Governor Lieutenant Eleni Kounalakis withdraws from governor’s match, running for the treasurer
As more politicians compete in the replacement of the Gavin News Agency, the field of candidates for California governor has expanded rapidly, but is now starting to shrink.
Governor Lieutenant Eleni Kunalakis is a major Democratic donor and the first prominent candidate officially launched the governor’s movement in April 2023.
Her announcement is the second biggest development in the governor’s competition over the past two weeks. Last Wednesday, former Vice President Kamala Harris said she would not run and creating a vacuum cleaner in the race is rushing to fill.
As a treasurer, Kunalakis said in a statement that as a treasurer, she could “maximize the impact by focusing on California’s financial future.”
The state treasurer manages California’s assets and serves on a strong board of directors to oversee rewards for state employee pension systems and affordable housing and infrastructure projects. Kounalakis said the role will allow her to focus on “fiscal responsibility, economic opportunities and strategic investments in our state’s priorities – from affordable housing and clean energy to infrastructure and education.”
“This work is crucial and I’m ready for the challenge,” Kunalakis said.
Kounalakis is the former U.S. ambassador to Hungary and the daughter of a wealthy real estate developer in Sacramento. In 2016, Kounalakis was the California co-chair of Hillary Clinton’s presidential campaign, helping raise funds and advise on foreign policy.
Her family has a deep connection with Bay Area political donors and power brokers, including U.S. Rep. Nancy Pelosi (D-San Francisco), who paid tribute to Kounalakis on TV last week after Harris decided not to run for governor.
Her exit from the governor’s race provides a vacancy for other candidates to build relationships and get the contributions of these donors, some of whom have been waiting for the donation until Harris makes a decision.
Other Democrats in the game include Toni Atkins, a former president of parliament and Senate President Pro Tem. Xavier Becerra, former California attorney general and Biden’s cabinet secretary; philanthropist and businessman Stephen Cloobeck; Katie Porter is a former congresswoman in Orange County; Tony Thurmond, principal of public guidance; former mayor of Los Angeles Antonio Villaragosa; and former state controller Betty Yee.
There are two prominent Republicans running: former Fox News commentator Steve Hilton and Riverside County Sheriff Chad Bianco.
Early polls showed Kounalakis was in the first half of the governor’s field, but most voters also said they had not made a decision yet and did not know the candidate.
Kounalakis has raised millions of dollars in her campaign for governor, and most of her campaigns say she will be able to move to her own treasurer competition.
In that game, she will face several other long-time California politicians, including state Sen. Anna Caballero (D-Salinas); Oakland Mayor Libby Schaaf; and Tony Vazquez, a member of the state balancer committee.
Kounalakis was first elected governor in 2018 and re-elected in 2022. The office was a largely ritual, and was the launching platform for the governor’s mansion in the past: Newsom and former governor Gray Davis had previously served as governor lieutenant.
