Michael Bloomberg

Former mayor of New York
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Michael Bloomberg dropped out of the presidential race on March 4, 2020. This page is no longer being updated.
Bloomberg made a late entry into the 2020 Democratic race in November 2019, offering a more moderate vision for the country and casting himself as a problem solver. He served as New York City’s mayor from 2002 to 2013 and is the co-founder, CEO, and owner of Bloomberg L.P., a privately-held financial, software, data, and media company.
Johns Hopkins University, B.S., 1964; Harvard University, MBA, 1966
February 14, 1942
Diana Taylor (partner); divorced from Susan Brown
Jewish
Emma and Georgina
Co-founder, Bloomberg LP (previously named Innovative Market Systems), 1982-present;
Investment banker, Salomon Brothers, 1966-1981

BLOOMBERG IN THE NEWS

Michael Bloomberg Fast Facts
Updated 9:27 AM ET, Thu Feb 17, 2022
Here is a look at the life of Michael Bloomberg, former New York mayor and 2020 Democratic presidential candidate. Personal Birth date: February 14, 1942 Birth place: Boston, Massachusetts Birth name: Michael Rubens Bloomberg Father: William Henry Bloomberg, bookkeeper Mother: Charlotte (Rubens) Bloomberg, office manager Marriage: Susan Brown (1976-1993, divorced) Children: Georgina, 1983; Emma, 1979 Education: Johns Hopkins University, B.S. in electrical engineering, 1964; Harvard Business School, M.B.A., 1966 Religion: Jewish Other Facts One of four New York City mayors to serve three terms. Left the Democratic party in 2001 and won his first two mayoral terms as a Republican. His third mayoral term was won as an independent, and then he rejoined the Democratic party in 2018. Diana Taylor has been his companion for more than 20 years. As mayor of New York, Bloomberg made sweeping changes to city schools, transportation, including extending subway lines, and public health, implementing extensive regulations targeting smoking and obesity. Since 2006, Bloomberg Philanthropies, an umbrella organization of Bloomberg's charities which includes the nonprofit Bloomberg Family Foundation, has donated billions to political interests and causes such as education, the environment and public health. Timeline 1966-1981 - Works as a clerk, and later partner at Salomon Brothers in New York. 1981 - Co-founds Bloomberg L.P. (formerly Innovative Market Systems) using a $10 million partnership buyout from Salomon Brothers. 1982 - Creates the Bloomberg terminal, a software system with a specialized keyboard used by financial professionals to trade stocks electronically and access live market data. 1990 - Co-founds Bloomberg News (formerly Bloomberg Business News). 1994 - Launches Bloomberg Television (formerly Bloomberg Information TV). 1996-2002 - Serves as chairman of the Johns Hopkins University's board of trustees. 1997 - His memoir, "Bloomberg by Bloomberg," is published. November 6, 2001 - Is elected mayor of New York. November 8, 2005 - Is elected to a second term. November 3, 2009 - Is elected to a third term after spending more than $100 million on his reelection campaign. In October, the New York City Council voted to extend the city's mayoral term limits from two four-year terms to three. May 2012 - Announces a proposal to ban the sale of sugary drinks larger than 16 ounces at restaurants, food carts and any other establishments that receive letter grades for food service. On June 26, 2014, New York's Court of Appeals rules that New York City's ban on large sugary drinks, which was previously blocked by lower courts, is illegal. July 27, 2016 - Endorses Hillary Clinton for president at the Democratic National Convention in Philadelphia. November 24, 2019 - Announces his late-entry Democratic presidential bid, unveiling a campaign squarely aimed at defeating President Donald Trump. November 24, 2019 - Bloomberg News Editor-in-Chief John Micklethwait releases a statement addressing how the network will cover the 2020 presidential campaign and reveals that it will not investigate Bloomberg or any other Democratic candidates. February 10, 2020 - Audio is posted online of Bloomberg from 2015, defending his use of "stop and frisk" as mayor by describing the policy as a way to reduce violence by throwing minority kids "up against the walls and frisk[ing] them." Bloomberg later says his 2015 comments about the controversial stop and frisk policing policy do not reflect the way he thinks or the way he led as mayor of New York City. February 18, 2020 - Qualifies for his first Democratic presidential debate, by polling four times at or above 10% nationally. February 18, 2020 - A campaign adviser tells CNN that Bloomberg would sell his financial information and media company if he's elected president, in an effort to be "180 degrees away from where Donald Trump is on these issues." February 19, 2020 - Faces criticism in first presidential debate from other Democratic candidates regarding campaign spending, his record on policing tactics as mayor of New York and misogynistic comments he allegedly made about women at his company in the 1980s and 1990s. March 4, 2020 - Ends his presidential campaign and endorses Joe Biden. September 3, 2020 - Bloomberg's charity, Bloomberg Philanthropies, announces he is donating $100 million to the nation's four historically Black medical schools to help ease the student debt burden for the next generation of Black physicians. September 25, 2020 - Bloomberg announces $40 million in TV ads supporting Biden statewide in Florida. February 2, 2022 - Joseph Beecher is arrested, accused of breaking into the Colorado ranch owned by Bloomberg and kidnapping a Bloomberg employee. Beecher demanded to know the location of Bloomberg's daughters, according to an arrest warrant affidavit. Beecher is awaiting a February 8 federal court hearing in Wyoming, where he was found with the employee, who was unhurt. February 9, 2022 - Bloomberg is nominated to serve as the chair of the Defense Innovation Board.
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STANCES ON THE ISSUES

