil fuels, invest in green infrastructure
Race Summary & Outlook
This is a two-tier race. Eleni Kounalakis (D) is the clear front-runner with $8.4M and endorsements from Newsom, Clinton, Pelosi, Boxer, and most of the Democratic establishment. Anna Caballero (D) is her main challenger — a seasoned legislator with $900K, labor backing, and the executive experience of running a state agency under Jerry Brown. Key dynamics:
- Kounalakis has a 9:1 cash advantage and vastly higher name ID from two terms as Lt. Governor. She starts as the heavy favorite but must overcome the narrative that she's only running for treasurer after failing to gain traction for governor.
- Caballero has the strongest policy and executive credentials for the job (ran the Business/Consumer Services/Housing Agency) but faces an uphill money battle. Her Central Valley roots could provide a geographic base Kounalakis lacks.
- Tony Vazquez (D) is a credible third Democrat on the BOE path that Fiona Ma used, but with $43K he is a non-factor in paid media.
- Jennifer Hawks (R) has the CA GOP endorsement and is positioned for a top-two finish if Republican voters consolidate. However, no Republican has won statewide since 2006.
- David Serpa (R) and Glenn Turner (G) have negligible campaigns.
Likely top-two: Kounalakis advances to November. The second spot depends on whether Republican voters turn out for Hawks in a split GOP field or whether Caballero can consolidate enough Democratic votes to edge her out. Conventional wisdom favors Kounalakis vs. Caballero, but a Kounalakis vs. Hawks November matchup is possible if Democratic turnout splits three ways. In a general election, the Democrat is heavily favored in blue California.
Primary: June 2, 2026 — General: November 3, 2026