Tom Steyer

Businessman
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Tom Steyer dropped out of the presidential race on February 29, 2020. This page is no longer being updated.
Steyer has been a funding force in Democratic politics in recent years, bankrolling candidates and organizations that promote a liberal agenda. He jumped into the race in July after funding an effort to pressure Congress into impeaching Trump.
Yale University, B.A., 1979; Stanford Business School, MBA, 1983
June 27, 1957
Kat Taylor
Episcopalian
Samuel, Charles, Evelyn and Henry
Founder, Farallon Capital Management, 1986-2012;
Partner, Hellman and Friedman, 1985-1986;
Associate, Goldman Sachs, 1983-1985;
Financial analyst, Morgan Stanley, 1979-1981

STEYER IN THE NEWS

Tom Steyer ends 2020 presidential campaign
Updated 10:17 PM ET, Sat Feb 29, 2020
Tom Steyer ended his presidential campaign on Saturday night after the billionaire businessman failed to gain traction in a large field of Democratic candidates. Steyer exited the race after he failed to claim victory in South Carolina, a state he invested heavily in, hoping it would turn around his sputtering run. "I said if I didn't see a path to winning that I'd suspend my campaign," he said. "And honestly, I can't see a path where I can win the presidency." The businessman's decision comes after disappointing showings in the race's first three contests in Iowa, New Hampshire and Nevada. In Nevada, Steyer outspent the rest of the Democratic field on advertisements by more than $13 million. Visit CNN's Election Center for full coverage of the 2020 race Steyer spent more than $200 million on advertising for his presidential campaign, and contributed about $155 million in the fourth quarter of 2019. But the power of Steyer's money was partially blunted late in his campaign by the entrance of former New York Mayor Michael Bloomberg, who has spent more than $500 million on ads in a few short months, effectively watering down Steyer's omnipresence. Steyer spent considerable time and money in South Carolina, and there were signs his investment was paying off. The billionaire businessman spent more than $22 million on television and radio ads in the state, hoping that direct and persistent outreach to black voters could cut into former Vice President Joe Biden's strength with the powerful voting bloc. A recent Monmouth University poll found Steyer at 15% in the state, neck-and-neck with the race's front-runner Vermont Sen. Bernie Sanders and behind Biden. Steyer said he supports reparations for African Americans, and pledged he would, if elected, establish a commission on race led by African Americans aimed at coming up with solutions. Before officially launching his campaign in July, Steyer operated as a funding force in Democratic politics. He spent millions bankrolling candidates and organizations that promoted liberal causes and the impeachment of President Donald Trump. Steyer starred in self-funded television commercials calling for Congress to remove Trump from office. Those ads were powerful in the early states, where voters who backed Steyer said they liked the fact that he spearheaded the impeachment effort. The longtime Democratic donor, whose net worth reached $1.6 billion this year according to Forbes, said he would make tackling the global climate crisis a top priority of his administration and vowed to combat what he called the "undue influence" of corporate power on the US economy. He called for a $15 minimum wage, congressional term limits and the repeal of Citizens United, the 2010 Supreme Court decision that eased restrictions on corporate campaign spending. Steyer said he would repeal the Trump tax cuts and install a 1% wealth tax on those whose net worth is above $32 million. Steyer broke with progressive leaders on "Medicare for All," and said he would prefer to build on the current system, as it exists under the Affordable Care Act, and push for a public option, or a government-backed insurance plan. In the end, though, Steyer's campaign became a case study of how even hundreds of millions in personal spending cannot directly lead to success in a presidential election. Steyer did get a burst of attention in the final days of his campaign, turning in his most aggressive debate performance on Tuesday. And on the eve of the South Carolina primary, a video of Steyer dancing onstage with rapper Juvenile at an event in South Carolina went viral.
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STANCES ON THE ISSUES

