My Vote has to be Jennifer Hawks, though David Serpa runs a close second.

California voters often overlook the State Treasurer race because it lacks the attention of a governor or Senate contest. That may be one of the biggest mistakes voters make in statewide politics.

The California State Treasurer oversees the state’s borrowing, debt management, bond financing, and investment systems. The office also sits on powerful pension and infrastructure boards that help direct hundreds of billions of taxpayer and retirement dollars. In practical terms, the Treasurer helps shape where California’s money goes—and increasingly, what political priorities that money supports.

In 2026, the race to replace termed-out Treasurer Fiona Ma has become an important test of competing visions for California’s financial future. The field includes establishment Democrats, outsider Republicans, and candidates pushing activist approaches to state investment systems.

From a constitutionalist perspective, this race is about more than technical financial management. It raises larger questions:

• Should the Treasurer act primarily as a neutral financial steward?
• Should state investments be used to advance ideological and political goals?
• And how much financial power should Sacramento continue consolidating?

The Expanding Role of the Treasurer

Historically, many voters viewed the Treasurer as a low-profile accountant position. That is no longer accurate.

Today, the office influences:

• public pension investments,
• infrastructure financing,
• affordable housing bonds,
• state debt,
• and climate-related investment initiatives.

California’s public pension systems alone manage nearly $1 trillion in combined assets through CalPERS and CalSTRS. That means the Treasurer’s office increasingly sits at the intersection of politics, finance, labor interests, and ideological investment activism.

For constitutionalists, this creates growing concern that taxpayer-backed financial systems are being transformed into political leverage tools rather than remaining neutral fiduciary institutions.

Eleni Kounalakis: The Establishment Financial Favorite

Eleni Kounalakis entered the Treasurer race after withdrawing from the crowded governor’s contest. She immediately became one of the strongest establishment contenders due to her statewide recognition, fundraising network, and political connections.

Supporters argue Kounalakis is exceptionally qualified for the office. Her background includes business experience, diplomatic service as ambassador to Hungary, and years as California’s Lieutenant Governor. Editorial boards have praised her financial understanding and ability to navigate complex political systems.

From a constitutionalist viewpoint, however, concerns emerge quickly.

Kounalakis is deeply tied to California’s existing political and donor infrastructure. Critics frequently point to her family’s longstanding role in Democratic fundraising and real-estate influence inside California politics.

To constitutionalists skeptical of elite political consolidation, Kounalakis represents continuity within California’s entrenched governing structure rather than meaningful reform.

At the same time, supporters argue continuity may actually matter in an office responsible for maintaining bond ratings, debt confidence, and pension stability. That is the central debate surrounding her candidacy:
Is California better served by institutional experience or by disruption of the system itself?

Anna Caballero: The Pragmatic Moderate Democrat

Anna Caballero has positioned herself as a more pragmatic and regionally grounded Democrat. Her background includes service as mayor, assemblymember, housing official, and state senator, with a reputation for focusing heavily on agriculture, housing, and Central Valley economic concerns.

Compared to some California Democrats, Caballero is often viewed as more moderate, particularly on environmental regulation and criminal justice issues.

That moderation gives her a unique appeal in this race. Constitutionalists who normally oppose Sacramento expansion may still view Caballero as more connected to economic realities affecting working Californians.

However, constitutional concerns remain.

Caballero has supported activist financial proposals involving restrictions on investment relationships tied to immigration enforcement operations.

For constitutionalists, this creates a deeper issue:
Should state investment systems be used as ideological enforcement mechanisms?

The concern is not solely about immigration policy itself. It is about whether California’s financial institutions are increasingly being weaponized to enforce political objectives rather than focusing on neutral financial stewardship.

Still, among establishment Democrats, Caballero may be viewed by some voters as the least ideologically rigid and the most economically pragmatic.

Tony Vazquez: The Local Investment Advocate

Tony Vazquez brings direct experience with California taxation and financial administration through his service on the Board of Equalization.

Vazquez strongly advocates investing more California pension money inside California itself, arguing the state underinvests in its own economy despite its enormous size.

Supporters see this as a way to:

• expand housing,
• increase local development,
• and strengthen California infrastructure.

But critics worry this philosophy shifts pension systems away from maximizing financial return and toward politically driven investment priorities.

