Mayor Bloomberg seeks to change NYC law to run for third term

NEW YORK (AP) — Mayor Michael Bloomberg has decided to try to reverse the term-limits law he had long supported so he can seek a third term next year and help the city emerge from financial turmoil, a person close to the mayor who has been briefed on the matter told The Associated Press on Tuesday.

Bloomberg made the decision over the weekend and will announce it Thursday, according to the person, who spoke on condition of anonymity because the announcement hasn’t been made. The person said the mayor has been wrestling with the decision for the past couple of months.

The billionaire former CEO will cite the nation’s precarious economic situation as the reason that New York needs a tested financial manager to stay and guide the city, the person said.

The founder of the multibillion-dollar financial data firm Bloomberg LP, the mayor is reported to be worth an estimated $20 billion.

News of Bloomberg’s decision was first reported by The New York Times.

The move is risky because the mayor would be going against both his own prior support of term limits and polls that show the public supports them.

When Bloomberg vetoed a bill in 2002 that would have extended the terms for some officials, he said the proposed law was wrong because it amounted to changing the rules for personal political gain. In recent months, however, the Democrat-turned-Republican-turned-independent hinted that he’d be willing to overturn the measure.