climate crisis
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Steyer, a longtime Democratic donor, established himself as a leading force on climate change with a $100 million campaign in the 2014 midterm elections through the advocacy group NextGen Climate, which was positioned as a foil to the oil and gas industry – specifically to the donor network established by billionaire conservative brothers Charles and David Koch. As a presidential candidate, Steyer says he would declare a national emergency on his first day in office over the climate crisis and use executive action to achieve his goals, including a clean-energy system with net-zero “global warming pollution” by 2045. Steyer would also stop the issuance of new leases for mining and drilling and would wind down existing production on federal land and offshore. Like other candidates, Steyer ties his climate plans to job creation, promising 1 million jobs. He calls for $2 trillion in federal funding over 10 years for infrastructure, which includes transportation as well as “water, operational systems, the energy grid, farms and rural development, building retrofits, maintenance, affordable housing, universal broadband, and more.” He also calls for issuing $250 billion in “climate bonds” over 10 years and investing $50 billion in programs to support miners and other “fossil fuel workers.” Steyer says he would keep the US in the Paris climate agreement, a landmark 2015 deal on global warming targets that Trump has pledged to abandon, as well as other international alliances and United Nations agreements aimed at mitigating the effects of climate change. More on Steyer’s climate crisis policy
economy
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Steyer’s initial focus was his $2 trillion energy infrastructure investment plan, which he says would in turn unleash “trillions” more in private capital investment. He would also create what he calls “Green New Deal investment zones.” In October 2019, he released a new economic agenda aimed at “ensuring that economic power rests with the American people, not big corporations.” To address what Steyer calls the “undue influence” of corporate power on the US economy, his plan calls for a $15 minimum wage, along with congressional term limits and the overturning of Citizens United, the 2010 Supreme Court decision that eased restrictions on corporate campaign spending. Steyer says he would repeal the Trump tax cuts and install a 1% wealth tax on those whose net worth is above $32 million. But he said he favors regulation over moving to greater government control over parts of the economy. “I’m a progressive and a capitalist, but unchecked capitalism produces market failures and economic inequities,” Steyer said in a news release outlining the plan. “The people must be in charge of our economy — but socialism isn’t the answer.” Steyer has declared a right to a living wage as part of his “5 Rights” platform. He pledges in his climate plan to reward companies that follow fair labor practices and hire union workers. More on Steyer’s economic policy
education
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Steyer calls on his website for providing “free, quality, public education” from preschool through college “and on to skills training.” More on Steyer’s education policy
gun violence
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After the 2018 Parkland, Florida, school shooting, Steyer pledged $1 million for a voter registration drive in cooperation with two gun-control advocacy groups – Everytown for Gun Safety and former Congresswoman Gabby Giffords’ organization. At the time, Steyer accused the Republican Party and Trump of “putting NRA money ahead of the lives of Americans.” In August 2019, after mass shootings in El Paso, Texas, and Dayton, Ohio, Steyer again expressed opposition to the National Rifle Association and called for “mandatory background checks” in an interview with PBS.
healthcare
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Steyer supports universal health care, including it as one of his “5 Rights.” That includes coverage for undocumented immigrants, he said in an interview with CBS in July 2019. He tweeted in late July 2019 that “universal health care must be a right—not a privilege—so everyone has the chance to live a healthy life, and our government needs to act to protect the foundations of our health.” More on Steyer’s health care policy
immigration
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Steyer has spent millions supporting legal aid for immigrants facing deportation, including a $1 million pledge made during a speech in 2018 to the American Immigration Lawyers Association just as the Trump administration escalated its border enforcement against families and children. He has called for comprehensive immigration revisions and said in a July 2019 interview with CBS that he supports providing a pathway to citizenship for undocumented immigrants currently in the US.

