Former Oakland Mayor Libby Schaaf ends bid for state treasurer after Kounalakis enters race
Kounalakis announced early Friday that she had dropped out of the race for governor to instead seek the treasurer's seat.
Schaaf, who led Oakland from 2015 to 2023, was the first candidate to announce a bid to succeed the current treasurer, Fiona Ma, in January 2024. At the time, she said she planned to enhance public infrastructure and strengthen educational opportunities while tackling the state's housing and climate crisis.
'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 social media platform X. 'I believe Lieutenant Governor Kounalakis shares this vision.'
Kounalakis and Schaaf are both clients of Bearstar Strategies, a powerhouse political firm led by veteran strategists Ace Smith and Sean Clegg, according to campaign finance records.
Kounalakis' move into the race put Schaaf at an enormous financial disadvantage. The lieutenant governor has amassed $4.6 million, compared with Schaaf's $427,000, financial disclosures show.
Since she left office in January 2023 after being termed out, Schaaf has worked as a program adviser for the Abundance Network, a nonprofit promoting progressive policies. She is also a faculty member at UC Berkeley.
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