Former Oakland Mayor Libby Schaaf Drops Out of State Treasurer Race, Endorses Kounalakis
Lt. Gov. Eleni Kounalakis withdrew from the governor's race to pursue the treasurer position in 2026, prompting former Oakland Mayor Libby Schaaf to endorse her by exiting the treasurer's race. Schaaf initially announced her candidacy in early 2024 with a focus on public infrastructure, education, housing, and climate change. In a statement on X, she expressed gratitude to her supporters and emphasized her vision for using the Treasurer's office to tackle pressing issues.
Kounalakis's campaign has raised $4. 6 million, significantly more than Schaaf's $427,000. This fundraising disparity highlights Kounalakis's strong support and resources as she seeks to secure the treasurer position. Schaaf, who ended her term as mayor in January 2023, currently serves as a faculty member at UC Berkeley. Kounalakis has made history as the first woman and Greek American to be elected as state lieutenant governor.
The developments signal a strategic alignment in California politics as both women aim to address critical state issues.