News Summary
Lieutenant Governor Eleni Kounalakis has withdrawn her campaign for governor of California and will now run for state treasurer in the 2026 election. Her campaign will prioritize housing affordability, fiscal responsibility, and clean energy investments. Kounalakis’s decision comes amid a competitive gubernatorial race, where polling indicated she was trailing other candidates. With backing from influential supporters like Nancy Pelosi, Kounalakis aims to reshape California’s financial policies, shifting her focus from the governor’s race to a key financial management role.
California – Lieutenant Governor Eleni Kounalakis has officially withdrawn her campaign for governor and will now pursue the role of state treasurer in the upcoming 2026 election. In a recent social media announcement, Kounalakis expressed her belief that she can exert a greater influence on California’s financial landscape in the treasurer’s position.
Kounalakis, who is affiliated with the Democratic Party, has outlined several key priorities for her agenda as state treasurer. These include enhancing housing affordability, promoting fiscal responsibility, creating economic opportunities, and making strategic investments in clean energy and infrastructure. As treasurer, she would oversee the state’s financial management, including significant pension systems and funding for affordable housing.
The decision to run for state treasurer comes after Kounalakis was the first prominent candidate to declare her intention to run for governor in April 2023. Recent polling indicated that she was trailing behind other candidates, particularly former U.S. Representative Katie Porter. The gubernatorial race in California has seen a rapid expansion of candidates, and Kounalakis’s exit aligns with a broader trend of individuals withdrawing or announcing their campaigns amid a competitive landscape.
Just one week before Kounalakis’s announcement, former Vice President Kamala Harris also stated that she would not enter the gubernatorial race, creating a notable shift in the field. While early polling had placed Kounalakis in a favorable position within the top half of the field, a late start in fundraising presented challenges. During the first half of the year, she raised approximately $100,000, a stark contrast to Porter, who secured $3 million in just three months.
In the Democratic race for governor, a number of candidates remain, including notable figures like Toni Atkins, Xavier Becerra, Stephen Cloobeck, Katie Porter, Tony Thurmond, Antonio Villaraigosa, and Betty Yee. Meanwhile, the Republican contenders include former Fox News commentator Steve Hilton and Riverside County Sheriff Chad Bianco. This diverse candidate pool has made the gubernatorial race highly competitive, described by many as wide-open without clear frontrunners following the exits of Kounalakis and Harris.
In addition to her political ambitions, Kounalakis brings substantial experience to her potential new role as treasurer. She previously served as the U.S. Ambassador to Hungary and played a key role in fundraising for Hillary Clinton’s presidential campaign in 2016. Her familial connections in California’s political fundraising networks are expected to provide her with additional support as she embarks on this campaign.
Moreover, Kounalakis’s supporters include influential figures like former House Speaker Nancy Pelosi, who has publicly endorsed her. This support may further complicate the dynamics of the gubernatorial race as candidates vie for the attention of California voters.
As the political landscape continues to evolve, Kounalakis’s shift from a gubernatorial bid to the state treasurer race could provide her with a platform to advocate for financial policies that align with her vision for California’s future. As the 2026 election draws closer, the attention of voters will be focused on her new campaign and the remaining candidates in the governor’s race.
Deeper Dive: News & Info About This Topic
- Los Angeles Times
- Wikipedia: Eleni Kounalakis
- The Hill
- Google Search: Eleni Kounalakis California 2026 election
- San Francisco Chronicle
- Encyclopedia Britannica: California political system
- Politico
- Google News: California 2026 gubernatorial race
- Bloomberg
Author: STAFF HERE COSTA MESA WRITER
COSTA MESA STAFF WRITER The COSTA MESA STAFF WRITER represents the experienced team at HERECostaMesa.com, your go-to source for actionable local news and information in Costa Mesa, Orange 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 the OC Fair, Concerts in the Park, and Fish Fry. Our coverage extends to key organizations like the Costa Mesa Chamber of Commerce and Boys & Girls Clubs of Central Orange Coast, plus leading businesses in retail, fashion, and technology that power the local economy such as Vans, Experian, and South Coast Plaza. As part of the broader HERE network, including HEREAnaheim.com, HEREBeverlyHills.com, HERECoronado.com, HEREHollywood.com, HEREHuntingtonBeach.com, HERELongBeach.com, HERELosAngeles.com, HEREMissionViejo.com, HERESanDiego.com, and HERESantaAna.com, we provide comprehensive, credible insights into California's dynamic landscape.
