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 This page is no longer being updated.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.
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.
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.
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.”
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.
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
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.
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.
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Climate hawks breathe sigh of relief after more than a decade of fighting for climate legislation
Updated 3:59 PM ET, Sun Aug 7, 2022
Massachusetts Sen. Ed Markey still remembers the raw anger he felt after the 2009 climate bill bearing his name failed to advance in a Democrat-controlled Senate. "I was full of rage that the climate crisis was not going to be addressed," he told CNN of the Waxman-Markey cap-and-trade bill. "I just resolved that I was going to stay in the fight." In a 50-50 Senate and more than a decade later, Markey and the rest of his Democratic colleagues voted to pass the Inflation Reduction Act -- by far the largest climate investment in US history. The bill, which still needs to pass in the House, contains more than $370 billion in tax incentives and other funding to supercharge clean energy and cut planet-warming emissions. After the bill passed the Senate on Sunday afternoon, a visibly emotional Sen. Martin Heinrich said he still couldn't quite believe it. "I don't know if it's quite caught up with me yet," the New Mexico Democrat told CNN. "We thought we were going to get this done back in 2009, 2010, and obviously it took another 12 years. I think it's going to be transformative." The bill's passing is not a moment too soon. The urgency to reverse the dangerous trajectory of the climate crisis has never been greater. The amount of carbon dioxide in the atmosphere hasn't been this high in more than 4 million years, scientists reported in June, and human greenhouse gas emissions continue to climb. Scientists have warned for decades that the climate crisis is fueling extreme heat, intense drought and stronger storms, and the consequences of burning fossil fuels have been felt in every corner of the country. In the last few weeks, the United States has experienced catastrophic wildfires in the West, a series of deadly flash floods in the Midwest and California and the expansion of the West's worst drought in 12 centuries. The US spent more than $145 billion on extreme weather in 2021 alone. It was through that lens that this vote was personal for many senators, some of whom told CNN they were voting with their children and grandchildren's futures forefront on their minds. "This is about their lives and whether they're going to have a planet to grow up on," Tom Carper, the chairman of the Senate Environment and Public Works Committee, told CNN. The Delaware Democrat added, "Do they have a future? Do their kids have a future? It doesn't get any bigger than this." 'The planet itself is at stake' The climate victory was not guaranteed. Since negotiations began more than a year ago, lawmakers and staffers watched other versions of this bill die in dramatic fashion. The final, slim version was resurrected during recent secret negotiations between Senate Majority Leader Chuck Schumer and Sen. Joe Manchin of West Virginia -- Democrats' key swing vote. "Every near-death experience felt just as scary as the previous one," said Sen. Brian Schatz of Hawaii. "I have never had so many ups and downs with a single piece of legislation. It had an unusual number of twists and turns, but also -- the planet itself is at stake." As Manchin complained in July about the bill's impact on inflation and energy security, he was also getting an earful from other Democrats. Carper told CNN he approached the West Virginian on the Senate floor with a list of recent climate disasters and extreme weather and urged him to act. "I would say, 'I need you to help my state,'" Carper recounted. "'My state is the lowest lying state in America; my state's sinking.'" Carper said he told Manchin that while Democrats were committed to helping West Virginia's coal miners transition to a clean energy economy, Manchin's vote was also needed to help states like Delaware and Louisiana where the coastlines are being swallowed by the ocean. Over the course of a couple of weeks, Democrats watched as Manchin went from "no" to becoming the face of the bill, defending it in the press. "Everyone has heard him say if he can explain it, he can vote for it," Schatz said. "He finally arrived at a bill that he's proud of, and then it's like a light switch turns on. He's not dragged kicking and screaming; he's dragging everyone else and he's leading the messaging on this bill." On Thursday night, Arizona Sen. Kyrsten Sinema announced she would also support the bill, giving the party the 50 votes it needed. "The impact of this actually finally hit me for the first time" on Thursday, Sen. Tina Smith of Minnesota told CNN. "Tears sprang into my eyes; I was so joyful." Just a few weeks before, Smith said she was "thinking the door was pretty much closed. When I realized there had been an agreement, I literally couldn't believe it." A big win before midterms Senate climate hawks told CNN their work isn't done, but which path they take next hinges on the outcome of the midterm elections in November, and whether the party can retain its fragile Congressional majorities. Most immediately, Democrats will work on an environmental permitting reform bill that Schumer and Manchin agreed to advance this fall as part of their larger deal, lawmakers told CNN. Manchin wanted a two-year maximum timeline on drilling permit reviews and an expedited process for certain major, interstate electricity transmission projects. But it would also advance a controversial natural pipeline project in Virginia and West Virginia that has long been a priority for Manchin. That measure will need Republican votes to pass a 60-vote threshold, which could complicate things. "We always knew there were going to be some stinkers," Sen. Sheldon Whitehouse of Rhode Island told CNN of the fossil fuel measures. Still, Whitehouse admitted, "some of it we're going to want," like the provisions to speed up permitting for electrical transmission. Climate hawks are also planning to put more pressure on the Biden administration to roll out strong regulations and executive actions, and some are considering an effort to resurrect the measures Manchin killed last year, like a clean electricity program that would lead to even larger cuts in fossil fuel emissions. For now, they are relieved to have finally logged a significant win for the climate. "I think this bill will show the power of action," Smith said. "I don't think it will be the last thing we do by any means, but it will break the dam of inaction."