California Treasurer John Chiang will run for governor in 2018.

LOS ANGELES— California Treasurer John Chiang has officially announced a run for governor in 2018.

In a letter to supporters released Tuesday announcing creation of his campaign committee, Chiang said he wants to "champion ideals better known as the California Dream."

"Together, we have rooted out $9.5 billion in wasteful spending, saved the public $3.2 billion in borrowing costs, and forced insurance companies to release more than $260 million in unpaid life insurance claims," he wrote. " With you in my corner, I have paved the way for the construction of thousands of affordable housing units and denied pay to legislators attempting to get away with a sham budget."

The letter highlights what the treasurer sees as the state's priorities.

Those include making the "dream" less of an elusive mirage for millions of financially struggling Californians. He also mentioned spiraling tuition costs and student loans and poverty conditions for some of the state's elderly.

"As your next Governor, I have a blueprint for expanding and renewing the California dream through fixing our crumbling infrastructure, making retirement security our generation's call to arms, and rebuilding California's middle class through better jobs and improved educational opportunities," he wrote.

Chiang was elected treasurer in 2014. He succeeded term-limited Democratic incumbent Bill Lockyer. Prior to his election, he served as state controller for eight years.

Chiang is expected to face a packed Democratic field in a race to replace termed-out Gov. Jerry Brown in 2018. But he has millions of dollars in his campaign fund after an easy win in his 2014 campaign for treasurer.

Minutes after Chiang announced his run for the governor's office, Assemblyman Mike Gatto, D-Los Angeles, announced that he will run for the now-open treasurer's seat. Term limits prevent Gatto from running for another term in the state's lower house.

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