climate crisis
Close Accordion Pane
Bloomberg said, if elected, he would make climate a top priority. The US would rejoin the Paris climate accord, the landmark 2015 global agreement on global warming targets. He has said he wants the US to create a clean energy economy and has vowed to create renewable energy jobs. Previously, he worked as the UN secretary-general’s special envoy for climate action, and he has worked with cities, states and businesses to address the climate crisis.
economy
Open Accordion Pane
Bloomberg has vowed to create a housing proposal and an earned income tax credit to provide economic opportunity for all Americans. His housing proposal would expand funding for the Low-Income Housing Tax Credit, and would increase federal spending for programs like the Public Housing Capital Fund, the HOME program and Community Development Block Grants. He proposes revising the Earned Income Tax Credit and raising the incomes of low-wage workers. By 2025, he wants to increase the minimum wage to $15 an hour. Bloombergwrote in an op-ed in December 2017 that, in order to achieve revenue-neutral tax restructuring, he was in favor of reducing the 35% corporate tax rate. He criticized President Donald Trump’s 2017 tax overhaul as an “economically indefensible blunder that will harm our future.”
education
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Bloomberg would make it a top national priority to increase student achievement, college preparedness and career readiness. He says he leads national efforts to increase the number of lower-income students enrolled in top colleges, and that as mayor, he strengthened standards and created more quality school options. He says he increased graduation rates, increased the education budget and opened new schools. While he was mayor of New York, a state law placed the New York public school system under mayoral control. Bloomberg supported the move, and used the power to open new schools, champion charter schools and close poor-performing schools. He was often at odds with the United Federation of Teachers.
gun violence
Open Accordion Pane
In 2014, Bloomberg pledged to spend $50 million to build a nationwide grassroots network to combat the National Rifle Association. He founded the umbrella group Everytown for Gun Safety, which brought together groups he already funded: Mayors Against Illegal Guns and Moms Demand Action for Gun Sense in America. A goal of the groups was to try to “expand the background check system for gun buyers both at the state and national levels,” according to The New York Times. If elected, Bloomberg says, he would continue to back common-sense gun policies. More on Bloomberg’s gun violence policy
healthcare
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Bloomberg said the US should expand Obamacare and Medicare in order to achieve universal coverage. His campaign website reads: “As a mayor, businessman, and philanthropist, Mike has pioneered bold health initiatives that have cleaned the air we breathe, expanded access to prenatal and postnatal care, increased screenings for breast and prostate cancer, dramatically cut teen smoking, and reduced injuries and deaths on roads.” Bloomberg said “Medicare for All” would “bankrupt us for a very long time,” The New York Times reported in January 2019. “I think you could never afford that. You’re talking about trillions of dollars,” he said of the single-payer health plan. As mayor, Bloomberg pushed for New York City to ban smoking in all restaurants and bars and for big soft drinks to be banned.
immigration
Open Accordion Pane
Bloomberg founded New American Economy, a pro-immigration coalition of business leaders and mayors that aims to reach the public and policymakers. In 2018, the group targeted senators with a TV and phone campaign to urge them to protect so-called Dreamers, undocumented immigrants who came to the US as children.

