Greek-American Democrat Eleni Kounalakis secured election as California State Treasurer on Tuesday, November 3, defeating Republican Jennifer Hawks by a substantial margin and extending her political career after eight years as the state’s lieutenant governor.
Kounalakis received 4,832,848 votes, or 64.05%, compared with 2,712,331 votes, or 35.95%, for Hawks, with counting continuing across California. The Associated Press has projected Kounalakis as the winner, confirming that Democrats would retain control of the statewide financial office.
Kounalakis will succeed outgoing Treasurer Fiona Ma, who was prevented by term limits from seeking another term and instead ran for lieutenant governor. The result represents another statewide victory for Kounalakis, who became the first woman elected lieutenant governor of California in 2018 and won reelection in 2022.
From lieutenant governor to California’s chief financial officer
Kounalakis campaigned on her experience in public administration and real estate development, emphasizing responsible financial management, affordable housing and infrastructure investment.
The position of state treasurer includes overseeing California’s investments, managing public borrowing and administering the issuance of state bonds. The office also participates in major financial authorities and pension oversight boards, including those associated with California’s public employees and teachers.
Kounalakis has pledged to expand financing for affordable housing, strengthen retirement savings programs and protect public pension investments. She has also advocated measures designed to reduce borrowing costs and improve the state’s financial stability.
Her Republican opponent, Jennifer Hawks, a Bay Area businesswoman and political activist, campaigned on government accountability, stricter oversight of public spending and reducing waste in state-funded programs.
Kounalakis had initially announced her candidacy for governor in 2023 but withdrew from that race in August 2025 to pursue the treasurer’s office.
Greek heritage and political experience
Born in Sacramento, Kounalakis is the daughter of Greek immigrant and real estate developer Angelo Tsakopoulos, whose family established a prominent business presence in Northern California. Before entering elected office, she spent nearly two decades working in her family’s real estate development business, AKT Development, eventually becoming its president.
Her diplomatic career began in 2010, when President Barack Obama appointed her US ambassador to Hungary. She served until 2013, becoming the first Greek-American woman to represent the United States as an ambassador.
Kounalakis has maintained strong ties with Greece and the Greek-American community, supporting educational and cultural initiatives promoting Hellenic studies. Together with her husband, journalist Markos Kounalakis, she has helped establish endowed academic positions dedicated to Greek history and culture at Georgetown and Stanford universities.
During her tenure as lieutenant governor, Kounalakis also represented California on international trade matters and served on the University of California Board of Regents and California State University Board of Trustees.
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