Reversing course, Tom Steyer joins Democratic presidential nominee race

WASHINGTON — Tom Steyer, the billionaire investor and activist, said Tuesday he’s joining the race for the Democratic presidential nomination, reversing course after deciding earlier this year that he would forgo a run.

Despite becoming a national voice on the impeachment issue, Steyer makes no mention of it in his campaign announcement. Instead, he says his campaign will focus on reducing the influence of corporations in politics. He also plans to target climate change, which is the focus of the Steyer-backed advocacy group NextGen America. Washington Governor Jay Inslee, another Democratic presidential contender, also has made climate change the central issue of his campaign.

“The other Democratic candidates for President have many great ideas that will absolutely move our country forward, but we won’t be able to get any of those done until we end the hostile corporate takeover of our democracy,” Steyer says in a statement.

Citing issues including climate change and the opioid crisis, Steyer says that in nearly every “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.”

Steyer joins the race three weeks before the next presidential debates, and he could struggle to get a spot on the stage. He likely won’t meet polling requirements to participate but could clear a fundraising threshold.

This is not the first time Steyer has considered running for office. He eyed bids for governor of California in 2018 and the Senate in 2016. His net worth, according to Forbes, is estimated at $1.6 billion.

— AP