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 This page is no longer being updated.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
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.
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
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
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
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.
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
Austin announces increase to US military presence in Germany
Updated 8:42 AM ET, Tue Apr 13, 2021
Defense Secretary Lloyd Austin announced Tuesday that the US military will increase its presence in Germany, recommitting the US to the NATO alliance in a reversal from the previous administration's plans to withdraw troops from the country. The US will permanently station "approximately 500 additional US personnel in the Wiesbaden area" of Germany and will be on the ground "as early as fall," Austin said during a news conference in Berlin. "This planned increase in US personnel underscores our commitment to Germany, and to the entire NATO alliance," he added. Austin's announcement comes amid US and NATO's concerns over the increase in Russian troops on Ukraine's eastern border, which amount to more Russian troops than any time since 2014 when the peninsula of Crimea was annexed, according to the White House. In his announcement Tuesday, Austin said the new personnel in Germany "will strengthen deterrence and defense in Europe, and they will augment our existing abilities to prevent conflict." He said the forces would "create more space capabilities, more cyber and more electronic warfare capabilities in Europe" and "greatly improve our ability to surge forces at a moment's notice to defend our allies." Asked if this was a message to Russia, Austin replied, "Let me assure you that it's a message to NATO, and that message is that we support NATO to the fullest extent." "And most importantly, we value the relationship with our partner here in Germany. And so we will continue to strengthen our partnership and our alliance," he said. Germany's Minister of Defense Annegret Kramp-Karrenbauer welcomed the announcement of an additional 500 US troops stationed in Germany as "happy news" and said the US' commitment to NATO is "a crucial pillar for our freedom and peace." "Our cooperation is all the more important, important in times where the security and defense architecture has come under pressure in many parts of the world," she said appearing alongside Austin Tuesday. Austin will continue his overseas trip this week, joining US Secretary of State Tony Blinken in Brussels to meet with NATO allies. Austin plans to meet with NATO Secretary General Jens Stoltenberg on "how the Alliance is tackling destabilizing behavior by Russia, a rising China, terrorism, and global challenges such as COVID-19 and climate change," according to the Pentagon. The Trump administration announced last year it would withdraw nearly 12,000 troops from Germany in a plan that would have cost billions and taken years in order to relocate the troops. The decision was met with broad bipartisan push back amid concerns that it will weaken the US military's position in regards to Russia. In February, President Joe Biden said he was halting the troop drawdown, framing his decision as critical to strengthening Europe's defenses. Biden also voiced support for NATO and its Article 5 commitment to collective defense, which former President Donald Trump sometimes appeared reluctant to affirm during his years in office.