Tom Steyer reverses course, jumps into presidential race

Des Moines Iowa. Steyer announced that he would not run for president in 2020 and would instead concentrate his efforts on the possibility of impeach

Climate Change Crusader Tom Steyer Enters 2020 Presidential Race 2,338Steve Pope Getty Images Joshua Caplan9 Jul 2019

But Speaker Nancy Pelosi has resisted, warning that Democrats need to collect the facts and that a rush to impeachment could ultimately help Trump politically. In 2017, Steyer earned national media attention when he started and ran a nonprofit with the sole goal to advocate for the president's impeachment, called "Need to Impeach".

In a video announcing his campaign, Steyer said he will focus on fixing the "rigged" USA political system by working to "take the corporate control out of our politics".

"Through the important work of @NextGenAmerica and @Need2Impeach, which I will continue to support, I've focused on registering & turning out the #youthvote, and pressuring Congress to hold this president accountable by beginning impeachment proceedings".

Citing issues including climate change and the opioid crisis, Steyer said that in almost 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".

In a video released Tuesday morning, Steyer said, "if you think that there's something absolutely critical, try as hard as you can and let the chips fall where they may". "We've got to take the corporate control out of our politics".

"If this is the banana republic with a few very, very rich people and everybody else living in misery, that's a failure", Steyer said in the video as footage of the president's eldest son Donald Trump Jr. appears on the screen. He says he has committed more than $50 million through 2020 to the two organizations. But his late entry underscores how wide open the Democratic primary field remains after the party's first debate June 27-28.

Steyer is also ahead of high-earning candidates such as best-selling author Marianne Williamson, who is reportedly worth between $783,031 and $2,126,006, according to various reports, and Sen. Although Washington Gov. Jay Inslee has claimed climate change as the centerpiece of his campaign and former Texas Rep. Beto O'Rourke has pushed it as a central issue, neither has broken into the top tier of candidates so far. Some lower-tier candidates are facing increasingly dire prospects if they don't secure spots on the debate stage this fall.

A CNN poll last month showed former Vice President Joe Biden leading the race with 22% support followed by California Sen. "I'm Tom Steyer, and like you, I'm a citizen who knows it's up to us to do something", he says in his push for impeachment-an apparent attempt to convince listeners that his fortune doesn't alienate him from the Little Guy. He eyed bids for governor of California in 2018 and the Senate in 2016.

After running hedge fund called Farallon Capital for 26 years, Steyer turned to politics and the environment in 2012, Forbes reported.

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