In 1967 Shochat became head of the Arad
local council. He served as mayor of Arad for twenty years. In addition to his mayoral duties he was deputy chairman of the Union of Local Authorities, chairman of the Development Towns Committee of the Union of Local Authorities. In the
1984 Knesset elections he was on the
Alignment's Knesset list, but failed to win a seat. However, when
Aharon Harel resigned from the Knesset in May 1988, Shochat replaced him. He retained his seat in elections in November that year, and became chairman of the Finance Committee and the Economic Affairs Committee. After being re-elected in 1992 (by which time the Alignment had become the
Labour Party), he was appointed
Minister of Finance by
Yitzhak Rabin. Although he was re-elected again in 1996, the opposition
Likud won the election and Shochat lost his ministerial position. Following victory for
Ehud Barak and
One Israel (an alliance of Labour,
Meimad and
Gesher) in 1999, Shochat was once again appointed Minister of Finance. In October 2000 he was also made
Minister of National Infrastructure replacing
Eliyahu Swisa after
Shas left Barak's coalition. After
Ariel Sharon won
special elections for Prime Minister in 2001, Shochat left the cabinet. In the
2003 elections he also lost his Knesset seat. After leaving the Knesset, Shochat was commissioned to produce a report on tuition fees for Israeli university students. His report, published in July 2007, recommended raising fees for
Bachelor's degrees by 70% and increasing government funding for higher education by NIS 1.5 billion. ==References==