New York billionaire Michael Bloomberg is taking another step toward launching a Democratic bid for president.

Bloomberg on Thursday filed paperwork with the Federal Election Commission to formally create a presidential campaign committee. The move legally allows him to begin raising and spending money on a 2020 campaign.

Bloomberg's team says the former New York City mayor has yet to make a final decision, but they describe the move as another step toward a formal campaign launch. A decision is expected to be announced in the coming days.

The 77-year-old Bloomberg joined the Democratic Party last year. He is one of the richest people in the world and has already committed to spending more than $100 million to help defeat President Donald Trump in 2020 whether he runs or not.

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