LATEST POLITICAL NEWS

Biden speaks at Morehouse College commencement
Updated 12:27 PM ET, Sun May 19, 2024
President Joe Biden spent much of his commencement address focusing on the theme of democracy, while touting his administration's work for Black Americans. As a handful of student turned their chairs in a silent protest of Biden, the president listed some virtues of a healthy democracy. "In a democracy, we debate and dissent about America's role in the world," Biden said. He added: "I want to say this very clearly -- I support peaceful, nonviolent protest. Your voices should be heard. I promise you, I hear them." Biden said he was determined to make his "administration look like America" when he became president. "I have more African Americans in high places, including on the court, than any president in American history. Because I need the input," he said. Biden then shifted to the Middle East, calling the situation in Gaza a "humanitarian crisis" while saying his administration is working toward a ceasefire with the release of hostages. President Joe Biden subtly teased his hopes for the political future of his vice president and running mate while delivering the Morehouse commencement on Sunday. Saying he was "proud to put in the first Black woman on the United States Supreme Court," Biden added that he had "no doubt one day a Morehouse man will be on that court as well." He then added he had "no doubt a Morehouse man will be president one day - just after an AKA from Howard." Harris was a member of Alpha Kappa Alpha, a historically Black sorority, during her time as a student at Howard University. President Joe Biden said he's called for an "immediate ceasefire" in Gaza while delivering his commencement address at Morehouse College. “What’s happening in Gaza and Israel is heartbreaking," he said. He continued: "It's a humanitarian crisis in Gaza," the president said. "That's why I've called for an immediate ceasefire - an immediate ceasefire to stop the fighting and bring the hostages home." It was a forceful call for a ceasefire and an urgent call for a political solution in Gaza. Biden has previously said his administration is working towards a temporary ceasefire to secure the release of hostages still being held in Gaza. The president continued: “What happens in Gaza, what rights do the Palestinian people have? I'm working to make sure we finally get a two-state solution -- the only solution where two people live in peace, security, and dignity,” he said. As Biden began speaking, a student in the audience unfurled a Palestinian flag and held it up. Some students in the audience have turned their chairs so they are facing away from the president as he delivers his commencement address. President Joe Biden took the podium at Morehouse College at 10:29 a.m. ET. He started his remarks by recognizing the relatives of graduating seniors. "A lot of you, like my family, had to make significant sacrifices to get your kids to school," the president said. Morehouse College has conferred an honorary degree to President Joe Biden. Biden is the third US President to receive the honorific from Morehouse. President Barack Obama received an honorary degree when he delivered a commencement address at the college in 2013. Jimmy Carter received one in 1975, before he became president. Morehouse faculty approved Biden's honorary degree in a vote earlier this week. Morehouse valedictorian DeAngelo Fletcher called for a ceasefire in Gaza while speaking ahead of President Joe Biden's commencement address. "The Israel-Gaza conflict has plagued the people of its region for generations," Fletcher said while Biden looked on behind him. "It is important to recognize that both sides have suffered heavy casualties in the wake of October 7. From the comfort of our homes, we watched an unprecedented number of civilians mourn the loss of men, women and children. Fletcher called for the release of all hostages. He then continued: "For the first time in our lives, we've heard the global community sing one harmonious song that transcends language and culture." "It is my stance as a Morehouse man - nay, as a human being - to call for an immediate and permanent ceasefire in the Gaza Strip," he said. President Joe Biden has taken the stage at Morehouse College's commencement ceremony. He was met with applause and chants of "four more years" from the section reserved for graduates' families. Ahead of Sunday's commencement address, President Joe Biden consulted with prominent Black public figures for weeks and White House officials traveled to Morehouse College's campus to hold forth with students and faculty and attempt to quell their concerns. During a meeting in early May, roughly half of the two-hour conversation focused on the conflict in Gaza, one source said. Stephen Benjamin, the director of the White House office of public engagement, said he and the students had a wide-ranging conversation, which again included the conflict in the Middle East. Students are also concerned that their achievements will be overshadowed by a stump speech, according to people familiar with the discussions. They have expressed frustration that the format of the event and the level of security required for such a high-profile visit resulted in limited tickets for family members, many of whom must watch from an overflow room. Biden's scheduled appearance at Morehouse is a shift in strategy as the president has largely shied away from addressing large crowds of young people on college campuses, a change that came shortly after his January remarks on abortion rights at Virginia’s George Mason University were interrupted more than a dozen times by protesters outraged at his continued support for Israel in its war in Gaza. The Middle East conflict spurred more than 1,360 student demonstrations on campuses across the country from October 7 to May 3, according to data compiled by the Armed Conflict Location & Event Data Project.  “I understand people have strong feelings of deep convictions,” Biden said during brief remarks from the White House on campus protests earlier this month. “In America, we respect the right and protect the right for them to express that. But it doesn’t mean anything goes.” The program for Morehouse College's commencement began before 9 a.m. ET. President Joe Biden has arrived at the college and will speak later in the program. President Joe Biden has departed for Morehouse College, where he will deliver a commencement address later this morning. Morehouse College President David A. Thomas said Thursday he would shut down commencement ceremonies “on the spot” rather than allow police to remove student protesters in zip ties during President Joe Biden’s graduation speech. Biden’s scheduled commencement speech Sunday at one of the nation’s preeminent historically Black colleges comes as school officials around the country have called in law enforcement to clear pro-Palestinian encampments and quell demonstrations in recent weeks. “What we won’t allow is disruptive behavior that prevents the ceremony or services from proceeding in a manner that those in attendance can partake and enjoy,” Thomas told CNN. “So, for example, prolonged shouting down of the president as he speaks. I have also made a decision that we will also not ask police to take individuals out of commencement in zip ties. If faced with the choice, I will cease the ceremonies on the spot, if we were to reach that position.” Biden’s presence on the Atlanta campus also comes as he seeks to persuade young voters to send him to the White House for another term, even as many have expressed frustration for his administration’s continued support of Israel’s military campaign in Gaza. Thomas said the college will not allow “hate speech,” meaning any “calls for violence against another group or individual.” He said Morehouse is a place that “can hold the tensions” that have come to a boil at campuses across the nation. Ahead of President Joe Biden's commencement address at Morehouse College on Sunday, the school is bracing for enhanced security measures and potential pro-Palestinian protests amid the president’s stalwart support for Israel’s campaign against Hamas.  There have been mixed reactions within the Morehouse community to Biden’s presence on campus. Morehouse extended the invitation to Biden to speak in September, a month before the Israel-Hamas war started, but since the announcement that Biden would deliver the commencement speech, several student-led protests have taken place on and off the Morehouse campus.  Noah Collier, a senior, told CNN that his school needs to rescind Biden’s invitation because, he says, if the president speaks on his campus this weekend, it “shows our institution’s complicity in all of the injustices created by Biden’s Cabinet and the US government.” Meanwhile, Calvin Bell, another senior, told CNN that he is "looking forward to Biden coming on campus in order to hear what his speech truly has to say." “As someone who has felt very weird at this portion in time and history, with the tension in Gaza, I think it’s important for Biden to come with the intention of wrestling with the issues at hand, and reassuring students such as myself, as well as our family members, who are a part of the Black community," Bell said. The Morehouse address is under the microscope as a potential litmus test for the president’s strength with young voters of color in the fall. The president’s advisers say he’s intent on keeping the focus on the graduates even as the prospect of protests lingers over the event. Morehouse College President David A. Thomas said it wouldn’t be in Biden’s interest to “give a campaign stump speech.” He called on the president to discuss what the school represents, lay out his vision for “a more inclusive economy” and address the Israel-Hamas war.
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