Former Oakland Mayor Libby Schaaf announces run for state treasurer

(KRON) — Former Oakland Mayor Libby Schaaf has announced that she is running for California state treasurer in 2026. Schaaf, a Democrat who served as Oakland Mayor from 2015 until she was termed out in 2023, is the first candidate to enter the race.

Current State Treasurer Fiona Ma, who has held the office since 2019, is running for lieutenant governor in 2026.

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In a campaign announcement, Schaaf touted her experience as mayor managing the finances of a major city.

“I know how to couple progressive values with fiscal responsibility,” said Schaaf. “As Mayor of Oakland, I managed a multi-billion-dollar budget, created Oakland’s first Rainy Day Fund, and raised the city’s credit rating to its highest on record. I used financial tools to create Oakland’s first renewable bond program for infrastructure, climate, and affordable housing, and established a nationally recognized college savings program. As California’s Treasurer, I’ll bring my experience and passion to invest in a safe and sustainable future for all Californians.”

Schaaf has already received endorsements from former Sen. Barbara Boxer, Sacramento Mayor Darrell Steinberg, state Sen. Scott Weiner and Berkeley Mayor Jesse Arreguin.

Schaaf’s successor, current Oakland Mayor Sheng Thao, is currently being targeted by a recall effort.

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