Tony Vazquez, a Democrat, sits on the California State Board of Equalization, where he has represented the 3rd District since 2019. The board oversees the state’s property tax system as well as the alcoholic beverage tax and tax on insurers.
He is a former teacher who also served for about 10 years on the Santa Monica City Council, including a one-year stint as mayor in 2016.
Vazquez, 70, said serving as treasurer would be his last foray into politics, as he plans to retire soon. “The problem I think we’ve had with our past treasurers is that they use it as a steppingstone — my focus would be on being treasurer, not setting up the stage for higher office,” he said.
Vazquez would invest more in California. CalPERS and CalSTRS combined have about $1 trillion in assets, he said.
“We invest less than 2% [of that] in California,” he said. “How can we be the fourth-largest economy in the world and not be a good investment? My goal is to at least double that.”
Vazquez added it would be a “good goal” to start divesting from fossil fuels. He also would prioritize building partnerships. He said many housing-related nonprofits would eagerly leverage their resources with the state to build more homes.
“I’ve also had good conversations with tribes who would love to leverage their housing dollars with our pension funds to build more housing on the reservations,” he said.
Eleni Kounalakis speaks at the California Democratic Convention at the Anaheim Convention Center.
(Carlin Stiehl / Los Angeles Times)
Eleni Kounalakis, a Democrat, is finishing her second term as lieutenant governor of California.
She formally launched a campaign for governor in 2023, and early polling placed her in the top half of the gubernatorial field. However, she announced in August that she was dropping out of the race and instead would run for treasurer. Kounalakis has no regrets about her decision.
“I am very happy because it is so closely aligned with my skill set,” she said. “I think it’s so important to have a state treasurer who has that kind of experience to manage our financial future responsibly.”
Kounalakis holds a Master of Business Administration and formerly worked as the president of AKT Development, a housing company in California founded by her father, Angelo Tsakopoulos, a prominent developer and political donor. In 2010, President Obama appointed her as the U.S. ambassador to Hungary.
“I have been using my international experience serving the state as our representative for international trade and investment, which has a very heavy economic development piece to it,” she said.
Asked about divesting from fossil fuels, Kounalakis said her approach would be to “lean in” to clean investments.
“But it has to be balanced with recognizing that the returns at CalPERS and CalSTRS are very important for the hard-earned pensions of those whose retirement is being managed,” she added.
Kounalakis said her varied background would be a strong asset.
“My top priorities would be to manage the state’s finances with responsibility and experience,” she said, “and to build more housing and the infrastructure to support it, to protect our pensions and manage our investment portfolio with transparency and accountability.”
Anna Caballero, a Democrat, is an attorney and state senator who chairs the Senate Committee on Agriculture. She previously served in the state Assembly. She also sat on the Salinas City Council for 15 years and was elected as the first woman mayor in 1998.
Caballero said growing up in a working-class family of copper miners shaped her political career because she learned the value of money at an early age.
Caballero would work to support disadvantaged communities. Affordable housing would be among her top priorities.
“The ability to get people into a place they can call their own is critically important,” she said. “It stabilizes neighborhoods and families and it gives people a real commitment to their community.”
She also wants to partner with financial institutions to develop a system for unbanked individuals, meaning those who don’t use traditional banks or credit unions, to start earning a credit rating and score. She said monitoring their use of Electronic Benefit Transfer cards, which are used for food stamps or unemployment, could be a way to assign a rating.
Asked about divesting from fossil fuels, Caballero said the transition away from fossil fuel companies will take time.
“We still need fossil fuels and the best estimate I’ve heard is that it will be another 20 or 30 years before all of the vehicles we have are transitioned out,” she said. “Rather than chase them out of the state and import oil from the Middle East or South America — we should be asking our companies here in the state to go greener.”
Jennifer Hawks, a Republican, is a retired businesswoman. She serves as president of Palo Alto Republican Women Federated, an organization that uses educational activities and community engagement to encourage women to participate in government.
“She’s not a career politician,” her campaign website states. “She’s someone who has spent her life managing budgets, solving problems, and making sure the numbers add up.”
She would prioritize oversight and transparency, her website states.
“Public finance isn’t just about numbers — it’s about the schools our children attend, the roads we drive on, and the retirement security of our workers,” her website says. “It deserves someone who leads with care.”
David Serpa, a Republican, is a real estate agent and Marine Corps veteran. He also has written plays and books discussing autism, spirituality and business, according to his professional website.
He would work to end inefficient programs and opaque financing, his campaign website states.
“Treasurers emerged to protect the public purse from rulers, legislatures, and creditors alike, not to enable unchecked expansion,” his website states.
Serpa has feuded with the California Republican Party on social media. He described himself on X as a nationalist running as a Republican.