One controversial moment in the race came when Vazquez suggested investment losses may sometimes be acceptable if the investments support California-focused priorities.

From a constitutionalist perspective, that raises major concerns about fiduciary responsibility. Public pension systems exist primarily to protect retirees—not to serve as tools for political experimentation or economic activism.

This reflects one of the central tensions in the Treasurer race:
Should public investment systems prioritize return and neutrality, or broader political and economic objectives?

Jennifer Hawks: The Outsider Candidate

Jennifer Hawks stands out because she openly embraces being outside California’s political class. A retired businesswoman and Republican activist, Hawks argues the Treasurer’s office needs independence from Sacramento’s entrenched governing culture.

Her supporters see her lack of elected office experience as an advantage rather than a liability.

For constitutionalists frustrated by:

• one-party dominance,
• bureaucratic insulation,
• and career political networks,
  Hawks represents the clearest outsider option in the race.

Her endorsements from organizations such as Reform California reinforce her appeal among anti-establishment voters.

The main criticism against Hawks is experience. The Treasurer’s office is highly technical and deeply tied to bond markets, pension systems, and complex investment structures.

Constitutionalists must weigh an important tradeoff:
Is independence from the system more valuable than deep institutional experience inside the system?

That question defines much of Hawks’ candidacy.

David Serpa: The Anti-Establishment Business Candidate

David Serpa similarly presents himself as an outsider businessman challenging Sacramento’s financial and political culture.

Serpa has emphasized themes involving:

• tax resistance,
• fiscal restraint,
• and opposition to bureaucratic overreach.

That message resonates with constitutionalists who believe California’s government increasingly prioritizes political expansion over financial sustainability.

However, Serpa faces the same structural challenge as Hawks:
limited statewide recognition and fewer visible details about how he would manage California’s enormously complex financial systems.

Still, his campaign taps directly into broader frustration with California’s affordability crisis, population outflow, and distrust of Sacramento governance.

Glenn Turner: The Green Party Activist Approach

Glenn Turner brings a more activist and anti-corporate framework to the race. Turner has supported concepts such as public banking and expanded government financial involvement.

From a constitutionalist viewpoint, this approach raises concerns about expanding centralized economic authority inside government itself.

While constitutionalists may agree with criticism of concentrated corporate influence, many would argue replacing private concentration with government concentration does not solve the underlying problem of unchecked power.

Turner’s candidacy reflects a growing divide in California politics between those seeking to decentralize power and those seeking to redirect centralized power toward different policy goals.

The Larger Financial Question Facing California

This race ultimately reflects a deeper issue facing the state.

California continues experiencing:

• rising costs of living,
• business departures,
• pension pressures,
• infrastructure demands,
• insurance instability,
• and long-term budget concerns.

At the same time, state financial systems are increasingly expected to advance broader political agendas involving:

• climate policy,
• housing mandates,
• social investment goals,
• and ideological divestment campaigns.

Constitutionalists are increasingly asking whether California’s financial institutions still exist primarily to protect taxpayers and retirees—or whether they are gradually evolving into instruments of political governance.

That question matters because financial systems create power. Whoever controls state investment priorities ultimately influences economic behavior across California.

Closing

The 2026 California Treasurer race may not generate the attention of the governor’s contest, but its consequences are enormous.

This office influences how California borrows, invests, spends, and financially directs the future of the state itself.

Some candidates offer continuity and institutional expertise.
Some offer activist financial transformation.
Others offer outsider disruption of Sacramento’s existing system.

For constitutionalists, the core issue is not simply partisan identity. It is whether the Treasurer will act as:

• an independent steward of public money,
  or
• a political architect using financial systems to expand governmental influence.

That distinction may shape California’s economic future far beyond a single election cycle.

Bottom-Line Ranking For Constitutionalist Voters

Candidate	Constitutionalist Fit	Why
Jennifer Hawks	Strongest	Independent outsider focused on accountability and checking Sacramento power
David Serpa	Strong	Anti-establishment fiscal restraint message
Anna Caballero	Moderate	More pragmatic Democrat but still supports activist state finance
Eleni Kounalakis	Weak to Moderate	Experienced but deeply tied to establishment governance
Tony Vazquez	Weak	Continuation of current California fiscal structure
Glenn Turner	Weakest	Expands centralized economic governance rather than limiting it