History of Tom Steyer in Timeline
Thomas Fahr Steyer is an American businessman, philanthropist, and activist known for his work in finance, climate change, and politics. He co-founded Farallon Capital, a prominent hedge fund, and Beneficial State Bank, a community development bank. Steyer is a significant figure in climate activism, leading initiatives like Galvanize Climate Solutions. He has also been involved in politics, running for president in the 2020 Democratic primaries. Beyond his business and political ventures, Steyer is known for his philanthropic activities and former role on Stanford University's board of trustees.
1979: Steyer Begins Career at Morgan Stanley
Tom Steyer started his career at Morgan Stanley in 1979.
1983: Steyer Works at Goldman Sachs
After Morgan Stanley and attending Stanford Graduate School of Business, Tom Steyer worked at Goldman Sachs from 1983 to 1985 in their risk arbitrage division, which handles mergers and acquisitions.
1983: Steyer's Early Foray into Political Fundraising
Tom Steyer began his involvement in political fundraising early on, supporting Walter Mondale's 1983 presidential campaign.
1985: Steyer Joins Hellman & Friedman
Tom Steyer became a partner and member of the Executive Committee at Hellman & Friedman, a private equity firm based in San Francisco, in 1985.
January 1986: Steyer Founds Farallon Capital
Tom Steyer founded the hedge fund firm Farallon Capital in January 1986.
August 1986: Marriage to Kathryn Taylor
Tom Steyer married Kathryn Ann Taylor in August 1986. Kathryn, a graduate of Harvard College with an MBA and JD from Stanford University, shared Tom's commitment to social causes.
2000: Steyer Supports Bill Bradley's Presidential Campaign
Tom Steyer raised funds for Bill Bradley during the 2000 presidential election, demonstrating his continued engagement in politics.
2004: Steyer Backs John Kerry's Presidential Bid
Tom Steyer participated in fundraising efforts for John Kerry's presidential campaign in 2004, further solidifying his role as a political donor.
2004: Steyer Participates in Democratic National Conventions
Tom Steyer served as a delegate at the Democratic National Conventions in 2004 and 2008, demonstrating his active involvement in the Democratic Party.
2006: Steyer Co-founds OneRoof, Inc.
Tom Steyer and his wife, Kat Taylor, established OneRoof, Inc., a social enterprise, in 2006. OneRoof aimed to bridge the digital divide by providing internet access, computer literacy programs, and employment skills development in rural communities in India and Mexico.
2007: Steyer Co-founds Beneficial State Bank
Tom Steyer and Kat Taylor founded Beneficial State Bank, a community development bank, in 2007 to serve underprivileged businesses, nonprofits, and individuals in the Bay Area.
2008: Steyer Considered for Treasury Secretary
Following Obama's 2008 victory, Tom Steyer was considered as a potential candidate for Treasury Secretary.
2008: Founding of the TomKat Center for Sustainable Energy
In 2008, Tom Steyer and his wife, Kathryn Taylor, made a $41 million donation to establish the TomKat Center for Sustainable Energy at Stanford University. This center, operating as part of the Precourt Institute of Energy, focuses on developing affordable renewable energy technologies and promoting public policies that enhance the accessibility of renewable energy.
2008: Steyer Emerges as a Prominent Democratic Fundraiser
Initially a supporter of Hillary Clinton in 2008, Tom Steyer became a major fundraiser for Barack Obama, highlighting his influence within Democratic circles.
August 2010: Steyer Reaffirms Commitment to Philanthropy
In August 2010, Tom Steyer and his wife publicly reinforced their dedication to philanthropy by signing The Giving Pledge, an initiative started by Bill Gates and Warren Buffett.
November 2010: Steyer Leads Campaign Against Proposition 23
Tom Steyer co-chaired the "No on Prop. 23" campaign in November 2010, opposing a measure that challenged California's environmental legislation, AB32. He contributed $5 million to the successful campaign.
2010: Steyer Signs The Giving Pledge
In 2010, Tom Steyer and his wife committed to donate half of their wealth to charitable causes by signing The Giving Pledge.
2010: Opposition to Citizens United v. FEC
Tom Steyer voiced his opposition to the 2010 Supreme Court ruling in Citizens United v. FEC, which permitted unlimited corporate contributions to super PACs. However, he maintained that the urgency of climate change necessitates taking action, including providing funding, despite his disagreement with the ruling.
2011: Steyer Engages in Children's Advocacy
Around 2011, Tom Steyer joined the board of Next Generation, a nonprofit dedicated to addressing issues related to children and the environment.
