Tom Steyer, the former hedge-fund executive and progressive activist, announced his candidacy for the 2020 Democratic presidential nomination on Tuesday, joining a crowded field.
“If you think that there is something absolutely critical, try as hard as you can and let the chips fall as they may. And that is exactly what I’m doing,” Steyer, 62, said in video declaring his bid.
In his announcement video, Steyer focused heavily on corporate greed and its undue influence on politicians in Washington. He stressed that big business’s avarice is the root cause of major issues such as climate change and the U.S. opioid crisis.
“Almost every single major intractable problem, at the back of it, you see a big money interest for whom stopping progress, stopping justice is really important to their bottom line,” he said.
Steyer made his fortune as the head of an investment firm and is worth roughly $1.6 billion, according to Forbes. He and his wife, Kathryn Taylor, are signatories to the Giving Pledge, a coalition of ultra-wealthy individuals that have promised to give away at least half of their wealth to charitable causes.
“We relish the opportunity to do our part and leave our collective campsite cleaner and better tended than we found it,” the couple wrote in their pledge.
In recent years, Steyer has championed several progessive causes, most notably combating the climate crisis, and has been heavily involved in California politics. He launched the liberal advocacy group NextGen Climate in 2013, which was later renamed to NextGen America following the election of President Trump.
Steyer has also been a leading voice in the impeachment movement against Trump. In 2017, he founded Need to Impeach, which lobbies members of Congress and has since gained over 8.2 million supporters.
“Through the important work of NextGen America and Need to Impeach, which I will continue to support, I've focused on registering & turning out the youth vote, and pressuring Congress to hold this president accountable by beginning impeachment proceedings,” Steyer added on Twitter. “But it's not enough.”
Tuesday’s announcement is a reversal for Steyer. He told The New York Times in January that was would not run for the White House and instead focus on doing “whatever it takes” to remove Trump from office.
Steyer’s entry into the crowded field comes just a day after California Rep. Eric Swalwell became the first candidate to bow out.
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The battle of the billionaires may be heating up ahead of the 2020 presidential race, as former mayor and media mogul Michael Bloomberg took a swipe at ex-Starbucks CEO Howard Schultz after he announced a potential run for president as an independent during an interview on "60 Minutes" Sunday. The two billionaires are looking in part to capitalize on their corporate success to gain an edge against President Trump, who leveraged his business career to gain the presidency. "Anything is really possible at this point, and you don't want to ignore a white billionaire announcing a candidacy for president," Julia Manchester, reporter at The Hill, told Cheddar Monday. "We saw it happen in 2015 and \[Trump]\ won."
The U.S. Treasury on Monday announced sanctions against Venezuela's state-owned oil firm in an effort to undermine incumbent president Nicolás Maduro and reinforce support for interim president Juan Guaidó. Brett Bruen, a former diplomat and director of global engagement under President Obama, called the administration's decision a "rare bright spot" in Trump's foreign policy. "The Trump administration is holding firm to defend democracy, they are standing up for human rights, they are standing up for the rule of law," Bruen told Cheddar Monday.
Trump's political calculus to appeal to his base ー an older, whiter, more conservative demographic ー is coming at the expense of his popularity among millennials, said Kristen Soltis Anderson, a Republican pollster and author of "The Selfie Vote: Where Millennials Are Leading America." That poses a problem for the GOP as it seeks to broaden its tent in anticipation of a future when Donald Trump is not on the ballot.
Tax filing season is officially upon us, just as the IRS returns to full strength following the five-week government shutdown. But tax filers should expect some turbulence along the way, said Nicole Kaeding, director of federal projects at the Tax Foundation, a tax policy think tank.
These are the headlines you Need 2 Know for Monday, Jan. 28, 2019.
From Wall Street to Silicon Valley, these are the top stories that moved markets and had investors, business leaders, and entrepreneurs talking this week on Cheddar.
President Trump announced on Friday that he reached a tentative deal with Democrats to reopen the government temporarily while the two sides continue to negotiate on border security. The continuing resolution would fund the government at current levels for three weeks, until Feb. 15. While Trump framed the deal as a victory, he was essentially agreeing to the same proposal that was offered by Democrats before the shutdown, which he had rejected.
President Trump's longtime ally Roger Stone was arrested Friday in connection with Robert Mueller's Russia probe. The FAA reported delays at several major airports across the U.S. because of an increase in employees taking sick leave at air traffic control centers. And Lois Backon, head of Corporate Partner Marketing for JPMorgan Chase, tells Cheddar how the bank partners with celebrities to share their financial planning tips.
Early Friday morning, FBI agents in riot gear arrested Roger Stone, a longtime Trump adviser, at his Florida home. He was charged with five counts of making false statements, one count of witness tampering and one count of obstruction, related to Special Counsel Robert Mueller's investigation into Russian meddling in the election.
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