Tom Steyer: A Progressive Force in California’s 2026 Governor Race

Tom Steyer’s Journey in Politics

Tom Steyer is known for his transition from a billionaire investor to a progressive activist. After years of backing political causes, he is now seeking elected office. The former hedge fund executive amassed his wealth at Farallon Capital. He then shifted his focus to climate advocacy and Democratic politics. Steyer is now running in the 2026 race for California governor. He is looking to succeed Governor Gavin Newsom, who faces term limits.

A Diverse Democratic Line-Up

The race is crowded with Democrats, showcasing a range of ideological stances. One key contender is Xavier Becerra, former U.S. Health and Human Services Secretary, who represents the traditional party lane. Katie Porter, another Democratic candidate, is known for her policy-driven, anti-corporate approach. Porter focuses heavily on consumer protection. Antonio Villaraigosa, former Los Angeles Mayor, is seen as more centrist. Steyer stands out by positioning himself as an outsider. He runs on a populist progressive message, emphasizing climate policy and economic inequality. Steyer uses his wealth to fund a robust campaign.

Republican Contenders

Republicans in the race include Riverside County Sheriff Chad Bianco and former Fox News host Steve Hilton. Bianco represents traditional conservative values, while Hilton is a populist outsider. Both face challenges in a predominantly Democratic state. However, California’s top-two primary system can offer them opportunities. Notably, President Donald Trump endorsed Hilton last month, adding a significant dynamic to the race.

Steyer’s Perspectives on the Race

Newsweek interviewed Steyer, asking why the establishment opposes him. Steyer believes his challenge to corporate special interests fuels the opposition. He argues these interests support the establishment by paying their bills. In contrast, he represents working people who do not feed the establishment’s finances.

“I’m taking on the corporate special interests, and the corporate special interests [are] what feeds the establishment and pays their bills.” Steyer stated.

Steyer shared how this opposition has impacted his relationships. He maintains honest conversations, yet acknowledges others act in self-interest. He sees the race as a choice between change and maintaining the status quo.

“Do we want to work for working people or corporations? Who is supposed to be in charge of this state, the people or the richest people and the corporations?” he queried.

Building a Progressive Movement

Steyer plans to bolster the progressive bench if elected. He has connected with various progressive leaders in California during his campaign. Although California is largely seen as a blue state, Steyer noted the power does not rest with progressives. He remains committed to supporting those leading progressive efforts.

Steyer highlighted California’s affordability issues. Many residents face economic hardships, even with full employment. He noted instances where people live in cars despite having jobs and forgo healthcare to afford rent.

“Californians are desperate for the richest state in the world to be a place where they can afford to live, because it doesn’t work without them.” he explained.

California’s Political Landscape

Steyer compared California’s political landscape to New York’s. He pointed out the absence of attention-grabbing progressive figures in California’s state government. In the Congressional realm, figures like Ro Khanna hold such positions. He described the reluctance of other Democratic contenders to change existing conditions, reflecting his surprise and concern.

In summary, Steyer’s campaign emphasizes empathy and action for working Californians and aims to bring significant change in the state’s governance.