California’s 2026 Lieutenant Governor Race Takes Shape Ahead of June Primary
- W.R Mason (Editor-In-Chief)
- 4 days ago
- 4 min read
Treasurer Fiona Ma Holds a Commanding Fundraising Lead as Democrats Crowd the Field
Overview
With Lieutenant Governor Eleni Kounalakis term-limited and running for State Treasurer, California’s open 2026 lieutenant governor race is fast becoming one of the most competitive statewide contests headed into the June 2, 2026 primary. Under California’s top-two primary system, only the two highest vote-getters — regardless of party — move on to November. That dynamic has drawn a large Democratic field and left Republicans largely coalesced behind a single candidate.
This report is sourced from California Secretary of State filings, FPPC Form 460 campaign disclosures, CalMatters, Politico California Playbook, Sacramento Bee, and candidate committee statements as of late November 2025.
Who’s Running?
Democrats
Fiona Ma – State Treasurer (Frontrunner)
Sources: CalMatters statewide candidate tracker; FPPC filings; San Francisco Chronicle; Sacramento Bee; Treasurer’s Office public reports.
State Treasurer Fiona Ma enters the race with the broadest résumé and the deepest financial bench. Before rising to statewide office, Ma served as a San Francisco County Supervisor, representing the Sunset District, where she built early credibility on neighborhood issues and small-business advocacy. She later served in the State Assembly, eventually becoming Speaker Pro Tem, followed by her term on the California Board of Equalization.
As Treasurer, Ma has focused heavily on affordable-housing finance, speeding up bond allocations, reforming tax-credit timelines, modernizing unclaimed-property administration, and pushing for stronger oversight of state financing authorities. Her work on improving access to funding tools for cities, veterans’ housing, and clean-energy infrastructure has earned her wide support from labor and local officials.
With roughly $4.5 million cash on hand — the largest in the field by far — and decades of statewide relationships, Ma begins the race as the strongest Democrat on paper.
Michael Tubbs – Former Mayor of Stockton
Sources: CalMatters; Politico; LA Times; Secretary of State disclosures.
Tubbs is running on an anti-poverty, guaranteed-income message. He remains a favorite of national progressive donors, and reporting indicates supporters may marshal up to $10 million in independent expenditures on his behalf.
Josh Fryday – California Chief Service Officer
Sources: CalMatters; San Francisco Chronicle; FPPC filings.
A Navy JAG veteran and former Novato mayor, Fryday is aligned with Gov. Newsom’s political network and campaigns on public service, climate resilience, and youth civic engagement. He maintains one of the biggest statewide donor networks in the race.
Janelle Kellman – Former Mayor of Sausalito
Sources: CalMatters; environmental policy press; FPPC filings.
Kellman emphasizes coastal protection and climate-risk mitigation, backed by environmental and local-government supporters.
Oliver Ma – Civil Rights Attorney
Sources: CalMatters candidate list.
A progressive attorney running to the left on housing and immigrant rights.
Tim Myers – Musician & Producer
Sources: CalMatters.
An outsider candidate with entertainment-industry backing.
Mike Schaefer – Board of Equalization Member
Sources: CalMatters; FPPC filings.
A perennial statewide candidate.
Republicans
Brian Dahle – Former State Senator & 2022 GOP Nominee for Governor
Sources: Sacramento Bee; FPPC filings; California Secretary of State; campaign statements.
Dahle remains the most recognizable Republican in the field, running on cost-of-living, homelessness, and public-safety issues. He is expected to consolidate most GOP support in June.
Fundraising: Who Has the Money?
(Cash-on-hand totals from FPPC Form 460 filings and TransparencyUSA summaries through mid-2025.)
Fiona Ma: ~$4.55M COH
Josh Fryday: ~$1.45M COH
Michael Tubbs: ~$665K COH (+ potential $10M outside IE)
Janelle Kellman: ~$130K COH
Brian Dahle: ~$53K COH
Ma’s financial advantage is the defining structural reality of the race.
What the Lieutenant Governor Actually Does
Sources: California Constitution; State Lands Commission; UC Regents; CSU Trustees; LA Times; CalMatters.
Despite being considered “part-time,” the lieutenant governor wields substantial authority:
Becomes Acting Governor whenever the Governor leaves the state — with full powers, including sign/veto authority.
Automatically succeeds to the governorship if the office becomes vacant.
Presides over the State Senate (tie-breaking authority).
Serves on major statewide bodies: UC Regents, CSU Trustees, and the State Lands Commission.
The office touches higher education, public lands, energy, coastal policy, and large-scale financing decisions.
Historical Flashpoints
1979–80: Mike Curb vs. Jerry Brown
Sources: In re Governorship (California Supreme Court); LA Times archives.
During Gov. Jerry Brown’s travels, Republican Lt. Gov. Mike Curb repeatedly exercised acting-governor powers to make appointments and policy decisions Brown opposed. The California Supreme Court ultimately confirmed the lieutenant governor’s authority to act — while also allowing governors to rescind certain actions.
2022: Eleni Kounalakis Makes History
Sources: CalMatters; Governor’s Office press releases.
Kounalakis became the first woman in state history to sign a bill into law while acting as governor, extending eviction protections and signing public-health legislation during Gov. Newsom’s absences.
Early Power Tiering Heading Toward June 2026
Top Tier (Democrats)
Fiona Ma – name ID, résumé breadth, and dominant fundraising.
Michael Tubbs – national progressive backing and large potential IE.
Josh Fryday – Newsom-aligned networks and a disciplined statewide organization.
Second Tier
Kellman, Oliver Ma, Myers, Schaefer — all credible but lower-tier without major financial
momentum.
Republican Tier
Brian Dahle — likely consolidates GOP voters unless another Republican emerges late.
What to Watch
Which candidate labor and progressives pick as their main standard-bearer.
Whether Dahle can grow his fundraising enough to compete for a top-two slot.
Whether any Democrat drops out early, reshaping the math.
Spillover from the governor’s race, which may influence donors and endorsements in the lieutenant-governor contest.
Comments