LATEST POLITICAL NEWS

Exclusive: China must show it's not an 'agent of instability' on Taiwan, US Ambassador to China says
Updated 9:56 AM ET, Fri Aug 19, 2022
China needs to convince the rest of the world it is not an "agent of instability" and will act peacefully in the Taiwan Strait, US Ambassador to China Nicholas Burns said in his first TV interview since taking up his post in Beijing six months ago. Burns spoke candidly about Beijing's reaction to a visit by United States House Speaker Nancy Pelosi to Taiwan earlier this month, to which China responded by launching extensive military drills around the self-governing island and suspending key diplomatic communications with the US. "We do not believe there should be a crisis in US-China relations over the visit -- the peaceful visit -- of the Speaker of the House of Representatives to Taiwan ... it was a manufactured crisis by the government in Beijing. It was an overreaction," Burns told CNN Friday from the US Embassy. It is now "incumbent upon the government here in Beijing to convince the rest of the world that it will act peacefully in the future," the ambassador said. "I think there's a lot of concern around the world that China has now become an agent of instability in the Taiwan Strait and that's not in anyone's interest." Burns, a career diplomat and former US Ambassador to NATO, arrived in Beijing in March to take up what is arguably the US' most important diplomatic posting -- navigating US-China ties already strained by tensions over a range of issues including China's human rights record, trade practices and military expansion in the South China Sea. China's stringent Covid-19 restrictions have also reduced diplomatic travel into and out of China, placing Burns even more squarely at the front line of handling the increasingly contentious relationship between the world's two largest economies. That was clear on the night on August 2, when Burns received a summons for a meeting with Chinese Vice Foreign Minister Xie Feng at what he describes as the exact moment that the plane carrying Pelosi and her congressional delegation landed in Taipei. "We had a very spirited, I would say quite contentious meeting," Burns said, describing in detail for the first time that discussion, which was confirmed both by Washington and Beijing at the time. "I defended the speaker. I defended her right to travel to Taiwan. I defended the peace and stability that we've had in the Taiwan Strait for nearly six decades," Burns said, adding that he challenged Xie to ensure that the Chinese government would act in a way that would "promote peace and stability." Instead, Burns said, Beijing designed its response, including sending missiles over Taiwan, to "intimidate and coerce the Taiwan authorities" and has "conducted a global campaign" blaming the US for what it sees as undermining stability in the Taiwan Strait. "We've been very, very clear about (maintaining our policy). The issue is -- is one government going to react in an aggressive and violent way to disturb the peace? That has to concern everybody in the world," he said. Diplomatic fallout The US upholds a "One China" policy, but has never accepted China's ruling Communist Party's claim of sovereignty over Taiwan. Washington maintains "strategic ambiguity" over whether it would come to Taiwan's defense in the event of a Chinese attack. The Communist Party has long vowed to "reunify" the island, which it has never controlled, with the Chinese mainland, by force if necessary. China decried the Pelosi visit as a violation of its "sovereignty and territorial integrity," with Burns' counterpart, Chinese Ambassador to the US Qin Gang earlier this month saying the US must "bear the responsibilities" for the situation it has created. Beijing's diplomatic retaliation included the cancellation of future phone calls and meetings between Chinese and US defense leaders and suspending bilateral climate talks between the countries -- the world's two largest carbon emitters. Those measures, and Pelosi's visit, came on the heels of a phone call between Chinese leader Xi Jinping and US President Joe Biden in late July, in which both sides had said their teams would keep in touch on cooperation, including -- according to the White House -- on a potential face-to-face meeting. The two have not met in-person during Biden's time as president, with Xi conducting the bulk of his Covid-era diplomacy via video link. Burns said Beijing's diplomatic measures in the wake of the Pelosi's visit could have global effects, adding that China's suspension of climate talks would impact the Global South and countries that are most susceptible climate change. "We strongly urge (China) to return to the negotiating table with the United States on climate," Burns said. "We should have regular conversations at the senior level about the issues that separate us, because that's in the best interest of both countries and certainly in the best interest of the world," he said, adding that while there was official contact via their respective embassies, there was "no substitute" for cabinet-level senior conversations. When asked whether any lessons Beijing may have learned from observing Russia's invasion of Ukraine could be applied to Taiwan, Burns said the US is "watching China very carefully as it conducts its relationship with Russia." China has refused to condemn the invasion or refer to it as such. "We have been very clear that there will be consequences if there is systemic Chinese government support for Russia's brutal war in Ukraine," he said, adding they had not seen such support. Building connections Burns has fielded sensitive briefs in the past. He was a lead official negotiating thorny issues such as Iran's nuclear program, military assistance to Israel, and the US-India Civil Nuclear Agreement. And this time, he says the US' China mission is trying its "best to connect" with its counterparts. Making connections with the Chinese public was another "major ambition," said the ambassador, who has traveled to China multiple times since his first trip in 1988, including a visit for the handover of Hong Kong from the United Kingdom to China in 1997. But Burns said his work connecting with Chinese people, both in person and via the Embassy's social media channels, has also been challenged by China's zero-Covid control measures -- which can make domestic travel and in-person meetings difficult -- and its regular censorship of the Embassy's posts on Chinese social media platforms. "We feel very strongly that it's our need to get out and visit people and conduct diplomacy with the Chinese people, as well as the Chinese government. So we certainly want to see the day come when zero-Covid ends, but that's really a decision not for us, that's for the government of China," said the ambassador, who has spent more than 30 days in Chinese government-mandated quarantine during his time there. "Pernicious censorship" by the Chinese authorities has seen Embassy social media posts including those on the US' China policy, Hong Kong, NATO, and support for LGBTQI Pride censored, Burns said. At the same time, Burns said, he has been "disturbed" by Chinese government narratives blaming the war in Ukraine on the United States and NATO, and not Russia, which launched the invasion -- an issue he said he's raised with his Chinese counterparts. Despite these challenges and the US pledge to "compete responsibly" with China, Burns called on China to meet the US "halfway," both to discuss their differences and the issues where they might be able to work together for the greater good: "You have to show up at the negotiating table to cooperate," he said.
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