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.

via GIPHY

Share:
More In Politics
Federal Reserve cuts key rate as shutdown clouds economic outlook
The Federal Reserve cut its key interest rate Wednesday for a second time this year as it seeks to shore up economic growth and hiring even as inflation stays elevated. The move comes amid a fraught time for the central bank, with hiring sluggish and yet inflation stuck above the Fed’s 2% target. Compounding its challenges, the central bank is navigating without much of the economic data it typically relies on from the government. The Fed has signaled it may reduce its key rate again in December but the data drought raises the uncertainty around its next moves. Fed Chair Jerome Powell told reporters that there were “strongly differing views” at the central bank's policy meeting about to proceed going forward.
US and China say a trade deal is drawing closer as meeting nears
U.S. and Chinese officials say a trade deal between the world’s two largest economies is drawing closer. The sides have reached an initial consensus for President Donald Trump and Chinese leader Xi Jinping to aim to finalize during their high-stakes meeting Thursday in South Korea. Any agreement would be a relief to international markets. Trump's treasury secretary says discussions with China yielded preliminary agreements to stop the precursor chemicals for fentanyl from coming into the United States. Scott Bessent also says Beijing would make “substantial” purchases of soybean and other agricultural products while putting off export controls on rare earth elements needed for advanced technologies.
Load More