CA-TREAS: In the six-way race to be California's treasurer, it likely comes down to two Democrats
Kounalakis’ decision was an unwelcome development for state Sen. Anna Caballero. A longtime state legislator who served as Business, Consumer Services and Housing Agency secretary under former Gov. Jerry Brown, the Merced Democrat was the presumptive favorite until then. Caballero has the upper hand by at least one metric: She has raised more money than Kounalakis since the beginning of this year, even if her campaign account is dwarfed by the war chest the lieutenant governor has amassed over the years.
Both Kounalakis and Caballero are termed out of their current roles.
The competition between the two top Democratic hopefuls is fierce, even if they don’t seem to disagree about much.
Both want the state to simplify the application process for affordable housing subsidies — which is already in the works with the governor’s new housing agency. Both support recent treasurer’s initiatives to direct state funds toward renewable energy projects and to administer a retirement savings program for workers whose employers don’t offer pension or 401k accounts. Both expressed enthusiasm about a proposal to require state banks and other financial institutions to lend more in lower income neighborhoods and communities.
https://calmatters.org/politics/2026/05/california-treasurer-election-2026/