Who Is Running for California State Treasurer in 2026? Complete Candidate Guide

As California voters head to the polls in 2026, one of the most important statewide contests is the race for State Treasurer. While the position often receives less public attention than races for governor or attorney general, the treasurer plays a critical role in managing the finances of the nation’s most populous state. The office oversees billions of dollars in state investments, manages public debt, supports infrastructure financing, and helps administer programs related to affordable housing, education, and economic development. With

current Treasurer Fiona Ma reaching her term limit, a competitive field of candidates has emerged to succeed her. California’s State Treasurer serves as the state’s chief banker and investment officer. The position is responsible for managing state funds, overseeing bond financing, and participating in major financial decisions affecting public programs and infrastructure projects. The treasurer also serves on influential boards connected to public pension systems and state investments.

Given California’s massive economy, often ranked among the largest in the world, the treasurer’s decisions can have a significant impact on taxpayers, businesses, students, and local governments. California Lieutenant Governor Eleni Kounalakis entered the treasurer’s race after ending her campaign for governor. A former U.S. ambassador to Hungary, Kounalakis brings statewide executive experience and a background in real estate development and finance. Supporters argue that her experience on state governing boards and her financial expertise make her well-suited for the position.

State Senator Anna Caballero is another leading Democratic contender. Caballero has served in several government roles, including positions in the California Legislature and state administration. Her campaign has emphasized housing affordability, economic development, and improving access to state programs. Tony Vazquez currently serves on California’s State Board of Equalization. A former mayor of Santa Monica and longtime public official, Vazquez highlights his experience in tax policy and public finance. He argues that his

background gives him a strong understanding of the state’s financial systems and fiscal challenges. Jennifer Hawks, a retired businesswoman and Republican activist, is running as a political outsider. She has focused her campaign on fiscal accountability and bringing a private-sector perspective to state government. Hawks has argued that California needs stronger financial oversight and independent leadership.

Businessman David Serpa is also seeking the office. His campaign has centered on tax reform and government accountability. Serpa presents himself as a candidate willing to challenge California’s political establishment and advocate for fiscal restraint. Green Party candidate Glenn Turner rounds out the field. Turner has promoted progressive financial reforms and alternative approaches to economic policy, seeking to bring a different perspective to the race.

State investment strategies and pension fund management. Affordable housing financing. Infrastructure funding and bond programs. Fiscal accountability and government transparency. Economic development and job creation initiatives. Long-term management of California’s public finances. Candidates have offered different visions for how California should invest public funds and support future economic growth while maintaining financial stability. Although statewide financial offices often attract less media attention than executive positions, the California State Treasurer has

substantial influence over the state’s fiscal future. The individual elected in 2026 will help oversee investment decisions, borrowing programs, and financial initiatives affecting millions of Californians. As the campaign progresses, voters will be evaluating not only political experience but also financial expertise, management skills, and each candidate’s vision for California’s economic future. With a diverse field of contenders from multiple parties, the race is expected to remain one of the most closely watched down-ballot contests of the 2026 election cycle.