FIVE DEMOCRATIC GUBERNATORIAL CANDIDATES ENDORSE SAN FRANCISCO'S OVERPAID CEO ACT

Candidates join growing coalition requiring large corporations doing business in San Francisco to pay their fair share to protect the vital programs and services San Franciscans rely on from devastating cuts

SAN FRANCISCO, March 4, 2026 /PRNewswire/ -- The Stand Up for SF Coalition, which includes IFPTE Local 21, today announced that five Democratic candidates for Governor (alphabetical by last name) - Katie Porter, Tom Steyer, Eric Swalwell, Tony Thurmond, and Betty Yee - have formally endorsed the Overpaid CEO Act, the June 2026 San Francisco ballot measure designed to protect vital city services by asking only the largest corporations to pay their fair share.

(Candidate quotes and link to individual releases found below)

The endorsements reflect growing recognition that San Francisco's massive budget deficit threatens critical services, such as safety-net healthcare, home care for seniors and people with disabilities, mental health services, and homelessness prevention programs, and the need for a real solution. The Overpaid CEO Act is that solution as it would generate more than $200 million annually from the largest corporations operating in the city - not small businesses and not individual taxpayers - to prevent deep cuts that would devastate vital programs and undermine the city's recovery.

"This is a clear signal that leaders across California understand what's at stake," said Scott Mann, spokesperson for Stand Up for SF. "San Francisco is facing a massive deficit. Without new revenue, essential services that residents rely on will be cut. The Overpaid CEO Act is a targeted, responsible solution that protects working families and small businesses while asking only the biggest corporations doing business in the city to contribute a little more."

The coalition emphasized that the measure is structured to avoid impacting small businesses or everyday San Franciscans. Instead, it focuses solely on the largest corporations doing business in the city – corporations that have over $1 billion in annual US revenues, employ over 1,000 workers, and pay their CEOs 100 times or more than what their average worker wages. 

"Voters consistently say they want fairness and corporate accountability," Mann added. "This measure delivers on that by ensuring that the largest corporations profiting from those living in San Francisco are part of the solution that protects the programs and services that thousands of San Franciscans rely on and stabilizes our communities."

The Overpaid CEO Act will appear on the June 2026 ballot. The Stand Up for SF Coalition includes nurses, caregivers, first responders, small business owners, community leaders, and elected officials committed to preventing devastating cuts to San Francisco's vital public services and protecting the city's recovery.

For more information, visit StandUpForSF.com.

Endorsing Gubernatorial Candidate Quotes:
Links to individual endorsement releases are found by clicking on each name

Katie Porter:
"Donald Trump's corporate and billionaire tax cuts and his attacks on healthcare and other basic services have left families and local governments struggling. Nobody can deny the exponential growth in the wage gap between CEOs and regular workers in the last few decades, and this tax is an effort to not only provide core public services but also reshape corporate behavior to recognize the workers who produce the profits. Just like I used my whiteboard in Congress to go toe-to-toe with the largest corporations on behalf of hardworking families, San Franciscans have the chance to do the same at the ballot box in June."

Tom Steyer:
"As someone who proudly calls San Francisco home, I tell you that this city doesn't work when only a few do unbelievably well and vital programs San Franciscans rely on are put on the chopping block. The Overpaid CEO Act is a local solution and fair approach that safeguards hospitals, mental health care, home care, and homelessness services without impacting small businesses, homeowners, renters, or working families. It ensures the largest corporations help sustain the city where they generate enormous profits."

Eric Swalwell:
"Strong communities depend on strong public services. The Overpaid CEO Act ensures that the largest corporations that benefit from San Francisco's economy help sustain the hospitals, mental health programs, and care services that families rely on. It's a focused approach that safeguards the services that make San Francisco work while not financially impacting small businesses, homeowners, renters, or working families."

Tony Thurmond:
"San Francisco's recovery depends on strong public services and a fair economy. The Overpaid CEO Act is about basic accountability. When CEO pay soars to extreme levels, the largest corporations can afford to contribute more to the communities that make their success possible. This measure protects working families, safeguards critical services, and reinforces the values of fairness and shared responsibility."

Betty Yee:
"The same large corporations doing business in San Francisco that benefited from massive federal tax cuts under the Trump administration should not be shielded while the city faces cuts to the essential programs and services that deliver healthcare, mental health, homeless prevention, and home care to thousands of San Franciscans. The Overpaid CEO Act ensures those corporations pay their fair share so San Francisco can protect the programs families rely on and safeguard its economic future."

SOURCE IFPTE Local 21