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The field of California governor candidates expanded rapidly this year as he took part in the competition on behalf of Gov. Gavin Newsom, but is now beginning to shrink.
Lt. Colonel Eleni Kounalakis, a leading Democratic donor and the first well-known candidate to officially launch the governor’s campaign in April 2023, said on Friday morning she would drop out of the governor’s race and instead run for the state’s treasurer.
Her announcement is the second biggest development in the governor’s race in the past two weeks. Last Wednesday, former vice president of Kamala Harris said she wouldn’t run, creating a vacuum that was hitting other Democrats in the race.
As treasurer, Kounalakis said in a statement that “focusing on California’s financial future can have the greatest impact.”
State treasurers serve on a strong committee that manages California assets, oversees the state’s employee pension plans, and oversees awarded funds for affordable housing and infrastructure projects. Kounalakis said the role could focus on “from affordable housing and clean energy to infrastructure and education, “strategic investment in financial responsibility, economic opportunities and state priorities.”
“This job is important and I’m prepared for the challenge,” Kunarakis said.
Kounalakis is a former US ambassador to Hungary and the daughter of a wealthy Sacramento real estate developer. In 2016, Kounalakis was California co-chair of Hillary Clinton’s presidential campaign, helping with fundraising and foreign policy advice.
Her family has deep connections to the wealthy world of Bay Area political donors and power brokers, including US Congressman Nancy Pelosi (D-San Francisco), who gave kounalakis on television last week after Harris decided not to run for governor.
Her exit from the governor’s race creates an opening for other candidates to build relationships and ensure contributions from those donors.
Other Democrats in the race include former Senator Toni Atkins. Xavier Betera, former California Attorney General and Chief Cabinet Secretary of Biden. Stephen Cloobeck, philanthropist and businessman. Katie Porter, a former Orange County councillor. Tony Thurmond, public leader. Antonio Villaraigoza, former mayor of Los Angeles. and Betty Yi, the former state controller.
There are two prominent Republicans. Former Fox News commentator Steve Hilton and Riverside County Sheriff Chad Bianco.
Early polls showed Kunarakis in the upper half of the governor’s field, but most voters said they had not yet made a decision and were unaware of the candidate.
Kounalakis had raised millions of dollars in the governor’s race, but most of them said her campaign could transfer to her race for the treasurer.
She faces other California politicians of that race, including Senator Anna Caballero (D-Salinas). Libby Sharf, former mayor of Auckland. Tony Vasquez, a member of the state’s Equality Commission.
Kounalakis was first elected lieutenant governor in 2018 and re-elected in 2022. This office is mostly a ceremonial post that has been the launchpad of the governor’s mansion in the past.
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