According to the party's constitution, it seeks to promote "political, social and economic reform; the restoration of full human rights; a fairer and just distribution of wealth with the elimination of poverty; an independently appointed judiciary and a fully elected and sovereign parliament".

At the time, Jeyaretnam (then a Non-Constituency Member of Parliament) was sued by then-Senior Minister Lee Kuan Yew and then-Prime Minister Goh Chok Tong over defamation at the total damages amounting S$565,000 including court costs of S$270,000, and was declared bankrupt (which also barred the right from standing in elections) after failing to follow up his payment.

In May 2007, Jeyaretnam was discharged from bankrupt and eventually reinstated in the bar later September, in which he would go on to register and form Reform Party on 3 July 2008, where he became the pro-tem Secretary-General.

[5] However, several members who also joined the party resigned to join other parties, such as Jeannette Chong-Aruldoss, Tony Tan Lay Thiam and his wife Hazel Poa, Nicole Seah, James Teo, J. Sivalingam; Justin Ong, Samantha De Silva, Gan Theng Wei and Tan Tee Seng.

He also noted that the ruling People's Action Party (PAP) would likely open the floodgates to more foreigners to enter Singapore again once they formed the next government.

The main objectives of the party stated in its constitution are: to maintain and promote an independently appointed judiciary and a fully elected and sovereign parliament; to ensure that every member of society is entitled to political, social and economic rights; and to eliminate poverty by enforcing a fairer and just distribution of wealth.

On nomination day for the 2015 General Elections (1 September), the party proposed a S$500 monthly allowance to Singaporean citizens aged 65 years and above.

[2] In their inaugural election, the party garnered 31.8% of the votes contested in Ang Mo Kio and West Coast GRCs.

A by-election in Punggol East Single Member Constituency was held on 26 January 2013 after the resignation of former parliamentary speaker Michael Palmer on 12 December 2012.

Secretary-general Kenneth participated in the by-election, but was defeated to WP's Lee Li Lian in a rare four-cornered contest.