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.

At this moment, I believe I can make the greatest impact by focusing on California’s financial future,” she wrote in a statement.

Eleni Kounalakis will drop out of the race for California governor, she announced Friday, exiting a crowded contest in which she was among the top Democratic contenders. She will instead run for state treasurer next year — a pivot that POLITICO first reported Kounalakis began discussing with political allies as early as March,