Schaaf served as mayor from 2015 to 2023.
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Prior to that, she was an Oakland city councilmember, an economic development policy advisor to the city council, a spokesperson for the Port of Oakland and special assistant to Mayor Jerry Brown.
"I know how to couple progressive values with fiscal responsibility," Schaaf said in a news release. "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."
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"As California's Treasurer, I'll bring my experience and passion to invest in a safe and sustainable future for all Californians," she said.
Schaaf said she's got endorsements from former U.S. Senator Barbara Boxer, D-Calif., State Senator Scott Wiener, D-San Francisco, and Berkeley Mayor Jesse Arreguin, among others.
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She earned a bachelor's degree from Rollins College and a law degree from Loyola Law School.
Schaaf lives in Oakland with her husband Sal and their two children.