2011: Steyer Co-Founds Advanced Energy Economy
In 2011, Tom Steyer co-founded Advanced Energy Economy with Hemant Teneja, focusing on energy research and lobbying.
2011: Receipt of Phillip Burton Public Service Award
Tom Steyer was honored with the Phillip Burton Public Service Award from Consumer Watchdog in 2011, recognizing his contributions to environmental advocacy.
October 2012: Steyer Departs Farallon, Faces Criticism for Investments
Tom Steyer left his position at Farallon Capital in October 2012 to focus on advocating for alternative energy. However, he faced criticism for the pace of divesting from carbon-polluting investments and for investments in companies with questionable environmental practices.
2012: 2012 Democratic National Convention Speech
At the 2012 Democratic National Convention, Steyer delivered a speech emphasizing the importance of the election regarding energy policy. He criticized Republican nominee Mitt Romney's stance on fossil fuels and praised Obama's investments in energy independence and job creation.
2012: Keystone Pipeline Advocacy
During a 2012 fundraiser for President Obama, Steyer and other donors voiced their opposition to the Keystone pipeline project. While Obama seemed receptive to their concerns, he hesitated to fully commit without stronger evidence. Steyer criticized the decision to deprioritize energy initiatives.
2012: Shifting Focus to Environmental Advocacy
Following discussions with environmental writer Bill McKibben, Tom Steyer decided in 2012 to dedicate a significant portion of his time to addressing the Keystone Pipeline issue. He stepped down from his position at Farallon the same year.
2012: Proposition 39 Advocacy
In 2012, Tom Steyer spearheaded the campaign for Proposition 39 in California, contributing $29.6 million to close a tax loophole that benefited multi-state corporations.
2012: Steyer Shifts Focus to Politics and Environment
Tom Steyer sold his stake in Farallon Capital and retired in 2012. He then founded NextGen America, a nonprofit focused on progressive values, including climate change, immigration, healthcare, and education.
2012: California League of Conservation Voters Award
Tom Steyer's dedication to environmental causes was acknowledged in 2012 when he was presented with the Environmental Leadership Award by the California League of Conservation Voters.
January 2013: Steyer Rumored as Potential Energy Secretary
In January 2013, rumors circulated that Tom Steyer might be appointed as Energy Secretary, replacing Steven Chu.
February 2013: Anti-Keystone XL Pipeline Rally
In February 2013, Steyer participated in a massive rally against the Keystone XL Pipeline organized by Bill McKibben. He declined McKibben's invitation to be arrested for protesting at the White House, influenced by his brother Jim's advice.
September 2013: Public Opposition to Keystone Pipeline
In September 2013, Tom Steyer appeared in a series of commercials to voice his opposition against the proposed Keystone Pipeline project.
October 2013: Launching the Risky Business Project
Tom Steyer, in collaboration with former New York City mayor Michael Bloomberg and former Treasury Secretary Henry Paulson, initiated a bipartisan endeavor in October 2013 to combat climate change. Known as the Risky Business Project, the initiative centers around quantifying and raising awareness about the economic implications of climate change within the United States.
2013: Support for Ed Markey in Massachusetts Senate Race
In 2013, Steyer heavily supported Ed Markey's successful Senate campaign in Massachusetts. He spent an estimated $1.8 million on efforts to defeat Markey's opponent, Stephen Lynch, including a plane displaying a banner critical of Lynch's stance on oil companies.
2013: NextGen Climate Founding
Steyer established NextGen Climate (now NextGen America) in 2013. This environmental advocacy group, funded significantly by Steyer, aimed to impact climate change policy, including spending almost $74 million on the 2014 elections.
2013: Support for Terry McAuliffe and Other Democrats
Steyer, through NextGen Climate Action, provided financial support to Democrat Terry McAuliffe's successful gubernatorial campaign in Virginia in 2013. He also backed Democratic candidates in Senate races in several states and gubernatorial races in Pennsylvania, Maine, and Florida.
2013: Steyer Establishes NextGen Climate
Tom Steyer established NextGen Climate in 2013, a nonprofit organization focused on environmental advocacy and political action.
2013: Environmental Law Institute Recognition
Tom Steyer received the Environmental Achievement Award from the Environmental Law Institute in 2013, highlighting his impactful work in the field of environmental protection.
June 2014: Involvement in California Legislative Races
In June 2014, Steyer announced his intention to engage in California legislative races, aiming to influence climate change policy. He planned to target specific races in both houses of the Legislature, further solidifying his role as a major political donor and environmental advocate.
