Libby Schaaf drops out of 2026 state treasurer race after Kounalakis drops in

Former Oakland Mayor Libby Schaaf announced this weekend she will give up her bid for state treasurer and endorse Lt. Gov. Eleni Kounalakis for the job after the latter recently dropped out of the governor’s race.

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 Kounalakis her approval. Kounalakis also announced Friday she would drop out of the governor’s race and instead run for treasurer.