Following Lt. Gov. Eleni Kounalakis’s announcement that she's dropping out of the governor's race to run for state treasurer in the 2026 election, former Oakland Mayor Libby Schaaf announced Friday she’s dropping out of the treasurer's race in support of Kounalakis.
As the Chronicle reports, Schaaf first announced her bid for treasurer in early 2024 with a platform focusing on public infrastructure, education, housing, and climate change.
“It has been a privilege to share my vision for using the Treasurer’s financing powers to tackle our urgent housing and climate crises, and the potential for the Treasurer’s early wealth-building programs to provide every Californian child with an opportunity-rich future,” Schaaf said on X. “I believe Lieutenant Governor Kounalakis shares this vision.”
It has been a privilege to share my vision for using the Treasurer's financing powers to tackle our urgent housing and climate crises, and the potential for the Treasurer's early wealth-building programs to provide every Californian child with an opportunity-rich future. (2/3)
— Libby Schaaf (@LibbySchaaf) August 8, 2025
The Chronicle reports Kounalakis’s campaign has raised significantly more funds — $4.6 million versus Schaaf’s $427,000.
Schaaf wrote, “I’m grateful to the volunteers and supporters who fueled our grassroots campaign and inspired me every day. I look forward to continuing the work.”
As the Chronicle notes, Schaaf is a faculty member at UC Berkeley and has worked as a program adviser for the Abundance Network since her term ended in January 2023.
As the Bay Area News Group reports, Kounalakis was both the first woman and the first Greek American to be elected as state lieutenant governor.
Image: Oakland mayor Libby Schaaf looks on during an assembly at Edna Brewer Middle School about the U.S. Constitution on January 19, 2018 in Oakland, California. Photo by Justin Sullivan/Getty Images.
Previously: Lt. Gov. Eleni Kounalakis Drops Out of Governor's Race, Will Run For Treasurer