June 2014: National Report Release by Risky Business Project
In June 2014, the Risky Business Project, co-chaired by Tom Steyer, released its National Report, focusing on the economic risks of climate change in the US.
November 2014: Justification for Political Investments
In November 2014, Tom Steyer explained his rationale for investing in elections rather than philanthropic organizations. He argued that the potential consequences of inaction on climate change were too significant to not be directly involved.
2014: New York Times Exposes Farallon's Coal Investments
A 2014 New York Times article revealed that coal production increased significantly in companies that Farallon Capital, under Steyer's leadership, had invested in.
2014: NextGen Climate's Influence in the 2014 Elections
In 2014, Steyer, through NextGen Climate, invested heavily in political campaigns, aiming to influence climate change policy. His efforts involved supporting candidates and funding campaigns, notably contributing to Ed Markey's victory over Stephen Lynch in the 2013 Massachusetts special Senate election.
2014: Political Spending and Advocacy on Climate Change
Steyer significantly impacted the 2014 midterm elections, using his wealth to support candidates and shape climate change policy. He financed campaigns, funded attack ads, and engaged in various political activities through NextGen Climate.
2014: 2014 Midterm Election Spending and Impact
Steyer spent approximately $67 million of his own money in the 2014 midterm elections, experiencing a 40% success rate. While he heavily invested in various campaigns, only three out of the seven Senate and gubernatorial candidates he backed through NextGen Climate won their races.
January 2015: Midwest Report Release by Risky Business Project
The Risky Business Project, co-chaired by Tom Steyer, issued its Midwest Report in January 2015, examining the particular economic vulnerabilities of the region to climate change.
April 2015: California Report Release by Risky Business Project
In April 2015, the Risky Business Project, with Tom Steyer as a co-chair, published its California Report. This report provided a detailed analysis of the economic risks climate change presents to the state of California.
April 2015: Testimony on Greenhouse-Gas Reduction Bill
Steyer testified before the California Legislature in April 2015, advocating for a bill focused on reducing greenhouse gas emissions, a significant part of his ongoing efforts to combat climate change.
July 2015: Call for Clean Energy Plans from 2016 Candidates
Steyer urged candidates in the 2016 presidential election to prioritize clean energy. He called for strategic plans to achieve at least 50% clean energy reliance by 2030, a message seemingly directed at Hillary Clinton, who had yet to reveal her environmental policies.
August 2015: Discussions on Gasoline Reduction Bills
Steyer participated in discussions at the California Democratic Party headquarters in August 2015, focusing on bills aimed at significantly reducing gasoline use by 2030. However, he refrained from committing substantial financial support to these initiatives.
August 2015: Steyer Launches Fair Shake Commission
Tom Steyer initiated the Fair Shake Commission on Income Inequality and Middle Class Opportunity in August 2015, aiming to promote policies that address income disparities.
November 2015: Praise for Keystone Pipeline Rejection
In November 2015, Tom Steyer expressed his satisfaction with the Obama administration's decision to reject the Keystone pipeline project, describing it as "fantastic."
2015: Open Space Institute Award for Land Conservation
In recognition of his commitment to preserving natural landscapes, Tom Steyer was granted the Land Conservation Award by the Open Space Institute in 2015.
2015: Joining the Breakthrough Energy Coalition
Tom Steyer joined the Bill Gates Breakthrough Energy Coalition in 2015. The coalition aims to accelerate the development and adoption of green energy sources by stimulating demand and availability.
2015: Equality California Humanitarian Award
Tom Steyer was honored with the 2015 Humanitarian Award from Equality California. This award recognized his significant efforts in advancing progressive causes that benefit the LGBT community.
2016: Farallon's Private Prison Investments Scrutinized
Critics pointed out in 2016 that Farallon, under Steyer's leadership, had invested in private prisons, raising ethical concerns.
2016: Targeting 2016 Presidential Candidates
In 2016, Steyer actively engaged with presidential candidates, urging them to prioritize clean energy and climate change in their platforms. This reflected his strategic use of political influence to advance his environmental agenda.
2016: Focus on Florida in the 2016 Election
In 2016, Steyer strategically focused on Florida due to its significance in the presidential election and its vulnerability to climate change. He aimed to influence policy and support candidates who aligned with his environmental concerns.
2016: Support for Hillary Clinton's Campaign
Steyer actively supported Hillary Clinton's 2016 presidential campaign, hosting a fundraiser at his home and contributing financially. His substantial contributions, totaling over $87 million, demonstrated his commitment to the Democratic Party and its candidates.
