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Bloomberg won't disclose finances until after Iowa caucuses

Democratic Presidential candidate and former New York City Mayor Michael Bloomberg gestures while taking part in an on-stage conversation with former California Gov. Jerry Brown at the American Geophysical Union fall meeting Wednesday, Dec. 11, 2019, in San Francisco. Bloomberg made his first visit to California as a Democratic presidential candidate, appearing earlier with the mayor of Stockton who's championed universal basic income. Bloomberg and Brown talked about America's Pledge, bringing together leaders to ensure the U.S. remains a global leader in reducing emissions and delivering the goals of the Paris Agreement. (AP Photo/Eric Risberg)
Democratic Presidential candidate and former New York City Mayor Michael Bloomberg gestures while taking part in an on-stage conversation with former California Gov. Jerry Brown at the American Geophysical Union fall meeting Wednesday, Dec. 11, 2019, in San Francisco. Bloomberg made his first visit to California as a Democratic presidential candidate, appearing earlier with the mayor of Stockton who's championed universal basic income. Bloomberg and Brown talked about America's Pledge, bringing together leaders to ensure the U.S. remains a global leader in reducing emissions and delivering the goals of the Paris Agreement. (AP Photo/Eric Risberg) (Copyright 2019 The Associated Press. All rights reserved)

WASHINGTON, DC – 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 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.

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This story has been corrected to delete an erroneous reference to White House contender Tom Steyer not releasing his finances. Steyer's disclosure has been filed and publicly released, though it has not yet been certified by the U.S. Office of Government Ethics.