Lieutenant Governor Eleni Kounalakis announced her candidacy for state treasurer in the 2026 election. Libby Schaaf, former Oakland Mayor, withdrew from the race to support Kounalakis. Schaaf had initially focused on public infrastructure, education, housing, and climate change. Kounalakis's fundraising greatly exceeded Schaaf's, raising $4.6 million compared to Schaaf's $427,000. Schaaf expressed gratitude for her supporters and is committed to continuing her work. Kounalakis made history as the first woman and Greek American elected as state lieutenant governor.
As Schaaf stated, "It has been a privilege to share my vision for using the Treasurer's financing powers to tackle our urgent housing and climate crises, and the potential for the Treasurer's early wealth-building programs to provide every Californian child with an opportunity-rich future."
Kounalakis's campaign has raised significantly more than a million dollars: $4.6 million compared to Schaaf's $427,000, demonstrating substantial financial backing for her candidacy.
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