October 2017: Support for Increased Taxes and Wealth Tax
During an interview in October 2017, Tom Steyer advocated for raising personal taxes, particularly for higher-income individuals in the United States. He contended that this demographic had experienced disproportionate economic gains at the expense of working families. He also expressed support for a wealth tax targeting individuals with a net worth of $32 million or more.
October 2017: "Need to Impeach" Campaign Launch
In October 2017, Steyer launched a significant campaign advocating for President Donald Trump's impeachment. He invested millions in television and digital ads, drawing attention to what he viewed as impeachable offenses while facing criticism from Trump.
October 2017: NextGen America's Grants to Immigration Organizations
NextGen America, under Steyer's leadership, donated a total of $2.3 million to eight national immigration law service organizations in October 2017. These organizations included the University of California Immigrant Legal Services Center, the Immigration Law Clinic at U C Davis School of Law, and several others.
January 2018: Decision Against Running for California Governor
Steyer initially considered a gubernatorial run in California for the 2018 election. However, he announced in January 2018 that he would not pursue the position, shifting his focus to other political endeavors.
March 2018: "Need to Impeach" Town Hall Tour
In March 2018, Steyer initiated a 30-city town hall tour as part of his "Need to Impeach" campaign, further engaging the public in discussions about President Trump's impeachment. By fall, the campaign had garnered nearly 6 million petition signatures.
November 2018: Five Key Issue Areas for Democrats
In November 2018, Tom Steyer published a full-page advertisement in USA Today outlining five non-partisan issue areas that he believed the Democratic party should prioritize in their campaigns. He framed these areas as "essential freedoms" to be guaranteed for all Americans: voting rights protections, environmental protection, comprehensive education, a living wage, and access to quality healthcare.
2018: Targeted by Mail Bomber
In 2018, Tom Steyer was among the individuals targeted by Cesar Sayoc, a convicted mail bomber. He received two suspicious packages, highlighting the risks associated with his high profile and political activism.
July 9, 2019: 2020 Presidential Campaign Launch
Despite earlier indications against a presidential bid, Steyer announced his candidacy for the Democratic nomination on July 9, 2019. He launched his campaign through an online video, leveraging his personal wealth to fund his political aspirations.
July 2019: Stepping Down from "Need to Impeach" and Presidential Campaign Announcement
In July 2019, Steyer stepped down from his leadership role in the "Need to Impeach" campaign to focus on his presidential aspirations. He had reportedly spent over $70 million on the impeachment effort. Nathaly Arriola took over as the new executive director.
2019: Start of the Coronavirus Pandemic's Impact on California
The 2019-2020 coronavirus pandemic significantly impacted California's economy, leading to the formation of a task force co-chaired by Tom Steyer to address the recovery efforts.
February 29, 2020: Suspension of 2020 Presidential Campaign
Despite significant spending in the 2020 Democratic primaries, Steyer struggled to gain traction. After a disappointing third-place finish in the South Carolina primary on February 29, 2020, trailing behind Joe Biden and Bernie Sanders, he decided to suspend his campaign.
April 17, 2020: Steyer Appointed to California's Economic Recovery Task Force
On April 17, 2020, California Governor Gavin Newsom appointed Tom Steyer to chair a task force focused on the state's economic recovery from the 2019-2020 coronavirus pandemic.
2020: Steyer Runs for President
Tom Steyer ran for the Democratic nomination for President in 2020 but withdrew after the first four state contests. Despite significant spending on campaign advertising, he did not secure any pledged delegates.
2021: Steyer Co-founds Galvanize Climate Solutions
In 2021, Tom Steyer co-founded Galvanize Climate Solutions with Katie Hall. Galvanize is a global investment firm specifically addressing climate change.
2023: Fundraiser for President Biden
In 2023, Tom Steyer hosted a fundraiser at his San Francisco residence in support of President Joe Biden's re-election campaign.
2030: Clean Energy Goal
Steyer advocated for a national transition to clean energy, aiming for at least 50% reliance by 2030. He promoted this goal through various avenues, including engaging with political candidates and advocating for policy changes.
2030: Gasoline Reduction Target
Steyer's advocacy for reducing gasoline use in California aimed to achieve a 50% reduction by 2030, reflecting his long-term commitment to combating climate change through policy changes.
2030: Projected Lifespan of Farallon's Investments
The lifespan of facilities funded by Farallon Capital under Steyer's leadership was projected to extend through 2030, drawing criticism for their long-term environmental impact.
