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Bloomberg won’t disclose finances until after Iowa caucuses

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Posted at 3:36 PM, Dec 17, 2019
and last updated 2019-12-17 16:36:41-05

WASHINGTON (AP) — Billionaire former New York Mayor Michael Bloomberg won’t have to file a mandatory financial disclosure until after Iowa’s first-in-the-nation presidential contest, under an extension granted by the Federal Election Commission this week.

Presidential candidates are required to reveal their investments, businesses and streams of income. Only Bloomberg, fellow billionaire Tom Steyer and former Massachusetts Gov. Deval Patrick have yet to do so. Each of those candidates was late entering the Democratic presidential primary.

Bloomberg, who has long considered a White House bid, sits atop a sprawling business empire and is worth more than $50 billion, easily making him the wealthiest candidate in the contest.

He has been laying the groundwork for a campaign for months and has flooded primary states with over $100 million worth of radio and TV advertising since entering the race last month. But his attorneys say he is not yet prepared to disclose his investments and income.

“Mr. Bloomberg requires additional time to collect information regarding complex holdings and prepare and file his report,” attorney Lawrence H. Norton wrote in a letter to the FEC on Friday.

The FEC on Monday granted his request, giving him until Feb. 4 to file — one day after the Iowa caucuses.

Bloomberg has said he is not competing in the first few presidential contests in states including Iowa and New Hampshire. Instead, he’s waiting for March’s Super Tuesday, when over a dozen states will hold contests, to make a play for voters.

Bloomberg’s campaign declined to comment.