Former Oakland Mayor Libby Schaaf has withdrawn her campaign for state treasurer in 2026, now endorsing Lt. Gov. Eleni Kounalakis for the role. Kounalakis recently stepped back from the governor's race and announced her candidacy for treasurer. Schaaf expressed her commitment to using the Treasurer's office to address critical housing and climate issues and promote early wealth-building programs for Californian children. She thanked her grassroots supporters, affirming her intention to continue engaging in community work alongside Kounalakis, who holds significant historic milestones in California's political landscape.
Schaaf announced in an online post Friday that after conferring with my closest supporters, she had decided to drop out of the 2026 race and endorse Kounalakis for state treasurer.
Kounalakis also announced Friday she would drop out of the governor's race and instead run for treasurer, sharing a similar vision for California's future.
Schaaf emphasized the potential for the Treasurer's early wealth-building programs to provide every Californian child with an opportunity-rich future.
Schaaf expressed gratitude to the volunteers and supporters who fueled her grassroots campaign, looking forward to continuing her work in the community.
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