News Summary
California Lieutenant Governor Eleni Kounalakis has announced her withdrawal from the gubernatorial race, opting to pursue the state treasurer position in the 2026 election. Kounalakis aims to focus on critical financial issues such as housing affordability, economic opportunity, and clean energy investments. Her exit marks a significant shift in the governor’s race, previously launched in April 2023, where she faced challenges in fundraising and polling. As she transitions to this new focus, many candidates continue to vie for the governorship in a competitive political landscape.
California – California Lieutenant Governor Eleni Kounalakis has announced she is withdrawing from the gubernatorial race and will instead pursue the position of state treasurer in the upcoming 2026 election. In her announcement, Kounalakis expressed her belief that she can make a more significant impact by focusing on the state’s finances.
Kounalakis, a Democrat, aims to address critical issues as treasurer, prioritizing housing affordability, fiscal responsibility, economic opportunity, and strategic investments in clean energy and infrastructure. Her departure from the governor’s race marks a significant shift as she redirects her efforts toward a role that directly involves managing California’s financial operations.
The political landscape for the California governor’s race has expanded significantly, with Kounalakis being the first notable candidate to launch her campaign in April 2023. However, she faced challenges in gaining traction, particularly as polling results indicated she was trailing behind other candidates, most notably former Representative Katie Porter. In recent weeks, the trend of candidates withdrawing or reassessing their political strategies has created openings for contenders still in the race.
Just days before Kounalakis’s announcement, former Vice President Kamala Harris also declared she would not seek the governorship, further contributing to the reshaping of the race. Early polling had shown Kounalakis performing decently, ranking in the top half of the gubernatorial field. However, her fundraising efforts lagged significantly, with only $100,000 raised in the first half of the year, compared to Katie Porter’s impressive $3 million within three months.
The role of state treasurer is critical as it oversees California’s financial management, including serving on boards that handle pension systems and financing for affordable housing initiatives. The position is regarded as one of the most influential state offices, especially in times of economic uncertainty and pressing social issues.
Kounalakis brings a wealth of political experience to her new campaign. Before serving as lieutenant governor, she was the U.S. Ambassador to Hungary and played a pivotal role in fundraising for Hillary Clinton’s 2016 presidential campaign. Additionally, her family’s strong connections within California’s political fundraising network may provide significant support in her bid for state treasurer.
As Kounalakis steps down from the gubernatorial contest, the field of candidates remains competitive. Other democratic candidates still in the race include Toni Atkins, Xavier Becerra, Stephen Cloobeck, Tony Thurmond, Antonio Villaraigosa, and Betty Yee, while the Republican side features former Fox News commentator Steve Hilton and Riverside County Sheriff Chad Bianco.
The gubernatorial race has been described as open, lacking any clear frontrunners following the recent withdrawals of Kounalakis and Harris. Kounalakis’s supporters, including notable figures such as former House Speaker Nancy Pelosi, have indicated their backing, adding complexity to the ongoing dynamics of the race as candidates position themselves for potential success.
As the election cycle progresses, Kounalakis’s shift to running for state treasurer underscores her strategic considerations regarding her political career trajectory and her commitment to addressing the financial challenges currently facing California. With the treasurer’s position vital for overseeing economic stability in the state, her campaign will likely focus on addressing core issues that resonate with Californian voters.
Deeper Dive: News & Info About This Topic
- Los Angeles Times
- Wikipedia: Eleni Kounalakis
- The Hill
- Google Search: Eleni Kounalakis
- San Francisco Chronicle
- Encyclopedia Britannica: California
- Politico
- Google News: California governor race
- Bloomberg
- Google Scholar: Eleni Kounalakis
Author: STAFF HERE SAN DIEGO WRITER
SAN DIEGO STAFF WRITER The SAN DIEGO STAFF WRITER represents the experienced team at HERESanDiego.com, your go-to source for actionable local news and information in San Diego, San Diego County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as Comic-Con International, San Diego County Fair, and San Diego Pride Festival. Our coverage extends to key organizations like the San Diego Regional Chamber of Commerce and United Way of San Diego County, plus leading businesses in biotechnology, healthcare, and technology that power the local economy such as Qualcomm, Illumina, and Scripps Health. As part of the broader HERE network, including HEREAnaheim.com, HEREBeverlyHills.com, HERECostaMesa.com, HERECoronado.com, HEREHollywood.com, HEREHuntingtonBeach.com, HERELongBeach.com, HERELosAngeles.com, HEREMissionViejo.com, and HERESantaAna.com, we provide comprehensive, credible insights into California's dynamic landscape.
