California Treasurer Race: Republican Outsider Jennifer Hawks Eyes Fiscal Reform

When a retired school administrator steps into California’s fiscal arena, the state’s treasurer race takes an unexpected turn. Jennifer Hawks—long a volunteer in Republican circles and president of the Palo Alto Republican Women—has just won the party’s endorsement for the 2026 treasurer contest. With the primary set for June, Hawks will face former lieutenant governor Eleni Kounalakis in the November showdown.

Hawks is a career outsider in the political sense. Her résumé reads like a classic American story: a brief stint in banking, followed by two decades as an office manager and executive assistant at Sacred Heart Schools in Atherton. She retired in 2021 and has since devoted her time to Republican organizing through the California Federation of Republican Women. "I’m not a career politician," she told the Examiner. "I’m retired. But I’ve been watching the decline of this state for more than the last couple of years." She said she entered the race because, as she put it, “if somebody not jumped in, that could potentially have been one that we just basically handed over.”

Her platform centers on a demand for transparency and tighter fiscal oversight. Hawks points to a projected $349 billion state budget for the next cycle and a $78 billion debt‑bond portfolio that will require $8.2 billion in annual servicing. She argues the state has “very little transparency” on how those funds are allocated.

The first order of business, Hawks says, would be a forensic audit of every division within the treasurer’s office. "I’ve been data‑mining this office now since I jumped in, and I’m starting to learn where I feel like some of the fractures are," she explained. She also plans to review the state’s pooled‑money investment account, promising to eschew speculative holdings in favor of stability.

Hawks acknowledges that the governor, controller, and legislature set the budget and allocate funds. "I can’t say no to the money going out—that’s handled by the controller," she said. "But I can squawk along the way." She emphasized her willingness to work across party lines, noting that a Republican treasurer would face greater challenges under a Democratic administration.

In contrast, Hawks criticizes Kounalakis for her ties to the development industry. She points to Kounalakis’ father, a wealthy developer, and Kounalakis’ ownership of property around the state capitol. Hawks says Kounalakis has not publicly addressed alleged waste or fraud in state spending.

"I’m up against a big gun," Hawks said. "My main message is going to be I’m a set of fresh eyes going in, and I want to do what’s right for the California state taxpayer."

The race is part of a broader 2026 election in which incumbent treasurer Fiona Ma is term‑limited and is running for lieutenant governor. Other Democratic candidates include Anna Caballero and Tony Vazquez, but the primary will ultimately determine whether Hawks or Kounalakis advances.

The November 3, 2026 election will decide California’s next treasurer—a role that oversees state investments, bond financing, and pension liabilities. Hawks’ outsider status and focus on audits and transparency set her apart from her opponent, who brings a long history in state government and business.

As the campaign moves forward, voters will weigh Hawks’ promise of scrutiny against Kounalakis’ experience and established relationships within the state’s political and financial systems.