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Washington CNN —  

2020 Democratic presidential candidate Tom Steyer on Monday 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 repeal of Citizens United.

“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.

He added, “The people must be in charge of our economy — but socialism isn’t the answer.”

Additionally, Steyer says he would “invest in people” with larger allocations to health care and public schools as well as the introduction of five new constitutional rights which include “the right to healthcare, clean air and water, a livable wage, an equal vote, and a quality education.”

Steyer says he would also repeal the Trump tax cuts and install a 1% wealth tax on those whose net worth is above $32 million.

“(The federal tax system) will not continue to provide favorable treatment to the rich and powerful at the expense of low-income and middle-class Americans, nor will it starve the government of the resources needed to deliver services,” he said.

The agenda also outlines plans to “transition the United States to a green economy” and “negotiate trade agreements with vital economic partners.”

The release of Steyer’s economic agenda comes ahead of his first Democratic presidential debate on October 15 – a much-needed opportunity for his campaign to gain publicity as he looks to break out of the bottom of the Democratic field.

Before officially launching his campaign in July, Steyer has mainly operated as a funding force in Democratic politics in recent years, bankrolling candidates and organizations that promote liberal causes, including the impeachment of President Donald Trump.

CNN’s Dan Merica and DJ Judd contributed to this report.