Lt. Gov. Eleni Kounalakis said that being state treasurer would allow her to focus on fiscal responsibility, economic opportunity and infrastructure investment.

Her exit is the second big development in the governor’s race this month, following an announcement last week from former Vice President Kamala Harris that she would not run.

The field of candidates for California governor expanded rapidly this year as a growing number of politicians entered the race to replace Gov. Gavin Newsom, but now it’s starting to shrink.

Lt. Gov. Eleni Kounalakis, a major Democratic donor and the first well-known candidate to formally launch a campaign for governor in April 2023, said Friday morning that she is dropping out of the governor’s race and will instead run for state treasurer.

Her announcem

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