Schwartz, 64, has represented a Philadelphia-based district since since 2005. She made her intention to run for governor known in February, so Monday's announcement came as little surprise.
"A state as great as Pennsylvania can no longer tolerate Harrisburg's business as usual," Schwartz said in a release. "We are ready for a strong, effective leader who shares Pennsylvania's priorities. I am ready to use my skills and experience to build on our state's assets, find common ground, and get results for Pennsylvania's middle class families."
Other potential Democratic candidates for the seat include former congressman Joe Sestak, state Treasurer Rob McCord, Allentown Mayor Ed Pawlowski and state Sen. Micheal Stack. But so far, national Democrats seem to be rallying around Schwartz.
A recent poll showed both Schwartz and Sestak leading Corbett in head-to-head matchups, and a majority of Pennsylvanians said Corbett doesn't deserve reelection.
Schwartz starts the race with a hefty war chest. She can transfer all of the $3.1 million in her House campaign account into her gubernatorial campaign. In addition, she has been a co-chairwoman of the Democratic Congressional Campaign Committee in recent years -- a position that affords a member of Congress the ability to grow a political network.