"My party and the elected leaders of our country simply refuse to do so," he said, adding that specific solutions were necessary.
In a statement, he echoed those sentiments, stating further that America needs a plan that "directly confronts the problem of Social Security."
Steve Laffey announced his presidential bid on Thursday (Steve Laffey)
"This next period in the United States calls for a financial expert. We do not need another lofty businessman, nor another career politician. We need someone to guide this country in the right direction. I believe that I am the only person running who has the financial background, the backbone and the track record that proves that I will do exactly what I say," he said.
The Colorado resident said that he wants to "convince people that the Republican party must change the way that it conducts business."
Steve Laffey was the two-term mayor of Cranston, Rhode Island (Steve Laffey)
NIKKI HALEY PLANS 'BIG ANNOUNCEMENT' ABOUT 2024 PRESIDENTIAL BID
"I have had enough with waiting around, waiting for someone to do something to change this nation for the better. I have had enough with the Federal Reserve knowingly causing inflation, which causes suffering throughout the country. I have had it with the ‘talking lane’ of corrupt American politicians," Laffey said.
Steve Laffey will go up against former President Trump and other GOP contenders (Steve Laffey)
The issues highlighted on Laffey's campaign website include education, China, the national debt, U.S. spending and the Second Amendment.
Laffey served as Cranston's mayor from 2003 to 2007.
He also ran for the U.S. Senate in 2006 against Lincoln Chafee, who won the Republican primary.