Tom Steyer’s in the race after all

The billionaire pledges at least $100 million of his own money to campaign.

The California billionaire and activist plans to spend $100 million to focus on political reform and climate.

WASHINGTON — Tom Steyer, the billionaire California activist, launched a long-shot presidential campaign Tuesday, joining a crowded Democratic field with a promise to focus on climate action and political reform — and to write a $100million check to his own campaign.

Steyer, who just months ago insisted he would not run for president, reversed that decision in a video announcement to supporters. He lamented how “corporate money has corrupted our democracy and stripped Americans of our ability to determine our own future,” though Steyer has probably funneled more cash into the political system than all of his nearly two dozen rivals combined.

Steyer said in an interview that he is committed to spending at least $100 million on his presidential bid, which is more than most candidates can raise in an entire race.

The cash infusion — if Steyer actually follows through — is certain to stir intra-party grumbling from Democrats who would prefer Steyer, one of the party’s top donors in recent years, devote his cash to helping the party win seats in Congress or supporting a more viable nominee.

“We are not backing off on any of that stuff,” Steyer said, vowing he will continue to invest heavily in registering and turning out young voters, especially at colleges and universities, where his organizations have been active. “We are going to do all of those things. I am going to continue to support candidates. I am going to continue to be on those campuses.”

The pledge to spend big on his run could amplify the challenge Steyer will face trying to run as a reformer, although it could help with another major challenge — convincing voters that his entering the race amounts to more than a rich man’s ego trip.

The billionaire sought to confront those awkward optics in his announcement video, highlighting his philanthropic work and the pledge he and other billionaires have made to give away at least half of their fortunes during their lifetimes.

Borrowing a theme from other progressives who have disavowed big money in politics, Steyer said in the interview that while many in the race are aiming to advance ambitious policy ideas, those all assume “we have broken the corporate stranglehold on government. We have not. How are we going to be in a position where any of that can happen?... That is the focus of what we are doing.”

Yet Steyer stands in stark contrast to campaign finance reformers in the race, including Sens. Elizabeth Warren of Massachusetts and Bernie Sanders of Vermont, who have vowed not to take the kind of checks Steyer will be writing for himself.

Both senators welcomed him to the race by repeating that they believe the campaign is no place for billionaires.

“I like Tom personally, but I do have to say as somebody who in this campaign has received 2 million contributions, averaging $19 a person, I’m a bit tired of seeing billionaires trying to buy political power,” Sanders said on MSNBC.

Warren tweeted: “The Democratic primary should not be decided by billionaires, whether they’re funding super PACs or funding themselves.”

Steyer argues voters will be less focused on where his money is coming from than on his vision, track record of mobilizing for change and position as an outsider.

“Why am I different?” Steyer said. “I am not an insider. Look at the top four Democratic candidates. They have between them 70 years in Congress. That is the definition of insider. If we are going to change, it will be a different way. It must be from the grass roots.”

Steyer has some significant advantages in addition to his checkbook.

He is jumping into the race at a time the field remains unsettled. Former Vice President Joe Biden, who has led consistently in polls, has seen that lead erode significantly following last month’s lackluster debate performance, and some candidates who struggled initially have been able to muscle their way into the top tier.

The billionaire vowed to focus his campaign nationwide, not just on the early primary states. His first campaign stop will be in one of those early states, South Carolina, this weekend.