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36m ago

Tom Steyer Enters California Governor's Race With Affordability Pitch

His well-funded campaign follows a $12 million Prop. 50 ad blitz, dropping him into a crowded field.

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Tom Steyer, then campaigning to be the Democratic candidate for president, arrives for a primary debate in Charleston, South Carolina, on February 25, 2020.
Former hedge fund manager Tom Steyer, pictured in 2019, Steyer, said in a video announcement Wednesday he will make corporations “pay their fair share” in order to help Californians to build a “life they can afford.”

Overview

  • Steyer launched his bid with an anti‑corporate message, saying government has been bought by corporations and pledging to make companies pay their fair share.
  • His platform promises include building one million homes in four years, lowering electricity bills by 25% by curbing utility monopolies, and making preschool and community college free.
  • He also vows to ban corporate PAC contributions in California elections, positioning himself as an outsider not beholden to special interests.
  • Recent spending to back Proposition 50 signaled his capacity to self‑fund and helped set the stage for his entry into the race.
  • Coverage notes potential vulnerabilities tied to past Farallon investments, including an Australian coal project and firms linked to migrant detention, which rivals are expected to scrutinize.